KILGORE, TEXAS — Marcus & Millichap has brokered the sale of a 14,820-square-foot, freestanding Walgreens pharmacy located in Kilgore for $4.98 million. The building is located at 701 N. Highway 250. Walgreens has 73 years remaining on its absolute net lease of the building. Alvin Mansour and Phil Sambazis of Marcus & Millichap's San Diego office, along with Will Jarnagin of the firm's Dallas office, represented the seller, a Texas developer. Tim Speck of Marcus & Millichap assisted in the transaction. The buyer was not disclosed.
MATTHEWS, N.C., AND TAMPA, FLA. — Developers Diversified Realty Corp. of Beachwood, Ohio, will develop Best Buy stores in North Carolina and Florida. A 33,314-square-foot store will open in Matthews in August. The property will be located in the 247,525-square-foot Sycamore Commons. A 33,000-square-foot store is also slated for an August opening in Tampa. The store will be located in The Walk at Highwoods Preserve, a 150,529-square-foot shopping center.
DETROIT — Private investor Christopher Johnson has acquired 3,800 square feet of retail space at 13200-13204 Fenkell in Detroit. Sidney and Bertha Gold sold the property for an undisclosed price. The buyer plans to use the space for a construction business. Paul Feldman of Friedman Real Estate Group represented the seller in the transaction.
SAN FRANCISCO BAY AREA — Terranomics Retail Services has assisted Target Corp. in its recent acquisition of an approximately 118,000-square-foot retail building in Oakland and 10 acres of land in San Jose as part of the discount retailer’s plans for two new store openings in 2011. Terms of the South Bay and East Bay transactions were not disclosed. In the first transaction, Matt Kircher of Terranomics Retail Services, the retail division of BT Commercial, handled Target’s acquisition of the leasehold interest of a former Expo Design Center building, located at 1555 40th St. in Oakland, from The Home Depot. Kircher also represented the retailer in its 10-acre, north San Jose land purchase from Hunter Storm Properties. Target will be constructing a 138,000-square-foot store on the property.
TENNESSEE AND ARKANSAS — Ashley Furniture Homestore has leased more than 75,000 square feet for two new stores in Tennessee and Arkansas. The tenant leased 51,000 square feet from Valley Investors at its 445,000-square-foot Centennial Crossing center in Memphis, Tenn. Ashley Furniture will move into a space vacated by Sportsman's Warehouse. The Shopping Center Group's Danny Buring represented the landlord. Ashley also leased 25,000 square feet from Stonemar Properties in the Bernard Court Shopping Center in Jonesboro, Ark. Buring and The Shopping Center Group's Robert Sloan represented Stonemar Properties. Leah Fyfe Stokes of CB Richard Ellis' Memphis office represented Ashley Furniture Homestore in the deals.
DECATUR, IND. — Chicago-based Preferred Development has acquired Village Green Shopping Center, a 93,000-square-foot retail center in Decatur. Built in 1968 and renovated in 2005, the property is anchored by Scott’s Foods grocery store. The seller and acquisition price were not disclosed. Gary Wool of Deerfield, Ill.-based Janko & Wool Real Estate Finance represented Preferred in the transaction.
INDIANAPOLIS — Shoppers World has signed a long-term lease to occupy 85,000 square feet at Felbram Plaza North, which is located at the corner of U.S. 31 and National Avenue in Indianapolis. The store joins a roster of national and regional tenants, including Dollar Tree, Payless Shoes, GameShop, Fantastic Sams, MCL Restaurant, Firestone Tires, CiCi’s Pizza, Radio Shack and GNC. New York-based Winbrook Management represented the property owner, Nassimi Realty, in the transaction. Terms of the lease were not disclosed.
WINTHROP HARBOR, ILL. — Marcus & Millichap’s Demetrie Livaditis represented the developer in the disposition of Harbor Plaza Retail Center in Winthrop Harbor. Located at 1201-1275 Sheridan Road, the 60,980-square-foot center sold for $3.7 million. Amalgamated Bank issued a 60 percent loan-to-value acquisition loan for the property. The buyer was not disclosed.
LANCASTER, PA. — Construction is advancing for Mill Creek Square, an approximately $40 million retail project located in Lancaster. The center will total 285,000 square feet upon completion and is located on 35 acres along Lincoln Highway East. The project's 225,000-square-foot Phase I is already 82 percent leased. Anchors include an 87,000-square-foot Kohl's, a 42,750-square-foot Bed, Bath & Beyond, a 34,500-square-foot Christmas Tree Shops and a 25,000-square-foot Ross Dress For Less. Phase II of the center will consist of the remaining 60,000 square feet. Phase I construction began in September 2009, and completion is anticipated in October. Phase II will open as early as May 2011. Locally based High Real Estate Group is the developer of Mill Creek Square. Greenfield Architects is the project architect, and High Construction Co. is the general contractor. Project financing is being provided by Integrity Bank.
EL PASO, TEXAS — A movie theater will join the tenant roster at Freedom Crossing, a $100 million retail center currently under development at Fort Bliss in El Paso. Southern Theatres will open The Grand Theatre, a 10-screen venue that will feature more than 1,700 seats and expansion capability. The grand opening is slated for this fall. Freedom Crossing is being developed as a public-private partnership between The Army & Air Force Exchange Service and ServiceStar Development Co. In addition to the theater, the 455,875-square-foot theater will be anchored by expanded versions of the base's Post Exchange and Commissary. Other retail offerings for the open-air center will include apparel, jewelry, sporting goods and restaurants.