PORTSMOUTH, N.H. — North Kingstown, R.I.-based retailer Ocean State Job Lot has acquired a former freestanding Circuit City building located in Portsmouth for $3.5 million. The approximately 35,000-square-foot property is situated at 1700 Woodbury Ave. Lisa Kane of locally based The Kane Company represented the buyer in the transaction. The seller was not disclosed.
Retail
WAUKEGAN, ILL. — More than 28,000 square feet of retail space has been leased at the 66,000-square-foot Douglas Centre in Waukegan. In the first transaction, Alex Katz of Millco Investments represented Dollar General in the leasing of 12,156 square feet of retail space. In the second transaction, Ryan Toland of UGL Equis represented Talecris Plasma Resource in a 15,997-square-foot lease transaction. Wayne Caplan and John Skalla of Sperry Van Ness’ downtown Chicago office represented the landlord, Mequon, Wis.-based Douglas Corp., in the transactions. Terms of the transactions were not disclosed.
ROSENBERG, TEXAS — The grand opening has been held for the new Kroger Marketplace located within Brazos Town Center in Rosenberg. The 123,000-square-foot grocery store is twice the size of a regular Kroger. In addition to Kroger's usual store sections, the Marketplace contains a general merchandise section containing outdoor living products, electronics, home goods and toys. It also contains a Fred Meyer Jewelers and a home furnishing section featuring Ashley Furniture. Brazos Town Center is a 550-acre, master-planned community that is being developed by NewQuest Properties at the intersection of U.S. Highway 59 and Reading Road. It features 220 acres of retail space, approximately 940 multifamily units and a medical/professional office park.
WEST HOLLYWOOD, CALIF. — Lee & Associates-LA North/Ventura Inc. has handled Joey Bishop Productions Inc.’s $6.2 million sale of a prime West Hollywood retail property to Sakhi Properties LLC. Located at 359-373 Robertson Blvd., the two multi-tenant buildings totaling 6,876 square feet sold for $901 per square foot. Lee & Associates’ Jay Martinez represented the estate of the entertainer and member of the famed Rat Pack, and the firm’s Mike Tingus represented Sakhi, which will house its business, Amadi Carpets, at the location in one of the most prestigious shopping districts in the Los Angeles metro.
MIAMI — UrbanAmerica has borrowed a $10.78 million loan to refinance the Northside Shopping Center, located at the intersection of NW 79th St. and NW 27th Ave. in Miami. The center is anchored by Walgreens and Payless ShoeSource. Ocean Bank financed the 15-year loan, which carries a 25-year amortization. Cohen Financial's Miami office originated the transaction.
RIVERDALE, GA. — Tim Kinney of Marcus & Millichap's Atlanta office has secured a $7.3 million loan for the acquisition of a Walgreens store. The 14,820-square-foot property is located in Riverdale. A 25-year loan carrying a 6.9 percent interest rate and a 25-year amortization was arranged for the borrower.
KANSAS CITY, MO. — Seven tenants are joining Kansas City Power & Light District in Kansas City. The locally owned boutiques are City Girls, Denim Couture, Imagery, Label, Polka Dot Petals, Two Chic Boulevard and Urbantique. The shops will comprise The Garment District, a 4,000-square-foot space at 1350 Main St. in the downtown entertainment project. The stores are set to open in March. AMC Entertainment and The Cordish Company own the center.
DETROIT — Boost Mobile has signed a lease for 1,280 square feet of retail space in Riverbend Plaza, which is located at 13226 E. Jefferson Ave. in Detroit. Details of the lease were not disclosed. Adam Goodman and Gabe Schuchman of LaKritz-Weber & Co. represented the landlord, Riverbend Properties, in the transaction.
LAS VEGAS — The 500,000-square-foot Crystals retail and entertainment district has opened at CityCenter, the second destination to open at MGM Mirage’s massive urban resort destination. Retailers include one of the largest Louis Vuitton stores in the world, as well as flagship locations for Tiffany & Co., Prada, Gucci, Roberto Cavalli and Ermenegildo Zegna. Other luxury retailers opening large-format stores include Bulgari, Cartier, Christian Dior, Fendi and Versace. Many of the tenants will be opening this month, with the balance opening in the first half of 2010. The Taubman Company was in charge of assembling the high-profile collection of luxury retailers and dining destinations, which includes Eva Longoria Parker’s Beso. Studio Daniel Libeskind designed the exterior architecture of the district, and David Rockwell and Rockwell Group handled the interior design.
WICHITA, KAN. — Wichita-based KCBB Inc. has purchased Eastgate Plaza, a retail center located at Kellogg Street and Rock Road in Wichita. Developers Diversified Realty Corp. sold the 253,977-square-foot property for an undisclosed price. The center was 83.5 percent occupied with tenants, including Burlington Coat Factory, Barnes & Noble, TJ Maxx and OfficeMax. Christian Ablah of Classic Real Estate represented the buyer; CB Richard Ellis’ George Good, Robert Mahoney, Richard Frolik, Christian Williams, Derrick Almassy and David Hickman represented the seller in the transaction.