JONESBORO, ARK. — Hobby Lobby has signed a 13-year lease renewal for 52,000 square feet and leased an extra 10,000 square feet at Bernard Court Shopping Center in Jonesboro. Hobby Lobby’s original lease was set to expire in 2011, but the company signed an early lease renewal for a per-year rent agreement concession. The company’s expansion will take up a portion of space vacated by Goody’s Family Clothing. New York-based Stonemar Properties owns and operates the shopping center.
Retail
MADISON, WIS. — Lee & Associates of Madison has brokered the sale of the World Dairy Center, a 65,544-square-foot property located on Dairy Drive in Madison. Jared Flesch and John Walsh of Lee & Associates represented the undisclosed seller. The buyer, Charal Wisconsin Properties, purchased the property for an undisclosed amount.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of 121 Ludlow Street, a three-story commercial building located in Manhattan’s Lower East Side, for $3.45 million. The building consists of a vacant ground-floor unit equipped for a restaurant, a second-floor art studio with 12-foot ceilings and a third-floor hair salon with 10-foot ceilings. Massey Knakal’s Michael DeCheser negotiated the transaction. The property was acquired by a local investor at a 4.35 percent capitalization rate.
IRVING, TEXAS — Marcus & Millichap Real Estate Investment Services has closed the sale of MacArthur Plaza, a 54,543-square-foot retail property in Irving. Todd Carlson of the firm’s Houston office marketed the property on behalf of the seller, Silvestri Investments. An out-of-state investor purchased the fully occupied property, which is located at 2802 N. MacArthur Blvd. just north of Highway 183. Tenants at the center include Family Dollar, Ace Cash Express and 12 others.
WINDSOR, COLO. — Johnson Investments Inc. has purchased Shops at Westwood, a retail center located at 1297 Main St. in Windsor. Everitt Companies sold the 26,276-square-foot property for $1.51 million. At the time of acquisition, the property was 56 percent occupied. Jason Ortiz of Marcus & Millichap’s Fort Collins, Colo., office represented both parties in the transaction.
OCALA, FLA. — Winter Park, Fla.-based Michael Collard Properties will break ground in August on the 78,380-square-foot Shops at Foxwood development in Ocala. The property, located at the corner of U.S. Highway 27 and 49th Avenue, will be anchored by a 54,000-square-foot Publix. Delivery of the $14 million project is expected in July 2010.
CARENCRO, LA. — Net Lease Developers has broken ground on a 14,820-square-foot Walgreens in Carencro. Located at the intersection of West Gloria Switch Road and North University Boulevard, the property features a drive-thru. Completion is expected next January.
BLOOMINGTON, MINN. — NorthMarq Capital has arranged a $1 million loan for Old Shakopee Auto Center, a 13,978-square-foot retail property located in Bloomington. The first-mortgage financing carries a 20-year term with a 20-year amortization schedule. Daniel Trebil of NorthMarq’s Minneapolis office secured the loan on behalf of the undisclosed borrow through NorthMarq’s correspondent relationship with StanCorp Mortgage Investors.
VALLEJO, CALIF. — Newport Beach, Calif.-based Yacoel Properties has purchased Glen Cove Shopping Center, a retail property located in the Glen Cove section of Vallejo along Interstate 780. The 66,000-square-foot property sold for $12.9 million, which equated to a 7.71 percent cap rate. A 50,360-square-foot Safeway supermarket anchors the center. The seller is a joint venture between Kimco Realty Corp. and Prudential Real Estate Investors. Dan Wald, Dave Nord, Steve Holm, Mark Koenig and John Schaefer of Terranomics Retail Services represented the seller. The buyer was self-represented.
FRESNO AND VISALIA, CALIF. — Cincinnati-based Macy’s Inc. is opening two new locations in the Central Valley of California in fall 2009. Both sites are former Gottschalks stores that Macy’s acquired during Gottschalks’ bankruptcy process. The stores include a 107,000-square-foot property at River Park in Fresno and a 150,000-square-foot property at Visalia Mall in Visalia. The stores are expected to open before the 2009 holiday season after minor remodeling and re-fixturing. Each store will offer a wide selection of apparel and accessories for the whole family, as well as a limited assortment of home merchandise. Jointly, the stores are expected to employ approximately 250 Macy’s associates.