READING, PA. — The grand opening has been held for Exeter Commons in Reading. The 490,000-square-foot shopping center is located at the intersection of Highway 422 and 47th Street. Anchors at the center include Target and Giant Foods. Other tenants include Affinity Bank, America's Best Contacts & Eyeglasses, Chick Fil-A, Famous Footwear, Five Below, Five Guys Burgers & Fries, GameStop, PETCO, Red Robin, Sleepy's, Sonic, Supercuts and T-Mobile. Three tenants will open soon, including Lowe's Home Improvement Warehouse, Staples and Wachovia. The $75 million project was developed by a joint venture between Blue Bell, Pa.-based The Goldenberg Group and Conshohocken, Pa.-based Ironwood Property Group. The center is currently 96 percent leased.
HOUSTON — The grand opening has been held for The Shops at Stone Park, a new retail center located at the intersection of Beltway 8 and Wallisville Road in Houston. The 259,000-square-foot power center was developed by a joint venture between NewQuest Properties and Ley-Wilson Properties. Tenants include JC Penney, Best Buy, Marshalls, Rack Room Shoes, Party City, Dress Barn, rue 21 and Mattress Giant. Chick Fil-A and Staples are scheduled to open in February 2010. Occupancy is currently 91 percent. The Shops at Stone Park is the third major project at the intersection that the joint venture has constructed, bringing the total amount of retail space built to approximately 700,000 square feet.
OAKLEY, CALIF. — NAI BT Commercial has handled the $3.025 million sale of a 6,590-square-foot multi-tenant retail property, located at 2190 Main Street (Highway 4) in Oakley. The newly constructed property is tenanted by Starbucks Coffee and Round Table. Michael Maffia of NAI’s Leased Investment Group represented the undisclosed seller.
MIAMI BEACH, FLA. — Coconut Grove, Fla.-based Berkowitz Development Group has finished its 180,000-square-foot Fifth and Alton shopping center, which is attached to a 1,080-space parking garage built on a brownfield site.0 Located in Miami Beach, the property is 93 percent occupied. Tenants housed in Fifth and Alton include Publix, Best Buy, TJ Maxx, Ross Dress for Less, Staples, Petco and Vitamin Shoppe.
PASADENA, MD. — Baltimore-based St. John Properties has completed a $3 million renovation of the 161,000-square-foot Lakeshore Plaza shopping center. The property, which was constructed in the 1980s, is located near the intersection of Maryland Route 100 and Magothy Beach Road in Pasadena. KANN Partners designed the project, which includes a 7,000-square-foot addition. Additionally, Dollar General has signed on to move into 9,000 square feet of space at the shopping center in February.
EAST ST. LOUIS, ILL. — SEVENS, a sports lounge and entertainment venue, has opened at Casino Queen in East St. Louis. The $2.15 million, 6,250-square-foot facility features high-definition flat screen televisions, a retractable projection screen and a 360-square-foot elevated stage, as well as a dining menu and full service bar. St. Louis-based KAI Design and Build provided architectural services for the property. Legacy Building Group served as general contractor. Additional project partners include AmeriStructure, Ford Food Service, Lighting Solutions and Cignal.
ALLEN, TEXAS — A Chase Bank branch property located in Allen has sold for $1.77 million. The 4,400-square-foot building was built in 2006 and is located at 1204 Angel Pkwy. Chris Thompson of Los Angeles-based Investment Real Estate Associates represented the buyer, a family trust. Ryan Butler and Brad Moulder of Stan Johnson Co. represented the seller, NEC Angel/Exchange, LTD.
GILBERT, ARIZ. — Eagle Commercial Realty Services has brokered the $2.75 million sale of the leasehold interest in a freestanding Walgreens Pharmacy, located at 754 North Higley Rd. in Gilbert. Eagle Commercial’s Alan Davidson and Jeffery Gorden represented the seller, Gilbert Brown Southwest LLC, along with co-trustees Wells Fargo Bank N.A. and the University of Southern California. Amer Kasm of AZUR Realty Partners represented the undisclosed buyers.
ARLINGTON HEIGHTS, ILL. — MBH Motors has completed the disposition of a 2.1-acre commercial site located at 2020 E. Northwest Highway in Arlington Heights. A local real estate investment group purchased the property for $1.3 million. The buyer plans to raze the existing structures and redevelop the property. Charles Des Rosiers of Cushman & Wakefield of Illinois brokered the transaction.
FORT WAYNE, IND. — NAI Harding Dahm has brokered two lease transactions in Fort Wayne. In the first transaction, Russell Jehl of NAI Harding represented Absolute Tan in the lease of space at 1618 St. Joe Center Rd. in Fort Wayne. Stanley Phillips, also of NAI Harding, represented the landlord, Washington Square Indiana. In the second transaction, Phillips represented Alter Professional Salon in the lease of a property located at 10104 Woodland Plaza Cove, Suite B, in Fort Wayne. Steve Chen, also of NAI Harding, represented the owner, Tazian Properties, in the transaction.