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.
SAN DIEGO — Cushman & Wakefield has brokered Appreciated Property Holdings LLC’s $1.6 million purchase of a 2,500-square-foot retail building in San Diego’s historic Gaslamp Quarter. The buyer plans to use the property, which is located at 520 Fifth Ave., as a women’s clothing boutique. Cushman & Wakefield’s Mike Morgan represented both Appreciated Property Holdings and the seller, Joseph Filippi Jr. Trust, in the transaction.
PURCELLVILLE, VA. — Atapco Properties has purchased the 79,100-square-foot Main Street Station shopping center from Zimmer Development Co. for $14.17 million. Located at 1000 E. Main St. in Purcellville, the Giant Food-anchored property is 97 percent occupied. Mike Gorsage and Kate Howarth of H&R Retail Investment Properties brokered the sale.
YONKERS AND SCARSDALE, N.Y. — Walgreens has signed agreements for two new locations in Westchester County, New York. In the first agreement, Walgreens signed a more than 25-year lease for the former Foodtown property located on South Broadway in Yonkers. In the second transaction, Walgreens signed another lease in excess of 25 years for the former Montparnasse Restaurant location at 870 Central Park Ave. in Scarsdale. Construction will begin at both locations soon, with store openings planned for mid-2010. John Williams of Yonkers-based NAI Friedland Realty was the sole broker in both transactions. The landlord in the Yonkers deal was McLean-Jomo Realty, and the landlord for the Scarsdale deal was 870 CPA Realty.
OWASSO, OKLA. — Stan Johnson Co. has completed the sale of a 14,820-square-foot, freestanding retail building located in Owasso. The building is situated at 11605 N. 135th East Ave. and was built this year. Walgreens has a 25-year lease to occupy the property. Brad Pepin of Stan Johnson Co. and Allen Klippel of CB Richard Ellis represented the buyer, an individual investor participating in a 1031 exchange. Ken Hedrick and Jerry Hopkins, also of Stan Johnson Co., represented the seller, a merchant Walgreens developer.
MELBOURNE, FLA. — SIKON Construction of Deerfield Beach, Fla., will break ground in January on a 45,000-square-foot Publix at Windover Square in Melbourne. The $3 million project is located at 2227 W. New Haven Ave. Completion of the store, which was designed by Orlando, Fla.-based Cuhaci & Peterson, is expected next fall.