CALN, PA. — An investor group led by Scott Homel and Pintzuk Brown Holdings LLC has acquired Caln Plaza shopping center in Caln for $4.25 million. The 56,000-square-foot retail property is located on approximately 9 acres at the intersection of Business Route 30 and North Caln Road. Caln Plaza was fully occupied at the time of closing. Its anchor tenants include Amelia's Grocery, Family Dollar and Rent-A-Center. Daniel Henderson, R. Christopher Datz and Anthony Sembello of Jenkintown, Pa.-based Pintzuk Brown Realty Group provided in-house representation for the buyer in the transaction. The seller, Metric Realty, was represented by Thomas Gorman and Matthew Gorman with the Philadelphia office of Marcus & Millichap. Acquisition financing was provided by Team Capital Bank. The property traded at a 10 percent capitalization rate.
SOMERDALE, N.J. — LA Fitness has joined the tenant roster at CooperTowne Center, a 385,000-square-foot retail development located at 711 Evesham Ave. in Somerdale. The fitness center chain will open a 45,000-square-foot anchor location in December. The remainder of the tenants, including co-anchor tenant Walmart Supercenter, will open in June 2010. CooperTowne Center is being developed by Purchase, N.Y.-based National Realty & Development.
SEABROOK, TEXAS — The Houston office of Grubb & Ellis has completed the sale of Seagate Village Shopping Center, a 13,315-square-foot retail property located at 3659 Nasa Rd. 1 in Seabrook. Keith Lloyd, Gus Lagos and Tony Ricci of Grubb & Ellis represented the undisclosed seller. The buyer, 3659 NR-1 LLC, provided in-house representation. The acquisition price was not disclosed.
CEDAR HILL, TEXAS — John T. Evans Co. has brokered the sale of a 4,700-square-foot restaurant building located in Cedar Hill. The building is situated on 1.12 acres at the intersection of Highway 67 and Belt Line Road, and it was formerly occupied by Bennigan's. The buyer is a local Japanese hibachi restaurant operator. Craig Johnson and Ben Johnson of John T. Evans Co. represented the seller, a Chicago-based investor. The acquisition price was not disclosed.
FRISCO, TEXAS — Schulman Partners has announced that it will build a new 14-screen, 50,000-square-foot movie theater at Hermansen Land Development's Frisco Market City master-planned project in Frisco. The $10 million project, which will be known as City Lights Theatre, is slated to break ground next May and will be complete by May 2011. It will feature stadium seating along with an art deco design. Schulman currently operates two theaters in Georgetown and Weatherford, Texas.
AUSTIN, TEXAS — ATCO Advisory Services has acquired The Shops at 360, the retail component of Austin's 360 high-rise condominium tower. The space totals approximately 14,000 square feet and comprises nine retail spaces situated on the building's ground floor. All but one of the spaces are occupied by a tenant roster that includes Garrido's Restaurant, Royal Blue Grocery, Optique, Lora Reynolds Gallery, Thundercloud Sandwiches, Yummy Yo, Blu Café and Mulberry Bistro. The purchase also included 24 paid parking spaces for condo owners directly above the retail shops. The seller and the acquisition price were not disclosed.
HOUSTON — A 33,862-square-foot Family Thrift Center has opened at Sharpstown Plaza in Houston. The center is located on Bellaire Boulvard, across from Sharpstown Mall. Ronnie Turboff of Prime Capital Corp. represented Family Thrift Center in lease negotiations. Mike Partners provided in-house representation for Centro Properties Group, the owner of Sharpstown Plaza.
WICHITA, KAN. — Central Park Place Retail LLC has broken ground for the construction of an 8,960-square-foot retail center, which is located at 2616 N. Maize Rd. in Wichita. The center is currently 81 percent pre-leased to tenants, including Long John Silver’s, Cinnamon’s Deli and Five Guys Burgers and Fries. Bradley Saville of Landmark Commercial Real Estate is marketing the property. Tenant openings are expected for February and March 2010.
DEDHAM, MASS. — Citizens Bank has signed a lease for approximately 50,000 square feet at the Legacy Place retail development in Dedham. The bank will relocate its consumer and business banking, consumer finance and marketing departments to office space within the center. Citizens Bank will also become the official financial services provider of Legacy Place, with the bank opening a 3,000-square-foot branch as well as multiple ATM locations on site. Richards Barry Joyce & Partners represented Citizens Bank in lease negotiations. The owner of Legacy Place, WS Development, was represented by Colliers Meredith & Grew. Legacy Place is a 675,000-square-foot retail center located at the intersection of routes 1 and 28. It is anchored by Whole Foods Market, L.L. Bean, Showcase Cinema de Lux, Borders and Kings.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Fielder Terrace Shopping Center, a 32,450-square-foot retail property located in Arlington. Situated at 1300 W. Arkansas Lane, the center was 90 percent leased at the time of closing. Marcus & Millichap's Dallas office negotiated the deal on behalf of the seller, a private investor. The buyer was also a private investor. The acquisition price was not released.