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.
DALLAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $22.6 million loan for the refinancing of Lincoln Park, a 148,806-square-foot retail center located in Dallas. The center is situated at the corner of West Northwest Highway and North Central Expressway, across from NorthPark Mall. The center is anchored by a Tom Thumb supermarket; additional tenants include The Cheesecake Factory, The Container Store and Barnes & Noble. Occupancy was 98 percent at the time of closing. HFF's Kevin MacKenzie and Trey Morsbach arranged the loan, which carries a 5-year term and a fixed interest rate, on behalf of the borrower, a joint venture between a Inland Western REIT and a client of Invesco Real Estate. The lender was not disclosed.
GREENSBORO, N.C. — Market Street Storage, a venture between Gateway Holdings of Winston Salem, N.C., and Return Holdings of Charlotte, N.C., has opened the nearly 100,000-square-foot Gateway Storage Solutions. The 8.3-acre property is located at 3939 W. Market St. in Greensboro. Gateway Storage is a repositioned warehouse formerly operated by Flav-O-Rich Dairy. Landmark Builders of the Triad provided construction services, and High Point Bank provided financing for the project.
LANCASTER, PA. — A joint venture between The Goldenberg Group and Pennsylvania Real Estate Investment Trust has procured a $24.9 million loan for the refinancing of Red Rose Commons, a 463,000-square-foot retail property located in Lancaster. The open-air shopping center is situated on Fruitville Pike. It is occupied by a tenant roster that includes The Home Depot, Barnes & Noble Booksellers, Weis Markets and hhgregg Appliances & Electronics, which recently signed a lease for 32,000 square feet formerly occupied by Circuit City and will take occupancy in April. The lenders in the transaction were M&T Bank, Abington Bank, DNB First and Meridian Bank. Terms of the loan were not disclosed.
DEER PARK, TEXAS — CB Richard Ellis (CBRE) has arranged the sale of a freestanding 5,860-square-foot retail building located at 1601 Center St. in Deer Park. Matt Keener, Russell Janicek and Mark Raines of CBRE represented the buyer, IBERIABANK FSB, a subsdiary of IBERIABANK Corp. Rod Scarborough of Rod Scarborough Properties represented the seller, Wells Fargo.
