Retail

CHEROKEE SOUTH PLAZA TO UNDERGO REDEVELOPMENT

by admin June 18, 2009

OVERLAND PARK, KAN. — Westchester, Ill.-based Tri-land Properties will begin construction in July for the redevelopment of Cherokee South Plaza, a retail center located in Overland Park. Construction for the 188,000-square-foot project will include the demolition of the former Cherokee South Sun Fresh and the construction of three new buildings. A 15,000-square-foot, freestanding Walgreens pharmacy is already under construction and will serve as the anchor for the retail center when it opens in October. Other improvements at Cherokee South Plaza will include outdoor patios, tree-lined walkways, sidewalk planters and public spaces. Completion of the project is slated for December.

June 18, 2009

CB RICHARD ELLIS/HUBBELL COMMERCIAL CLOSES DEAL ON IOWA SHOPPING CENTER

by admin June 18, 2009

DES MOINES, IOWA – Des Moines-based CB Richard Ellis/Hubbell Commercial (CBRE) worked with REO-Cedar Ridge in its sale of the Cedar Ridge Shopping Center in Des Moines. The 46,215-square-foot center is located at 7501 Douglas Ave. and was built in 1980. Ridgeway Properties purchased the center for $1.65 million. Jan Berg and Rick Krause of CBRE/Hubbell represented the seller.

June 18, 2009

Midwest Retail

PARIC ADVANCING CONSTRUCTION FOR BANK BRANCH

by admin June 18, 2009

WENTZVILLE, MO. — O’Fallon, Mo.-based Paric Corp. is advancing construction for a new $1.2 million Regions Bank branch facility, located in Wentzville. The 3,800-square-foot foot, single-story building is situated at 1843 Wentzville Pkwy. It will include a four-lane drive-through. The project architect is PKA Architects. Completion is scheduled for late summer.

June 18, 2009

Retail Western

SINGLE-TENANT RETAIL PROPERTY SELLS FOR $2 MILLION

by admin June 18, 2009

PHOENIX — John Susank of Marcus & Millichap’s Newport Beach, Calif., office represented a private investor in the acquisition of a Chase bank location in Phoenix. Located at 3148 E. Indian School Rd., the 2,552-square-foot single-tenant property sold for $2 million. The seller was not disclosed.

June 18, 2009

Retail Southeast

LOAN SECURED FOR MACARONI GRILL PURCHASE

by admin June 17, 2009

ALTAMONTE SPRINGS, FLA. — Geoffrey Harris of Mark One Capital’s Phoenix office and Farhan Kabani of the firm’s Dallas office have secured a $1.5 million loan for the purchase of a Macaroni Grill Restaurant. The 7,179-square-foot property is located at 844 W. S.R. 436 in Altamonte Springs. A portfolio lender provided financing for the 5-year loan. The loan carries a 6.5 percent interest rate and a 25-year amortization.

June 17, 2009

Midwest Retail

TRADER JOE’S TO EXPAND BY APPROXIMATELY 50 PERCENT

by admin June 17, 2009

ARLINGTON HEIGHTS, ILL. — Trader Joe’s has signed a lease that will expand its Arlington Heights location by approximately 50 percent. The specialty grocer currently occupies an 8,910-square-foot location within Annex of Arlington, a shopping center situated at the intersection of Arlington Heights Road and Rand Road. The expansion consists of the grocer assuming 4,050 square feet of adjacent retail space. Construction is expected to commence this month, with completion expected in the fall. The shopping center’s owner, Centro Properties Group, was represented in-house by Brad Ratajczak in lese negotiations.

June 17, 2009

Northeast Retail

RENOVATIONS UNDER WAY FOR SOMERVILLE CIRCLE

by admin June 17, 2009

RARITAN, N.J. — A multi-phase renovation is under way for Somerville Circle Shopping Center, a 157,000-square-foot retail center located in Raritan. Construction will primarily consist of a new façade for the entire center and an upgraded highway pylon sign. In addition, ownership has received approval for the construction of a 6,000-square-foot pad building facing Route 28. The shopping center will remain open during renovations. Somerville Circle is currently 100 percent leased to a tenant roster that includes Five Below, Panera Bread, Staples, Petco, Toys “R” Us, P.C. Richards & Sons, Burger King and PNC Bank. Levin Management Corp. is the leasing and management agent for the property.

June 17, 2009

Retail Western

7,500-SQUARE-FOOT RETAIL CENTER FETCHES $1.26 MILLION

by admin June 17, 2009

ORANGE, CALIF. — Paul Bitonti of Marcus & Millichap’s Newport Beach, Calif., office represented a private investor in the acquisition of a 7,500-square-foot retail property in Orange. Located at 223-237 S. Tustin St., the property sold for $1.26 million. Brenton Baskin and Bitonti represented the seller, a private investor, in the transaction.

June 17, 2009

Retail Western

THE SILVER GROUP BROKERS RETAIL PROPERTY SALE

by admin June 17, 2009

LAFAYETTE, COLO. — An undisclosed Denver-based developer has purchased a retail property in Lafayette. The buyer plans to re-tenant the property after the CSK Auto lease expires. Greg Cunha of The Silver Group brokered the transaction on behalf of the undisclosed seller.

June 17, 2009

Retail Southeast

BOYNTON BEACH RETAIL BUILDINGS NEARLY FINISHED

by admin June 16, 2009

BOYNTON BEACH, FLA. — Orlando, Fla.-based Keene Construction Co. is nearly finished with Buildings A and F, which encompass 27,000 square feet in the Shoppes at Woolbright, a Boca Raton, Fla.-based Woolbright Development retail project. The property is located at the intersection of Jog and Woolbright roads in Boynton Beach and includes a 46,031-sqaure-foot Publix. Marc Wiener Associates of Boca Raton designed the project.

June 16, 2009

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