CARENCRO, LA. — Net Lease Developers has broken ground on a 14,820-square-foot Walgreens in Carencro. Located at the intersection of West Gloria Switch Road and North University Boulevard, the property features a drive-thru. Completion is expected next January.
BLOOMINGTON, MINN. — NorthMarq Capital has arranged a $1 million loan for Old Shakopee Auto Center, a 13,978-square-foot retail property located in Bloomington. The first-mortgage financing carries a 20-year term with a 20-year amortization schedule. Daniel Trebil of NorthMarq’s Minneapolis office secured the loan on behalf of the undisclosed borrow through NorthMarq’s correspondent relationship with StanCorp Mortgage Investors.
VALLEJO, CALIF. — Newport Beach, Calif.-based Yacoel Properties has purchased Glen Cove Shopping Center, a retail property located in the Glen Cove section of Vallejo along Interstate 780. The 66,000-square-foot property sold for $12.9 million, which equated to a 7.71 percent cap rate. A 50,360-square-foot Safeway supermarket anchors the center. The seller is a joint venture between Kimco Realty Corp. and Prudential Real Estate Investors. Dan Wald, Dave Nord, Steve Holm, Mark Koenig and John Schaefer of Terranomics Retail Services represented the seller. The buyer was self-represented.
FRESNO AND VISALIA, CALIF. — Cincinnati-based Macy’s Inc. is opening two new locations in the Central Valley of California in fall 2009. Both sites are former Gottschalks stores that Macy’s acquired during Gottschalks’ bankruptcy process. The stores include a 107,000-square-foot property at River Park in Fresno and a 150,000-square-foot property at Visalia Mall in Visalia. The stores are expected to open before the 2009 holiday season after minor remodeling and re-fixturing. Each store will offer a wide selection of apparel and accessories for the whole family, as well as a limited assortment of home merchandise. Jointly, the stores are expected to employ approximately 250 Macy’s associates.
DECATUR, ILL. — Marcus & Millichap has brokered the sale of a 3,367-square-foot Burger King for $1.15 million. The freestanding restaurant is located at 1099 East Eldorado in Decatur. David Ching from Marcus & Millichap’s Oakland, Calif., office represented the buyer, a private investor; Gregory Moyer, from Marcus & Millichap’s Chicago office, assisted in closing the transaction.
SALEM, N.H. — Chestnut Hill, Mass.-based WS Development has begun the redevelopment of Stateline Shopping Center, a 230,000-square-foot retail property located in Salem. The primary focus of the project will be the construction of a new anchor location for Lowe’s Home Improvement Warehouse. The retailer’s new building will contain 102,000 square feet as well as a 29,000-square-foot outdoor garden center. It is expected to open in the fourth quarter of 2010. Other components of the shopping center redevelopment will include architectural updates to existing buildings, stormwater drainage improvement and roadway improvements on the center’s Route 28 frontage. Current tenants Namco and Sovereign Bank will remain open during construction.
THOUSAND OAKS, CALIF. — Neil Nadler Trust has acquired a 23,623-square-foot retail property, which is located at 600 W. Hillcrest Dr. in Thousand Oaks. The former Circuit City building sold for $5.34 million. The seller was Circuit Investors Thousand Oaks. Michael Schiff of NAI Capital’s Westlake Village, Calif., office represented both parties in the sale.
NASHVILLE, TENN. — Developers Diversified Realty Corp. has sold the 167,795-square-foot Marketplace shopping center to Chicago-based Monroe Acquisition Partners for an undisclosed amount. Located at the intersection of Charlotte Pike and River Road in Nashville, the property is anchored by Lowe’s Home Improvement Warehouse and shadow-anchored by Wal-Mart Supercenter. Robert Mahoney and Christian Williams of CB Richard Ellis’ Oak Brook, Ill., office represented the seller.
GLASSBORO, N.J. — Construction is underway on Glassboro’s new, $300 million Rowan Boulevard retail corridor. The Rowan Boulevard project is the heart of a downtown revitalization, which is forming a new 26-acre, 100-foot wide corridor stretching a third of a mile from the foot of the Rowan University campus to the center of downtown. The new boulevard will feature broad tree-lined sidewalks, dozens of stores, restaurants featuring café-style sidewalk dining, residential condos and town homes, a new student housing campus, a hotel-conference center, pedestrian plazas and a town square. The new corridor will feature several mixed-use buildings that will offer 185,000 square feet of retail space, 307,000 square feet of residential space and 40,000 square feet of office space. The project will also include a 107-room Holiday Inn Express & Suites hotel/conference center, with an adjacent 5,000-square-foot restaurant. Construction is set to begin in July on a 36,000-square-foot Barnes & Noble self-standing bookstore, complete with a Starbucks Café. The first phase of a new apartment-style housing complex for 884 Rowan University students is slated for completion in September, and site work for the second phase is already underway. Completion of the entire project is set for 2012. The project is …
LAKE SAINT LOUIS, MO. — Davenport, Iowa-based Von Maur Department Stores is set to break ground for the construction of its first store in Missouri this month at The Meadows at Lake Saint Louis. The 64-acre lifestyle center is located in Lake St. Louis along Interstate 64 and Lake Saint Louis Boulevard. Davis Street Land Co. is the developer of the center, which opened last fall and features 260,000 square feet of space in its first phase. The two-story Von Maur will total 124,000 square feet and is scheduled to open fall 2010. General contractor S.M. Wilson has been selected to build the store. The Meadows at Lake Saint Louis will encompass 500,000 square feet of retail space when fully built out.