LONG BEACH, CALIF. — HI Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, has completed the disposition and acquisition of a street-front retail building, which is located at the corner of Third Street and Pine Avenue in Long Beach. The 24,925-square-foot REO building sold for $3.5 million or $140 per square foot. The property offers 23,050 square feet of ground-floor retail space and 1,875 square feet of second story office/loft space. At the time of acquisition, the property was 94 percent vacant. Carlos Lopez of HI Urban represented both undisclosed parties in the transaction.
SARASOTA, FLA. — Keene Construction Co. is eyeing an October completion date for its renovation and expansion of the Sarasota Crossings shopping center, located on Fruitville Road in Sarasota. The project, designed by Orlando-based Cuhaci & Peterson Architects, includes a 30,000-square-foot hhgregg store and a 20,898-square-foot Office Depot store. Key Biscayne, Fla.-based Commodore Realty owns the development.
PRAIRIE VILLAGE AND FAIRWAY, KAN. — Kansas City, Mo.-based LANE4 Property Group has acquired three shopping centers located in the Kansas City metropolitan area. The properties include: Prairie Village Shopping Center, located at the intersection of 71st Street and Mission Road in Prairie Village; Corinth Square North and Corinth Square South, located at the intersection of 83rd Street and Mission Road, also in Prairie Village; and Fairway Shopping Center, located at Shawnee Mission Parkway and Belinder Road in Fairway. The portfolio totals more than 416,000 square feet of space, along with 154,000 square feet in ground leases; all of the centers are anchored by grocery stores. Major tenants include Hen House Grocery, Westlake Hardware, Macy’s, CVS/pharmacy and Chico’s. The portfolio was sold by Raleigh, N.C.-based REIT Highwoods Properties, which acquired the shopping centers in 1998 from their original developer, JC Nichols Co. All three were constructed in the 1950s and 1960s. LANE4 will manage and lease all three centers. Financing for the purchase was provided by the Kansas City office of Bank of America, with permanent financing provided by the Kansas City office of Grandbridge Real Estate Capital. The purchase price was not released.
ROCKWALL, TEXAS — Stan Johnson Co. recently completed the sale of a 14,820-square-foot, freestanding Walgreens pharmacy location in Rockwall. Located on 1.97 acres on the southwest corner of State Highway 205 and Lakeshore Drive, the property sold to an individual investor for $4.93 million. Jeff Hughes and Brad Pepin of Stan Johnson Co. represented the investor. Gill Warner, Rod Pickney and Chad Byerly, also of Stan Johnson Co., represented the seller, a retail developer.
TEMPE, ARIZ. — Coyote Portable Storage LLC, a franchisee of the PODS (Portable On Demand Storage) concept, has leased 45,220 square feet of space at 860 W. Carver Rd. in Tempe. The company plans to relocate to the new facility. Aric Adams of Cushman & Wakefield represented the tenant; Pat Harlan, Steve Sayre, Darren Tappen and Jim Wilson of Cushman & Wakefield represented the landlord, Des Moines, Iowa-based Principal Global Investors, in the transaction.
NEW YORK CITY — Livingston, N.J.-based Jarmel Kizel Architects & Engineers is completing design and structural engineering work for a new 7,300-square-foot T.G.I. Friday’s restaurant, located at 1780 Gun Hill Rd. in the Bronx, New York City. The restaurant will be able to seat 330 and completion is scheduled for this month. Jarmel Kizel is working with the franchise owner, Livingston-based Briad Group, as well Vornado Realty Trust, the owner of the shopping center in which the new restaurant will be located. T.G.I. Friday’s will be occupying a pad site. Jarmel Kizel has worked with Briad Group on 20 Friday’s locations in New Jersey, New York, Connecticut, California and Arizona.
WAUKEGAN AND CHICAGO, ILL. —Chicago-based Novak Construction has completed renovations for two Chicagoland Jewel-Osco grocery stores. The first store is located in the suburb of Waukegan and the second is located on Stoney Island Drive in Chicago. Construction at both locations included new electrical, mechanical and refrigeration systems; new flooring; and new wall finishes, décor, fixtures and display cases. The owner of both locations is Itasca, Ill.-based Supervalu; the architect was Des Plaines, Ill.-based Camburas & Theodore Ltd.
FORT MYERS, FLA. — Fort Myers-based J.L. Wallace has renovated the 4,081-square-foot SunTrust Bank branch at 4415 Metro Parkway in Fort Myers. The project consisted of installing new ceilings, flooring and lighting. Robert Reid Wedding Architects and Planners provided design services.
WOODHAVEN, MICH. — Birmingham, Mich.-based Sachse Construction is nearing completion for Emagine Woodhaven, a 10-screen movie theater located in Woodhaven. The $6 million project consists of a 41,000-square-foot structure situated on 7 acres at 21800 Wildflower Blvd. Upon completion next month, the theater will include stadium seating and digital projection and sound technology. Sachse is constructing the project on behalf of Emagine Entertainment, which operates three additional theaters in Michigan.
CONN., N.J., PA., AND MASS. — Metro Commercial represented PetSmart in securing multiple leases throughout the Northeast. In Connecticut, Metro Commercial closed an 18,500-square-foot lease at North Haven Crossing in North Haven, a 28,500-square-foot lease at Putnam Bridge Plaza in Glastonbury, and a 17,800-square-foot lease at Brookside Plaza in Enfield. In New Jersey, Metro Commercial secured a 26,700-square-foot lease on Route 70 in Marlton and a 26,000-square-foot lease at Brick Plaza in Brick. In Pennsylvania, Metro negotiated an 18,000-square-foot lease at Monroe Retail Center in Selinsgrove. And finally, in Massachusetts, Metro Commercial completed a 28,000-square-foot lease at the Pacer Building in Woburn. Metro Commercial also secured three leases in Virginia, and two leases in Canada for the retailer. Metro Commercial’s Tom Londres represented PetSmart in the transactions.