Retail

ESPLANADE AT ARLINGTON HEIGHTS COMPLETE

by admin April 24, 2009

ARLINGTON HEIGHTS, ILL. — Rosemont, Ill.-based McShane Construction Co. has completed Esplanade at Arlington Heights, an 18,778-square-foot retail center located in Arlington Heights. The project is situated on 4 acres at 2920 W. Euclid Ave. The center contains spaces for 12 tenants; Starbucks Coffee is the first tenant to open and a Subway is expected to open soon. The project’s developer, Atlanta-based Atlantic Realty Partners, is in negotiations with a local pizzeria, a European grocer, a wine and spirits retailer, a professional services tenant, and a nail salon and spa. The project architect was HKM Architects + Planners.

April 24, 2009

CBRE BROKERS RETAIL SALE

by admin April 24, 2009

DETROIT — CB Richard Ellis (CBRE) has brokered the sale of a two-building retail property, located at 3510 Woodward Ave. and 33 Eliot St. in Detroit. The 27,000-square-foot land parcel contains a 5,000-square-foot building that formerly housed an auto shop, as well as a two-story, 12,000-square-foot building. CBRE’s Myrna Burroughs and Dan McCleary represented the seller, The American National Red Cross. The buyer, Woodward Eliot LLC, acquired the properties for an undisclosed amount.

April 24, 2009

Northeast Retail

NEW TENANTS TAKE SPACE AT SKY VIEW CENTER

by admin April 24, 2009

FLUSHING, N.Y. — BJ’s Wholesale Club and Applebee’s Neighborhood Grill & Bar have signed on for space at Muss Development’s Sky View Center, an 800,000-square-foot shopping center at Sky View Parc in Flushing. BJ’s Wholesale Club signed a 20-year lease for 121,000 square feet and Applebee’s is set to take 6,500 square feet. BJ’s is slated to open by November, while Applebee’s is slated to open spring 2010. The new leases bring Sky View Center’s commercial space to 70 percent occupancy. Sky View Center, which is located at College Point Boulevard and Roosevelt Avenue, features other national tenants such as Target, Best Buy, Marshall’s, Staples and Bed, Bath and Beyond. Ripco Real Estate Corp. handled both transactions on behalf of Muss Development.

April 24, 2009

Northeast Retail

THE LIGHTSTONE GROUP COMPLETES THREE LONG-TERM LEASE RENEWALS

by admin April 24, 2009

NORTH ATTLEBORO, MASS. — The Lightstone Group, has completed three long-term lease renewals at Bernie's Cumberland Plaza in North Attleboro. Bernie's, New England's largest independent retailer of audio and video, appliances, furniture and more, renewed for 21,450 square feet; David's Bridal renewed for 11,700 square feet; and Unique Dental Care renewed its lease for a 5-year period. The new leases, totaling 38,350 square feet, constituted more than 60 percent of the entire shopping center. The 59,100-square-foot Bernie's Cumberland Plaza is located on Route 1 and includes other tenants such as Fedex Kinko's Office and Print Center, LA Boxing, and Newberry Comics. The facility is also shadow anchored by Lightstone Group’s the Christmas Tree Shops Plaza, a 100,000-square-foot shopping center that also houses Guitar Center and Namco.

April 24, 2009

Retail Western

CROSSROADS ENTERTAINMENT CENTER FETCHES $25.52 MILLION

by admin April 24, 2009

CHINO HILLS, CALIF. — Long Beach, Calif.-based GAS Distomo Inc. has acquired Crossroads Entertainment Center, a 90,879-square-foot regional retail center located at 3060, 3070 and 3090 Chino Ave. in Chino Hills. Los Angeles-based 26 Del Sur Crossroads I LLC sold the property for $25.52 million. Situated on 10.54 acres, the property is anchored by an 18-screen Harkins Theatres. At the time of acquisition, the property was 98 percent occupied. Mitch Rosen of Commercial Real Estate Services represented the buyer; Donald MacLellan and Nick Coo of Faris Lee Investments represented the seller in the transaction.

April 24, 2009

Retail Western

FIVE NEW RETAILERS SIGN AT HAZEL DELL TOWNE CENTER

by admin April 24, 2009

VANCOUVER, WASH. — Northbrook, Ill.-based Pine Tree Commercial Realty has signed five new retailers for Hazel Dell Towne Center, a 400,000-square-foot power center located in Vancouver. The new tenants include Lane Bryant’s 5,000-square-foot lease; a 3,525-square-foot deal for America’s Best Optical; CitiFinancial’s 1,495-square-foot space; Max Muscle’s 1,200-square-foot lease; and a flagship 3,500-square-foot Balasana Yoga Studio. Kohl’s, Best Buy, Office Depot, Bed Bath & Beyond and Party City anchor the center, which was completed in 2007. Pine Tree co-owns the center with Henderson Global Investors.

April 24, 2009

Retail Western

CITRUS VILLAGE II SHOPPING CENTER SELLS FOR $2.9 MILLION

by admin April 24, 2009

CORONA, CALIF. — Scott Hook of Marcus & Millichap represented the seller, a California-based developer, in the disposition of Citrus Village II in Corona. Located at 2310 California St., the 6,000-square-foot property sold for $2.9 million or $483 per square foot. The strip retail building is anchored by Wal-Mart.

April 24, 2009

Retail Southeast

VILLAGE SHOPPING CENTER CHANGES HANDS

by admin April 23, 2009

ORANGE PARK, FLA. — BG Village has sold the 135,453-square-foot Village Shopping Center to Noble Management Co. for an undisclosed amount. The Orange Park property is anchored by Bealls Outlet and Publix. It is currently 98 percent leased by Dollar Tree, Subway, Papa Johns Pizza, GNC, The UPS Store, Allstate, Fantastic Sams and Sally Beauty Supply. Jim Michalak, Anthony Blanco and Lenard Williams of Plaza Advisors brokered the transaction.

April 23, 2009

Retail Southeast

CONSTRUCTION OF COUNTRY CLUB CLUBHOUSE COMPLETE

by admin April 23, 2009

BRADENTON, FLA. — Fort Myers, Fla.-based J.L. Wallace has completed Lennar Homes’ 39,750-square-foot clubhouse at the River Strand Golf and Country Club. The property is located on Grand Estuary Trail in Bradenton. The clubhouse features a restaurant and bar, lounge, snack bar, kitchen, golf and tennis pro shops, locker room and a fitness center. A swimming pool, resistance pool and spa occupy more than 4,000 square feet. Fort Myers-based Titsch & Associates designed the development.

April 23, 2009

Midwest Retail

CBC GRIFFIN COS. BROKERS 1.55-ACRE SALE

by admin April 23, 2009

ST. PAUL, MINN. — Coldwell Banker Commercial Griffin Cos. has brokered the sale of the former Famous Dave’s restaurant building, located at the corner of South Robert Street and Mendota Road in St. Paul. Situated on 1.55 acres, the building will be razed and the land parcel will be added to the adjacent Ten Acres Center for the future expansion of the retail property. Coldwell Banker’s Linda Zelm and Suzie Rettinger represented the sellers, the heirs of William and Della Orf. The buyer, Jerry’s Enterprises, was represented by Darcy Winter of D.E. Winter & Associates. The acquisition price was not disclosed.

April 23, 2009

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