LAS VEGAS — Chris Cunning of Marcus & Millichap’s Las Vegas office represented both parties in the disposition and acquisition of Parksale Plaza, a 27,850-square-foot shopping center in Las Vegas. Located at 4171-4213 Boulder Highway, the property sold for $4 million or $144 per square foot. At the time of acquisition, the property was 100 percent occupied by six tenants.
Retail
ALEXANDRIA, LA. — An 18,000-square-foot Staples will open its doors at Stirling Properties’ 190,000-square-foot MacArthur Village shopping center April 24. The project marks the last phase of renovations to the center, which is located at 1400 MacArthur Dr. in Alexandria. The shopping center, which was built in the 1950s, is anchored by a 66,612-square-foot Kroger and a 25,000-square-foot Hastings Entertainment. Additional tenants include Capital One Commercial Banking, Ci Ci’s Pizza, Coldwell Banker, Sally Beauty Supply and Picadilly.
GLENVIEW, ILL. — Oakbrook Terrace, Ill.-based Mid-America Asset Management has arranged the leasing of 3,000 square feet of space at Plaza del Prado, a 129,111-square-foot, grocery-anchored shopping center located in Glenview. The space will be occupied by Blufish Sushi, which plans to open in June 2009. Mid-America’s Marget Graham and Kitsy Ritter, the exclusive leasing representatives for the shopping center, represented the landlord in lease negotiations.
MARTINSBURG, W. VA. — Birmingham, Ala.-based AIG Baker Shopping Center Properties will open the 420,000-square-foot The Commons shopping center in July. Located at the intersection of Interstate 81 and Route 45 in Martinsburg, the $65 million property spans 50 acres. Tenants will include Target, Dick’s Clothing and Sporting Goods, Best Buy, Books-A-Million, PetSmart, Staples, Michaels, T.J. Maxx and Bed Bath and Beyond.
SPEEDWAY, IND. — The Kroger Company will begin construction this month for a $7.6 million expansion to its existing Kroger grocery store located within the Speedway Super Center in Speedway. Kroger will acquire and demolish the three retail spaces to the left of its existing 59,515-square-foot center to make way for the expansion. The new grocery store will contain between 92,771 and 118,000 square feet upon completion. The new store will feature a broader food selection, as well as the addition of a drive-thru pharmacy. Kroger has also signed a new 20-year lease at the shopping center that will commence when the expanded grocery story opens in November. The property’s landlord, Centro Properties Group, was represented in-house by Bob Pionke in the lease negotiations.
ROCKVILLE, IND. — A joint venture between Invest West Financial Corp. and Santa Barbara Capital has purchased a 12,900-square-foot CVS/pharmacy, located in Rockville, for $4.8 million. The acquisition of the property included the assumption of its $4.2 million mortgage. The undisclosed seller was represented by Luttner Retail Group. The buyer utilized in-house representation.
TERRE HAUTE, IND. — Thompson Thrift Development has leased two spaces within Honey Creek Commons, a shopping center the developers controls that is located in Terre Haute. First, JoAnn Fabrics & Crafts has signed a 10-year lease for 25,127 square feet within the center, which is located at 5705 U.S. Highway 41. Additionally, America’s Best Contacts & Eyeglasses has signed a 5-year lease for 3,200 square feet at 5787 U.S. Highway 41. Thompson Thrift’s Susannah Gershman provided in-house representation for the landlord in both transactions. JoAnn was represented by Bob Byrne of Edge Commercial Real Estate and America’s Best was represented by Allison Tiefel of Colliers Turley Martin Tucker. Additional tenants at Honey Creek Commons include Kohl’s, T.J. Maxx, David’s Bridal, Dress Barn, rue 21, MW Tux and Subway.
HOUSTON — Houston-based Holliday Fenoglio Fowler (HFF) has been tapped to market a 52-property shopping center portfolio for sale. The seller is Macquarie DDR U.S. Trust Inc., which is controlled by a joint venture between Macquarie Capital Advisors and Developers Diversified Corp. The portfolio contains shopping centers located in 20 states. It totals 12.5 million square feet and has an average occupancy of 88.5 percent. Major tenants include Walmart, BJ’s Wholesale Club, Bed Bath & Beyond, T.J. Maxx, Kohl’s and Dick’s Sporting Goods. As of December 31, 2008, the portfolio was valued at approximately $1.9 billion. HFF’s John Pelusi, Barry Brown, Doug Hazelbaker and Lynn De Marco will lead the sales team. The portfolio can be subdivided to suit the needs of a buyer.
BOGALUSA, LA. — A privately-held REIT has purchased an 11,945-square-foot CVS/pharmacy from an undisclosed retail developer for $4.15 million. The property is located on Superior Avenue in Bogalusa. Ryan Butler and Brad Moulder of Tulsa, Okla.-based Stan Johnson Co. represented the seller, and the firm’s Gill Warner, Rod Pickney and Chad Byerly represented the buyer.
MCKINNEY, TEXAS ¬— Ag-Power, a farm equipment dealership, has selected Arlington, Texas-based Bob Moore Construction to build a new sales and service center in McKinney. The 60,000-square-foot building will be located on North Central Expressway; it will replace the company’s current McKinney dealership. Bob Moore Construction is serving as general contractor; Dallas-based NCA Partners will serve as project architect. Groundbreaking is slated for this month, with completion expected in February 2010. Ag-Power is one of the state’s leading John Deere dealers. It also carries equipment from Stihl and Honda Power Equipment.