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

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

Retail Southeast

MARCUS & MILLICHAP BROKERS FAMILY DOLLAR SALE

by admin June 16, 2009

REX, GA. — Marcus & Millichap has brokered an undisclosed company’s sale of a 9,180-square-foot Family Dollar store in Rex to an undisclosed firm for $1.45 million. The property is located in a grocery-anchored shopping center at 6502 Dale Rd. Robby Pfeiffer of the firm’s Atlanta office and Pete Paule and Jesse Roberts of the firm’s Charlotte, N.C., office represented the seller.

June 16, 2009

Midwest Retail

UPLAND COMPLETES $1.75 MILLION NET-LEASE SALE

by admin June 16, 2009

NORTHFIELD, MINN. — Minneapolis-based Upland Real Estate Group has completed the sale of a triple-net leased Arby’s investment property that is located in Northfield. A private investor acquired the restaurant, which has 16 years remaining on its ground lease, for approximately $1.75 million, at a 7.75 percent cap rate. Keith Sturm and Deborah Vannelli of Upland represented the developer in the disposition.

June 16, 2009

Northeast Retail

NORTHEAST COMMUNITY BANCORP EXPANDS INTO MASSACHUSETTS

by admin June 16, 2009

DANVERS AND PLYMOUTH, MASS. — White Plains, N.Y.-based Northeast Community Bancorp has expanded its retail banking operations into Massachusetts. The company recently opened full-service branch offices at 87 Elm St. in Danvers, and 8 N. Park Ave. in Plymouth. Northeast Community Bancorp is the holding company for Northeast Community Bank, which operates seven full-service offices.

June 16, 2009

Retail Western

18,404-SQUARE-FOOT RETAIL CENTER FETCHES $2.95 MILLION

by admin June 16, 2009

LOS ANGELES — Randy Poli, an independent real estate agent, represented a private investor in the acquisition of Fetterly Plaza, an 18,404-square-foot retail center located at 753-761 S. Fetterly Ave. in Los Angeles. The two-story property sold for $2.95 million. At the time of acquisition, the property was 95 percent occupied. Mehran Foroughi of Colliers International represented the seller, a private investor, in the transaction.

June 16, 2009

Retail Southeast

HOBBY LOBBY SIGNS EARLY LEASE RENEWAL

by admin June 15, 2009

JONESBORO, ARK. — Hobby Lobby has signed a 13-year lease renewal for 52,000 square feet and leased an extra 10,000 square feet at Bernard Court Shopping Center in Jonesboro. Hobby Lobby’s original lease was set to expire in 2011, but the company signed an early lease renewal for a per-year rent agreement concession. The company’s expansion will take up a portion of space vacated by Goody’s Family Clothing. New York-based Stonemar Properties owns and operates the shopping center.

June 15, 2009

Midwest Retail

LEE & ASSOCIATES BROKERS SALE OF WORLD DAIRY CENTER

by admin June 15, 2009

MADISON, WIS. — Lee & Associates of Madison has brokered the sale of the World Dairy Center, a 65,544-square-foot property located on Dairy Drive in Madison. Jared Flesch and John Walsh of Lee & Associates represented the undisclosed seller. The buyer, Charal Wisconsin Properties, purchased the property for an undisclosed amount.

June 15, 2009

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