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.
BURLINGTON, MASS. — Burlington, Mass.-based retailer Filene’s Basement has been purchased at a bankruptcy auction by K&G Acquisition Corp., an affiliate of retailer Men’s Wearhouse, for $67 million. K&G will acquire 17 of the retailer’s 20 store leases; inventory from all 25 existing Filene’s Basement locations; the leases for the company’s Burlington headquarters and Auburn, Mass., distribution center; and the Filene’s Basement trade name. The purchase price also includes approximately $5 million for potential litigation associated with the retailer’s lease at Downtown Crossing, a currently inactive redevelopment project located in Boston. Stores that were not acquired as part of the auction are expected to be closed by mid-June.
NAPLES, FLA. — St. Petersburg, Fla.-based The Sembler Co. has completed the 105,000-square-foot Brooks Village, located at the intersection of Pine Ridge Road and Collier Boulevard in Naples. The Publix-anchored center also houses Walgreen’s, Hair Cuttery, Lovely Nail, China Star and Bank of America. Brooks Village opens to the public June 25.
PELHAM MANOR, N.Y., AND WOODBRIDGE, N.J. — Renovations continue at two shopping centers located in New York and New Jersey. Post Road Plaza is a 268,000-square-foot center located in Pelham Manor. Renovations at the property include the gutting and redesign of existing buildings; the replacement of windows, façades and storefronts; new signage, lighting, paving and landscaping; and the reconfiguration of the shopping center’s second floor. At the beginning of construction, Fairway Market signed a new 75,000-square-foot lease for an anchor space at the property. In addition, current tenants Modell’s, Dress Barn and AJ Wright are using the renovation as an opportunity to renovate and expand their existing stores. St. Georges Crossing is a 317,471-square-foot shopping center located in Woodbridge. Construction here primarily consists of the repositioning of a freestanding building that had previously been occupied by a movie theater. The Shannon Rose signed a lease for the majority of the structure, but the rest is being renovated and marketed for additional tenants. A new landscaping plan is also being developed. Previous renovations at St. Georges Crossing included the repositioning of the two-story space previously occupied by Caldor. Both shopping centers are managed and leased by Levin Management.
SANTA CLARA, CALIF. — NorthMarq Capital’s San Francisco office has arranged a $11.08 million loan for Moonlite Shopping Center in Santa Clara. Tenants at the 171,901-square-foot center include Save Mart, OfficeMax, Rite Aid and Palo Alto Medical Group. ING USA Annuity and Life Insurance Co. provided the financing, which was based on a 5-year term with a 225-year amortization schedule. Jeffrey Weidell of NorthMarq arranged the financing.
SOMERDALE, N.J. — National Realty & Development Corp. has started construction on CooperTowne Center, a 385,000-square-foot greyfields redevelopment project in Somerdale. Located at the former Lions Head Plaza at 711 East Evesham Ave., the project is just 10 miles southeast of Philadelphia and easily accessible to Routes 30 and 544 as well as the Philadelphia Speedline, a rapid transit system that runs between Philadelphia and Camden County. The center will be anchored by a Wal-Mart Supercenter, Cinemark Theatres and L.A. Fitness. Plans also call for the development of pad sites along White Horse Pike and Evesham Avenue. The new shopping center will feature facades replicating a traditional Northeastern downtown and significant land use improvements such as a tree-lined grand entrance, gazebos, a public plaza to accommodate civic ceremonies, extended pedestrian friendly sidewalks for outdoor dining, landscaped garden beds outside of the storefronts and parallel parking to enhance the main street feel.
SAN DIEGO — Coast Income Properties Inc. has completed the $4 million renovation of SR Ranch Shopping Center, which is located at 9838-9890 Hibert St. in San Diego’s Scripps Ranch area. Renovations to the 70,720-square-foot, ranch-themed property include new storefronts and corrugated roofs, as well as enhancements to the parking layout, hardscape and landscape features. Trader Joe’s recently opened a 15,000-square-foot location at the center. Other tenants include Chuck E. Cheese’s, Chicago Title, Realty Executives, Sombrero’s and Supercuts. BYCOR served as general contractor for the project, which was designed by KTGY Group Inc.