SAN DIEGO — Mapali Inc. has purchased Loma Vista Center, which is located at 4676-4696 Market St. in San Diego, for $4.8 million. The 25,635-square-foot retail property is located on the corner of Market Street and 47th Street. Manuel Lopez of Casa Bonita Realty represented the buyer; Joe Yetter, the Clark/Yetter/Jinings team, Chad Iafrate and the Schiff/Lyons/Iafrate team, all at Grubb & Ellis|BRE Commercial, represented the seller, Harol Market Properties Inc., in the transaction.
LAFAYETTE, LA. — New Orleans-based Stirling Properties will welcome a handful of retailers to its 600,000-square-foot Lafayette Shopping Center in Lafayette. Rack Room Shoes, Ross Dress for Less and Dress Barn have already opened, and Portrait Innovations, Subway and Luxurious Nails will open soon. Capital One, Anytime Fitness and Office Depot are all expected to open late this year or in early 2010. Lafayette Shopping Center, which is anchored by a 126,842-square-foot Target and a 103,525-square-foot JC Penney, includes the tenants Petco, Layne Bryant, Rue 21, Hibbett Sports, GameStop, GNC and Chick-fil-A.
THOMPSON THRIFT SIGNS MCDONALD’S TO PAD LEASE IN POWER CENTER FORT WAYNE, IND. —Thompson Thrift, a real estate development and construction company with offices in Carmel and Terre Haute, Ind., has signed a 20-year lease with McDonald’s for a 1.1-acre outlot within the company’s Lima Marketplace. The power center, which is located at 9827 Lima Rd in Fort Wayne, also features PetSmart, Office Depot, Dollar Tree and Arby’s. Jeff Wright of Thompson Thrift negotiated the lease on behalf of the owner; Jessica Howell of The Zacher Company represented McDonald’s.
HOUSTON — Studio Movie Grill, a dine-in movie theater concept, has opened a new location within CITYCENTRE, Houston-based Midway Companies’ $500 million mixed-use project located in Houston. The 40,000-square-foot venue will feature eight screens with tableside dining and a full-service bar. The new location is the chain’s first all-digital theater, and it includes a state-of-the-art Dolby Digital sound system. Studio Movie Grill currently operates six other Texas locations in Addison, Arlington, Copperfield, Dallas-Royal, Lewisville and Plano. It plans to expand out of the state in 2009.
HOUSTON — Michigan-based Commercial Mortgage Capital (CMC) has arranged a $7 million loan for the refinancing of an approximately 125,000-square-foot retail center located in Houston. CMC’s Aaron Klein originated the loan through one of the company’s correspondent lenders. It carries a 7 percent fixed interest rate. The borrower was not disclosed.
LAS VEGAS — SR Construction has completed the construction of Stoney’s North Forty Nightclub at Santa Fe Station Casino in Las Vegas. The project included the demolition of an existing structure and the development of an approximately 10,000-square-foot bar and nightclub space. Station Casinos is the developer of the project. Friedmutter Group provided architectural services.
DUNDALK, MD. — Baltimore-based St. John Properties is working to transform the former North Point drive-in theater into a 160,000-square-foot retail development with four pad sites. The movie theater, which opened in 1948 and closed in 1982, is located at 4001 N. Point Blvd. in Dundalk. Burger King will build a store on one of the pad sites, and the other sites are being marketed to fast food restaurants, video stores and financial institutions. A former roller rink is also located on the land and might be used in the new development.
DAVENPORT, FLA. — The last wave of retail tenants has taken up residence in the 630,000-square-foot Posner Commons, the retail component of Davenport’s Posner Park mixed-use development. Payless Shoes, GNC, Camille’s Sidewalk Café and the final anchor, Ross Dress for Less, have all opened. Additional anchors and junior anchors in the 80-acre retail development include Best Buy, JC Penney, Belk, Books-A-Million, Target, Staples, PetSmart, Michael’s, Dollar Tree and Dick’s Clothing and Sporting Goods.
GLEN ELLYN, ILL. — V Land Corp. has signed leases with All-Brite Kitchen & Flooring Design and Noodles & Co. for space in its 11,000-square-foot Danby Crossings retail center, located at 706 Roosevelt Rd. in Glen Ellyn. The two tenants will occupy more than 4,000 square feet of space, joining Aldi, Fifth Third Bank, US Cellular and FedEx Kinkos in the shopping center. Chicago-based Baum Realty Group’s Tim Driver and Doug Renner represented the landlord. Zifkin Realty’s Marc Rubin represented Noodles & Co.
HOUSTON — Jacksonville, Fla.-based Regency Centers has leased 24,772 square feet of space at Weslayan Plaza, a 355,761-square-foot shopping center located at 5586 Weslayan St. in Houston, to Spec’s Liquor & Finer Foods. The retailer, a Houston-area chain that sells alcohol, cigars and gourmet food, will lease the space formerly occupied by Linens ‘N Things. Weslayan Plaza is anchored by a 51,960-square-foot Randall’s supermarket; additional tenants include Ross Dress For Less, Michael’s, Chuck E. Cheese, Office Max and Walgreens. Terms of the lease were not disclosed.
