MENIFEE, CALIF. — Los Angeles-based Arya Investments LLC has purchased Newport Crossing, a 25,049-square-foot retail center located at 26015-26035 Newport Rd. in Menifee. The property is tenanted by Jack in the Box Inc.’s new full-service Quick Stuff convenience store concept, which includes a Shell Gas fuel station and a full-size Jack in the Box restaurant with drive-thru; Great Clips; Hollywood Video; IHOP; Submarina; UPS Store and Verizon Wireless. Santa Monica, Calif.-based Newport Murrieta Partners LLC sold the property for $9.95 million or $397 per square foot. Mariko Beaver of Venture Real Estate Group and Kandice Thayer of First Team Real Estate represented the buyer; Edward Hanley of Hanley Investment Group Real Estate Advisors represented the seller in the transaction.
NEW ORLEANS — The discount grocer Save-A-Lot has opened three stores in the New Orleans area at 1841 Almonaster, 2841 S. Claiborne and 3610 MacArthur. The company has hired 100 employees to staff the stores. Save-A-Lot already operates four stores in the area.
ST. AUGUSTINE, FLA. — Orlando, Fla.-based Keene Construction Co. has commenced construction of the 61,000-square-foot Shoppes at Mission Trace. The $6 million property is located at 955 State Road 16 in St. Augustine. Jacksonville, Fla.-based Hallmark Partners is developing the center, which is anchored by a 45,600-square-foot Publix. Orlando-based Cuhaci & Peterson designed the space. Delivery is slated for August.
RINCON, GA. — Bradley Gillis and Tom Knopp of Salisbury, Md.-based Sperry Van Ness – Miller Commercial Real Estate has represented both parties in the sale of a 12,000-square-foot CVS/pharmacy for $3.97 million. The newly constructed building spans 1.42 acres in a Wal-Mart Supercenter-anchored development in Rincon.
WHITE LAKE, MICH. — Tony Schmitt and Gabe Schuchman of Southfield, Mich.-based retail real estate brokerage firm Lakritz-Weber & Company has arranged a 28,000-square-foot lease at Village Lakes shopping center on behalf of the landlord, GKMS Village Lakes LLC. Apparel retail Marshall’s signed on to fill the space within the 180,000-square-foot multi-use center, which is located at Highland and Elizabeth Lake roads in White Lake. Additional tenants include JC Penney, Famous Footwear and AAA. Jim Stokas of Stokas Realty represented Marshall’s in the lease negotiation.
HUNTLEY, ILL. — Tucker Development Corp. has secured a new lease and marked new retailer openings within the company’s Huntley Grove shopping center located at Route 47 and Kreutzer Road in Huntley. The shopping center, which is scheduled for completion this spring, is anchored by a 176,400-square-foot Wal-Mart SuperCenter. AutoZone has signed a lease within the center, and several retailers, including chiropractic group Chiro One (2,200 square feet) and regional cellular phone retailer Fone Zone (1,500 square feet) have recently opened stores.
ESTERO, FLA. — Michigan-based Owen-Ames-Kimball has completed construction on a 9,388-square-foot office building for FineMark National Bank Trust at 10010 Coconut Rd. in Estero. The property, which was started in July 2008, features eight offices, five conference rooms and a two-story lobby. Dan McGahey, Ramon Acevedo, Ella Materska and Pat McGuire of Ft. Myers, Fla.-based Gora/McGahey Architects completed design services.
MT. PROSPECT, ILL. — Edgemark Commercial Real Estate Services has completed a 41,930-square-foot lease on behalf of Sports Authority in a new shopping center located in Mt. Prospect. The sporting goods retailer will open within Randhurst Village, which is a 1 million-square-foot, open-air center that is the culmination of a major redevelopment of the Randhurst Mall. Developer Casto Lifestyle Properties oversaw the redevelopment of the property, which will be anchored by AMC Theaters, The Home Depot, Borders, Costco, and Bed, Bath & Beyond. Al Rodenbostel of Edgemark, working with Steve Niggeman of Philadelphia-based Metro Commercial Real Estate, represented Sports Authority in the lease negotiation.
CINCINNATI — A new 137,575-square-foot Target has opened within Western Hills Plaza, which is a Centro Properties Group-developed community shopping center located on Glenway Avenue in Cincinnati. The big box retailer’s opening marks the culmination of Centro Properties’ $6.4 million redevelopment of the shopping center. To facilitate Target, the developer demolished approximately 120,000 square feet of multi-tenant retail space. Additional renovations included new storefront canopies and building fascia, restructuring the parking field, new outdoor lighting, new landscaping, new signage and enhanced pedestrian access. Cincinnati-based Cole + Russell Architects provided design services for the redevelopment.
CHERRY HILL, N.J. — Marcus & Millichap has brokered the sale of a two-building retail property, located at 104-106 Route 70 East in Cherry Hill, for $6.27 million. The property comprises two freestanding buildings situated on 5.24 acres that are occupied by CitiBank and Famous Dave’s BBQ. Chris Munley, Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the seller, Pennsylvania-based Cherry Hill Realty Associates. The trio also procured the buyer, a family partnership completing a 1031 exchange. The property traded at a 6.88 percent capitalization rate.