Retail

UPLAND REAL ESTATE GROUP BROKERS SALE OF TWO NET LEASE PROPERTIES

by admin February 5, 2009

ELK RIVER, MINN., AND SPRINGFIELD, MO. — Upland Real Estate Group has brokered the sale of an 8,500-square-foot net lease property located in Elk River. A local 1031 Exchange investor has purchased the Dollar Tree for approximately $1.47 million at a 6.93 percent cap rate. The store is situated on a 1.6-acre site adjacent to a Home Depot and a Wal-Mart Supercenter. Keith Sturm and Deborah Vannelli of Upland Real estate Group represented the seller in the transaction. Additionally, Sturm and Vannelli have brokered the sale of a 5,754-square-foot net lease property located in Springfield. A 1031 Exchange investor has purchased the Lone Star Steakhouse for approximately $1.94 million at an 8 percent cap rate. Lone Star has a new 15-year triple-net lease with 2 percent annual rent increases at the property, which is situated on a 59,826-square-foot site. The guarantor operates 180 restaurants nationwide.

February 5, 2009

R.A. SMITH NATIONAL PROVIDES SERVICES FOR PROPOSED WOODMAN’S FOOD MARKET

by admin February 5, 2009

MENOMONEE FALLS, WIS. — Brookfield, Wis.-based R.A. Smith National is providing sitework engineering, landscape architecture and surveying services for a proposed Woodman’s Food Market in Menomonee Falls. The 238,000-square-foot market, which is subject to approval by the Village of Menomonee Falls, will be located on a portion of a 33.4-acre site at the northwest corner of N. 124th Street and Leon Road. On behalf of Building Systems General Corp., R.A. Smith’s services will include civil site design, stormwater management, off-site roadway improvements, landscape architecture, topographic survey and ALTA/ACSM Land Title Survey preparation.

February 5, 2009

Retail Western

SWEETWATER VILLAGE SHOPPING CENTER FETCHES $6.2 MILLION

by admin February 5, 2009

SPRING VALLEY, CALIF. — Westcore Properties’ entities, Gladstone LLC and West Palm Blackpoint Associates LP, have completed the disposition of Sweetwater Village Shopping Center, which is located at 3505-3515 Sweetwater Springs Blvd. in Spring Valley. Attiq Investments LLC acquired the two-story, 43,400-square-foot property for $6.2 million. Attiq, a food distributor, plans to occupy the 28,000-square-foot vacant anchor space. Pete Bethea, John Jennings and David Bradley of Cushman & Wakefield represented the sellers; Brad Ihde of USA Realty & Loans represented the buyer in the transaction.

February 5, 2009

Retail Southeast

FIVE TENNESSEE SHOPPING CENTERS PURCHASED

by admin February 4, 2009

TENNESSEE — Centro Properties Group has sold a 320,371-square-foot shopping center portfolio to an undisclosed Atlanta-based investment company for an undisclosed amount. The five centers are located in multiple cities in Tennessee. Property tenants include Food Lion, Dollar General, Family Dollar, Burke’s Outlet, Auto Zone and Movie Gallery. Atlanta-based NAI Brannen Goddard’s Ty Underwood and Fain Hicks brokered the sale.

February 4, 2009

Midwest Retail

BAUM REALTY GROUP ARRANGES FIVE RETAIL LEASES

by admin February 4, 2009

CHICAGO — Chicago-based Baum Realty Group has arranged five retail leases in Chicago and its suburbs. Most recently, the company has arranged a 4,285-square-foot lease located at 1714 North Damen Ave. in Chicago’s Bucktown retail district. The Dailey Method, a unique fitness-training program, is scheduled to open at the space in the spring. Anthony Campagni of Baum Realty Group represented the landlord in the transaction. The tenant was represented by Danny Jacobson of CB Richard Ellis. Additionally, in the Lincoln Park neighborhood of Chicago, Starfruit has signed a lease for 692 square feet of space within Block 37’s pedway. Campagni and Allen Joffe of Baum Realty Group represented Starfruit in securing its third Chicago location. Joffe has also represented Jimmy John’s Gourmet Sandwiches in its lease of 1,930 square feet of space in Willowbrook, Ill. The new store is scheduled to open in the summer. Additionally, Campagni and Joffe have arranged a 2,145-square-foot lease for The Cellular Connection. The store, which is slated to open in the spring, will be located on Route 50 and St. George Road in Bradley, Ill. Finally, Coldwell Banker Real Estate has signed a lease for 4,820 square feet of space within The Shops at …

February 4, 2009

Retail Texas

SRS ARRANGES LEASE FOR FURNITURE FACTORY WAREHOUSE

by admin February 4, 2009

SAN ANTONIO — Addison, Texas-based SRS Real Estate Partners has arranged a 12,500-square-foot retail lease at The Forum Shopping Center, located at the intersection of Interstate 35 and FM 1604 in San Antonio. The space will be occupied by Furniture Factory Warehouse, which currently has six additional locations. Its newest store is scheduled to open in spring. Todd Wallace and Robert O’Farrell of SRS represented the tenant, while Craig Garansuay of UCR represented the landlord.

February 4, 2009

Retail Texas

CHARMING CHARLIE COMING TO SUGAR LAND TOWN SQUARE

by admin February 4, 2009

SUGAR LAND, TEXAS — Fashion retailer Charming Charlie will open a new location within Sugar Land Town Square, a mixed-use project currently being developed by Planned Community Developers Ltd. (PCD) in Sugar Land. The retailer will occupy 6,640 square feet at 16250 City Walk and plans to open in late March. This newest location will bring the total number of Charming Charlie locations in the Houston metropolitan area to nine. The retailer also has locations in San Antonio, Dallas and Austin. Charlie Adams provided in-house representation for PCD in the lease transaction.

February 4, 2009

Northeast Retail

MARCUS & MILLICHAP COMPLETES SALE OF CHARTER OAK MARKETPLACE

by admin February 3, 2009

HARTFORD, CONN. — Marcus & Millichap has completed the sale of Charter Oak Marketplace, a 259,056-square-foot retail center located at 475 Flatbush Ave. Built in 2004, the 34.37-acre center comprises a 149,551-square-foot freestanding Wal-Mart, a 76,750-square-foot strip building and numerous pad sites. Wal-Mart’s co-anchors at the center include Marshall’s and Dollar Tree. Pad tenants include McDonald’s, Taco Bell, Popeye’s, Pollo Tropical, and Texas Roadhouse. Sharon Bands of Marcus & Millichap’s Manhattan, New York City, office represented the seller, Centro Properties, and secured the buyer, a New Jersey-based shopping center REIT. The acquisition price was not disclosed but the property listed for $19.25 million.

February 3, 2009

Northeast Retail

KONOVER COMPLETES NEW WALGREENS

by admin February 3, 2009

WINDSOR LOCKS, CONN. — Farmington, Conn.-based Konover Development Corp. has completed construction of a new 14,820-square-foot Walgreens pharmacy located at the corner of Main and Elm streets in Windsor Locks. The location is scheduled to open in early spring. In keeping with the city’s Main Street redevelopment plan, the pharmacy features a pedestrian-friendly design and a façade that complements the adjacent Memorial Hall and the Congregational Church of Windsor Locks — both of which were constructed in the 1880s. Konover also worked with the city to preserve the mature oak and maple trees that line Main Street in front of the new building.

February 3, 2009

Retail Texas

DILLARD’S BREAKS GROUND AT VILLAGE AT FAIRVIEW

by admin February 3, 2009

FAIRVIEW, TEXAS — Little Rock, Ark.-based Dillard’s has begun construction for a new 200,000-square-foot store located at The Village at Fairview, a mixed-use development located in Fairview that is being developed by Dallas-based MGHerring Group. Dillard’s will serve as one of three co-anchors for the retail component of the project; the other anchors, JCPenney and Macy’s, broke ground during the fourth quarter of 2008. The 1 million-square-foot retail component of The Village at Fairview is scheduled to open in August. Additional tenants include The Container Store, Village Roadshow Gold Coast Cinema and Whole Foods Market. Plans ultimately call for a 200,000-square-foot office building, approximately 675 multifamily units and a 280-room hotel with an adjoining 80,000-square-foot conference center, in addition to the retail space. The Village at Fairview is part of a 3 million-square-foot mixed-use project MGHerring is developing at the corner of U.S. Highway 75 and Stacy Road. The other part of the project, The Village at Allen, opened in October 2008. Once The Village at Fairview is complete, the two projects will function as a single, 400-acre mixed-use center that will contain 2 million square feet of retail space and 1 million square feet of office, residential and hotel …

February 3, 2009

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