NORTH KINGSTOWN, R.I. — Grocer Dave’s Marketplace has held its grand opening at The Gateway at Quonset, a 72.5-acre mixed-use project located in North Kingstown. The locally based company will occupy approximately 25,000 square feet within the center. The opening of Dave’s Marketplace follows the recent openings of Lowe’s Home Improvement Warehouse, which opened at The Gateway at Quonset in January, as well as Kohl’s, which opened in October 2008. The Gateway at Quonset is a $144 million project that is being developed by New Boston Fund. It is situated at the entrance to Quonset Business Park and features an open-air retail center, restaurants, office space and a hotel.
CHANDLER, ARIZ. — Kevin Boeve and Lior Regenstreif of Marcus & Millichap represented the undisclosed seller and buyer in the disposition and acquisition of a 17,075-square-foot Wal-Mart Marketside grocery store in Chandler. Located at 950 N. McQueen Rd., the property sold for $5.4 million or $316 per square foot.
MIAMI — Orlando, Fla.-based Keene Construction Co. has broken ground on Brandon Structures of Orlando’s 67,931-square-foot Promenade at Silver Palm shopping center. The property is located at the intersection of S.W. 232nd Street and S.W. 112th Street in Miami. A 46,031-square-foot Publix will anchor the center, which is slated for delivery in November. Coral Gables, Fla.-based Alleguez Architecture designed the property.
BIRMINGHAM, ALA. — After obtaining approval from the state of Alabama and the Federal Reserve Bank of Atlanta, Birmingham-based Regions Financial Corp. has decided to open nine new branch locations. Southeast cities targeted for the expansion are Little Rock, Ark.; Destin and Pompano Beach, Fla.; Atlanta, East Point and Suwanee, Ga.; Ridgeland, Miss.; and Lenoir City, Tenn. Regions currently operates 1,900 branches in 16 states.
SILVER CITY, N.C. — David Ching of Marcus & Millichap’s Oakland, Calif., office has represented a California party in the sale of a Burger King to a New York-based firm for $1.13 million. The 2,686-square-foot property is located at 1712 E. 11th St. in Silver City. Matthew Fotis of the firm’s Brooklyn, N.Y., office represented the buyer.
HODGKINS, ILL. — Walmart has renewed and expanded its lease at Quarry Shopping Center, located at the intersection of Joliet and LaGrange roads in Hodgkins. The retailer will occupy an additional 80,543 square feet, bringing its total to 201,194 square feet. The retailer will remain open while the new space is under construction. Completion is scheduled for the fall. Richard Spinelli and Liz Krebs of Mid-America Asset Management negotiated the transaction on behalf of the landlord. Sandy Brooks of Premiere Consulting Group represented the tenant. In addition, Play N Trade and Dress Barn renewed their leases for 1,600 square feet and 7,500 square feet, respectively, within the center. Krebs represented the landlord in both transactions. Kyle Mayberry of Zifkin Realty & Development represented Play N Trade.
BRIDGEWATER, MASS. — Marcus & Millichap has brokered the sale of a Home Depot located in Bridgewater for $11.55 million. The retail center is situated on approximately 27 acres at 1453 Pleasant St. In addition to the home improvement warehouse, the location also features a 28,098-square-foot Garden Center. Home Depot opened at the location in February. It occupies the site on a 30-year, absolute triple-net ground lease. Terms of it include no landlord responsibilities, a $75,000 rental increase beginning in year 26, and eight 5-year options with a 10 percent rental increase in each option. Glen Kunofsky and Russell Wachtler of Marcus & Millichap’s Manhattan, New York City, office, along with Todd Tremblay of the firm’s Boston office, represented the seller. Sharon Bonds, also of Marcus & Millichap’s Manhattan office, represented the buyer. Both parties were undisclosed.
MISSOURI CITY, TEXAS — Restaurant Frenchy’s Chicken has signed a new lease for 2,800 square feet at the corner of Highway 6 and FM 1092 in Missouri City. Matt Keener, Russell Janicek and Mark Raines of CB Richard Ellis represented the tenant in lease negotiations. Rodney Lerner of Rodney Lerner Realty represented the landlord, SDI Realty. Terms of the lease were not disclosed.
OMAHA, NEB. — Omaha-based PDM Inc. has begun a multi-million dollar redevelopment of Baker Square, a 160,000-square-foot retail center located in Omaha. The property will undergo an architectural update that includes the use of new natural materials, enhanced building profiles and accent lighting. Other improvements will be made to promote energy conservation. Locally based DLR Group will serve as project architect. In addition, No Frills Fresh plans to open a new concept supermarket at the center in the fall. The 61,000-square-foot store will provide an expanded produce section, an in-store butcher, a seafood department and a pharmacy. Leasing services for the center’s vacant units will be provided by The Lerner Company.
DALLAS — Marcus & Millichap has brokered the sale of a 3,000-square-foot Wendy’s restaurant located in Dallas. The restaurant is situated on 0.8 acres at 4018 Lemmon Ave. Wendy’s is occupying the property under a new 20-year lease. Glen Kunofsky and Russell Wachtler of Marcus & Millichap’s Manhattan, New York City, office, along with Jason Vitorino of the firm’s Dallas office, marketed the property on behalf of the seller, a fund manager. Vincent Knipp of Marcus & Millichap’s Fort Worth, Texas, office secured and represented the buyer, a limited liability company. The property traded at a 6.88 percent capitalization rate.