SAN ANTONIO — Grubb & Ellis has brokered the sale of Fredericks Circle Shopping Center, an 81,784-square-foot shopping center located at 4400 Fredericksburg Rd. in San Antonio. The property is located 1 block south of Crossroads Mall; and was 88 percent occupied at the time of closing. Jason Brumm and Jerry Williams of Grubb & Ellis’ San Antonio office represented the buyer, a San Antonio-based investment group led by Daniel Jacob, Jr. The locally based seller was undisclosed.
PUYALLUP, WASH. — Regency Centers has completed the disposition of a former Mervyns store location, which is located at South Hill Mall in Puyallup. The property, which is currently leased to JC Penney, was sold for an undisclosed price. The undisclosed buyer received the 76,682-square-foot building and 6.3 acres of land. The sales price was not released.
WHEAT RIDGE, COLO. — Garrette Matlock and Jon Hendrickson of Marcus & Millichap represented the undisclosed seller in the disposition of Chase Plaza, a retail building located at 5455 W. 38th Ave. in Wheat Ridge. The 17,613-square-foot property is currently 93 percent leased to seven tenants, including Weight Watchers, Cricket, Allstate Insurance and Complete Painting Solutions. Clayton Primm, also of Marcus & Millichap, represented the undisclosed buyer, which acquired the property for $1.275 million.
ANNE ARUNDEL COUNTY, MD. — St. John Properties will start construction on the first phase of the 150,000-square-foot Glen Burnie Crossing, located at the intersection of Dover Road and Ritchie Highway, this spring. The first phase, which is slated for delivery in the third quarter, consists of three buildings totaling 100,000 square feet. The remaining 50,000 square feet will be spread across two buildings to be constructed after pre-leasing requirements are met. The 30-acre Glen Burnie Crossing is geared toward automotive repair shops and automotive parts dealers with a portion of space allotted to restaurants and service-oriented retailers.
ORLANDO, FLA. — MetroWest Commercial Partners has sold the 32,908-square-foot MetroWest Shoppes to an affiliate of Orlando-based The Miller Group for $11.95 million. Tenants housed in the property, which is located at 3120 Kirkman Rd. in Orlando, include Washington Mutual, FedEx Kinko’s and Verizon Wireless. Bill Strauss and Dave Donnellan in CB Richard Ellis’ Boca Raton, Fla., office, Dan Baker and Mark Drazek in the firm’s Orlando office and Todd Weintraub in the Miami office represented the seller.
INDIANAPOLIS AND ELGIN, ILL. — Indianapolis-based Kite Realty Group Trust (NYSE: KRG) has sold both phases of its Spring Mill Medical commercial asset located in Indianapolis, as well as its Silver Glen Crossing shopping center located in the Chicago suburb of Elgin. The 138,212-square-foot Silver Glen Crossing shopping center is anchored by Caputo’s Fresh Markets. The buyers of both properties were not disclosed. The transactions generated combined gross proceeds of approximately $48.5 million before adjusting for partners’ shares. The company’s share of net cash from the sale was approximately $23.6 million, the majority of which was used to pay down the company’s unsecured line of credit.
SHERIDAN, COLO. — Weingarten Realty has leased 55,000 square feet to Knoxville, Tenn.-based Regal Entertainment for the development of a 14-screen theater at River Pointe at Sheridan Shopping Center in Sheridan. Located at the intersection of South Santa Fe Drive and West Hampden Avenue, the cinema is slated to open in third quarter 2009. Regal Entertainment, a subsidiary of Anschutz Company, operates 6,787 screens in 552 locations throughout the United States under the names of Regal Cinemas, United Artists Theatres and Edwards Theatres.
OLATHE, KAN. — Kansas City, Mo.-based Block & Co. Inc. Realtors has brokered the sale of The Great Mall of the Great Plains, which is located at the crossroads of Interstate 35, Highway 169 and 151st Street in Olathe. The 1 million-square-foot mall is situated on 100 acres, with 22 acres of vacant land surrounding the building. Great Olathe Center LLC has purchased the building from Glimcher Realty Trust for $20.5 million. The proceeds were applied towards the repayment of the $30 million mortgage on the property. Short-term plans for the mall call for local and regional restaurants and retailers to open on the ground level of the building. Long term, the owners are targeting national restaurant, retail and entertainment chains to open at the redeveloped mall by 2012. Additionally, owners are researching ways to change the entrances, as well as the interior décor. Renovation plans will be phased to minimize disruption of existing tenants. Block & Co. has taken control of retail leasing, development and property management of the mall, with David Block of the company serving as the managing partner for the new owner.
CINCINNATI — Seattle-based Nordstrom plans to open a 35,000-square-foot Nordstrom Rack store within the Rookwood Pavilion shopping center, which is located off Interstate Highway 71 in Cincinnati. Nordstrom Rack — a unit of Nordstrom’s off-price retail division — is scheduled to open at the development in the fall. Existing tenants within Rookwood Pavilion include T.J. Maxx, Steinmart, and a variety of restaurants and shops. This will be the retailer’s second Nordstrom Rack in Ohio, with the first store opening last October within Legacy Village in Lyndhurst. The deal was handled locally by Mark Fallon and Emily Bevis of Jeffrey R. Anderson Real Estate. Jeffrey R. Anderson Real Estate is the original developer and owner, and continues to lease and manage the center. In September, Nordstrom will also open a full-line store within Kenwood Towne Centre in Cincinnati.
BELLEVUE, NEB. — Omaha, Neb.-based Capehart Square LLC has acquired two shopping centers totaling 48,000 square feet in Bellevue. The 26,000-square-foot Capehart Square Shopping Center, which is located on Capehart Road, and the 22,000-square-foot 25th Place Shopping Center, which is located on 25th Street, were purchased for approximately $3.33 million. Both centers are located adjacent to housing for Offutt Air Force Base. At the time of closing, the developments were 80 percent occupied. Ember Grummons of Investors Realty Inc. represented both parties in the transaction. The seller was not disclosed.