KANSAS CITY, MO. — A 135,000-square-foot Lowe’s Home Improvement Warehouse has opened at Blue Ridge Crossing, which is located at Interstate 70 and Highway 40 in Kansas City. The center is a redevelopment of the former Blue Ridge Mall that was demolished in 2005. Additional tenants at Blue Ridge Crossing include Applebee’s, Foxy Nails, McDonald’s, Royal Buffet, Sports Clips, Starbuck’s Coffee, T-Mobile, Vintage Stock, GNC, Mattress Firm, Verizon and a Wal-Mart Supercenter. In addition to the Lowe’s opening, developer LANE 4 Property Group has plans to open two new phases at the center. The former Blue Ridge Cinema will be demolished to make room for pad sites. A bank, a convenience store, restaurants, shops and a hotel are proposed for the site. Additionally, a vacant parcel west of Lowe’s will be opened for development. Plans for the site call for restaurants and other retailers.
WAUKESHA, WIS. — Lee & Associates has brokered the $5.5 million sale of a retail building located at 2700 N. Grandview Blvd. in Waukesha. The 14,650-square-foot building is fully occupied by Walgreen’s, which has 19 years remaining on its lease. A California-based family trust has purchased the building from a Milwaukee-based investor. Steve Doran and John Walsh of Lee & Associates represented the seller; Allen Dehnke of Peninsula Real Estate represented the buyer in the transaction.
NORTH READING AND HUDSON, MASS., HATBORO, PA., AND NUTLEY, N.J.— Marcus & Millichap has brokered three Northeast real estate transactions. First, Bob Horvath and Todd Tremblay of the firm’s Boston office were the sole brokers in the $16.2 million sale of two newly constructed Walgreens in Massachusetts. The first property, located in North Reading, traded at a 6.38 percent cap rate, and the second property, located in Hudson, traded at a 6.5 percent cap rate. The buyer was a regional investor, and the seller was a regional developer. In Hatboro, Marcus & Millichap brokered the $3 million sale of Wynfair House Apartments, a 48-unit multifamily community located at 250 N. York Rd. Mark Thompson of Marcus & Millichap’s Philadelphia office represented the seller, a private investor, and procured the buyer, a local family partnership. Finally, Kevin McCrann, Thomas McConnell and Natale Gambuzza of Marcus & Millichap’s New Jersey office represented both parties in the disposition of The Miriam Apartments, a 26-unit property located in Nutley. The property traded for $2.75 million.
TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $28.9 million in financing for Riverwalk Crossing Shopping Center, a 250,000-square-foot lifestyle center located on the banks of the Arkansas River in south Tulsa. MCA secured a $17.5 million first mortgage and a $1 million mezzanine loan for Phase I of the project, which is 98 percent leased. Additionally, MCA secured a $10.4 million interim construction loan for Phase II of the project. The phase will total 50,000 square feet and is expected to be complete within 12 months. It is already fully pre-leased to Lewis & Clark and McDermott’s Grill. The lender for the mezzanine loan was a private investor, and the lender for the first mortgage and construction loans was a Texas regional bank. The borrower was Jerry R. Gordon Development.
AVE MARIA, FLA. — Orlando, Fla.-based Keene Construction Co. has broken ground on the 39,392-square-foot La Piazza. Located in Ave Maria, the retail center is anchored by a 30,907-square-foot Publix. The property was designed by Memphis, Tenn.-based Looney Ricks Kiss, Architects and is expected to deliver in June.
OMAHA. NEB. — Darland Construction Co. has been selected to build an Urban Active Fitness facility at 146th Street and West Maple Road in Omaha. The 48,532-square-foot building is underway, and is slated for completion this summer. The two-story fitness center will include a running track, a pool, saunas, spinning rooms, basketball and tennis courts, tanning rooms, and a kids play area. Ekhoff, Ochenkoski & Polk Architects is serving as designer for the project. The estimated cost of completion for the building was not disclosed.
PHOENIXVILLE, PA. — Marcus & Millichap has brokered the sale of an 11,180-square-foot Rite Aid, located at the intersection of Nutt and Kimberton roads in Phoenixville, for $5.55 million. The property, which was constructed over the summer, contains the pharmacy’s new prototype store. Two nearby Rite Aid locations were closed and folded into the new store. Rite Aid is occupying the property on a 20-year, double-net lease. Matthew Gorman and Thomas Gorman of Marcus & Millichap’s Philadelphia office represented the seller, a developer based in central New Jersey. The buyer, a local investor participating in a 1031 exchange, was represented by Christopher Munley, Dean Zang and Mark Taylor, also of Marcus & Millichap’s Philadelphia office. The property traded at a 7.9 percent capitalization rate.
IRVING, TEXAS — The Chicago office of BB&T Real Estate Funding has provided a first mortgage loan secured by MacArthur Park, a 198,366-square-foot retail center located in Irving. The Kroger-anchored center is situated within the Las Colinas master-planned community. It is part of a larger power center that includes Barnes & Noble, Gap, Hallmark, Target, Ross Dress For Less, TJ Maxx and Office Depot. Nick Gonzalez of Austin, Texas-based GRC Capital represented the undisclosed borrower in the transaction. Terms of the loan were not released. BB&T Real Estate Funding is a wholly owned subsidiary of Charlotte, N.C.-based Grandbridge Real Estate Capital and a subsidiary of BB&T Corp.
MONTGOMERY, ILL. — Edgemark Commercial Real Estate has brokered the sale of an outlot within Orchard Crossings shopping center, which is located at the corner of Orchard Road and Route 30 in Montgomery. Burger King has purchased the approximately 35,000-square-foot outlot for an undisclosed amount. The company plans to open a new restaurant at the property, which is situated in front of a new Wal-Mart store. Additional tenants within the 53-acre center include Walgreens, Firestone, Aldi and Starbucks Coffee. Les Kristof of Edgemark represented Burger King in the transaction.
CORONA, CALIF. — Scott Hook and Cory Waxman of Marcus & Millichap represented the undisclosed seller in the disposition of Bank Reo, a 20,031-square-foot retail property located in Corona. The property, which is located at 1138 E. 6th St., was 60 percent vacant at the time of acquisition.