MEMPHIS, TENN. — Best Buy has inked a 30,000-square-foot lease to become a co-anchor in Weingarten Realty Investors’ Ridgeway Trace Shopping Center. Further details of the lease were not announced. Located at the intersection of Poplar Avenue and Interstate 240 in Memphis, the 335,000-square-foot center is also anchored by Target. Target is scheduled to open in the spring, and Best Buy will open in spring 2010.
COSTA MESA, CALIF. — Donahue Schriber has completed two financial transactions: a $121 million bank syndication loan and a $187 million refinancing of nine retail properties. The $121 million loan was made by a syndication of lenders led by Bank of America and including Wells Fargo Bank, PNC Bank and US Bank. Additionally, Teachers Insurance and Annuity Association of America (TIAA) provided $187 million in fixed-rate financing for the refinancing of a nine-center retail portfolio. The Costa Mesa-based company will use the additional monies to fund future developments and acquisition opportunities in the western United States.
RENO, NEV. — Phillips Edison & Co. has purchased Silver State Plaza, a retail center in Reno, for an undisclosed price. Fresh & Easy Neighborhood Market and Dollar Tree anchor the 155,647-square-foot center. The seller was not disclosed. This transaction is the company’s second acquisition in Nevada.
BOCA RATON, FLA. — Office Depot is expected to close 112 underperforming retail stores in North America within the next 3 months. Spanning the country and Canada, the closures include 45 locations in the central U.S., 40 in the Northeast and Canada, 19 in the West and eight in the South. An additional 14 stores will be closed through 2009 as leases expire or lease arrangements are finalized. The company notes that the closures are part of a strategic review, which was released October 29, 2008. The first wave of closures will reduce the company’s North American store base to 1,163. Additionally, new store openings for 2009 have been reduced to approximately 20, down from a previous estimate of 40. This action will reduce total company capital spending in 2009 to $200 million. The company also plans to close six of its 33 distribution facilities in North America.
GEORGIA — Henderson, N.C.-based Barnett Properties is scheduled to deliver four Food Lion-anchored shopping centers in Georgia totaling more than 191,000 square feet next year. A 35,000-square-foot Food Lion will open in Maple Street Commons, located on Georgia Highway 166 in Carrollton, on January 19. Food Lion will open a 34,928-square-foot store in Jackson Street Station, located on Georgia Highway 28 in Newnan, on March 4. The Food Lion at the 49,228-square-foot Sargent Plaza, located on Macedonia Road in Sargent, is slated for an April 15 delivery. A Food Lion will open on September 20 at Grantville Commons, located on Georgia Highway 29 in Grantville.
HAMPTON, VA. — Charleston, S.C.-based Ziff Properties has sold the 48,339-square-foot Coliseum Corner shopping center to Kodiak Properties of Bethesda, Md., for an undisclosed amount. Located at 2165 Cunningham Dr. in Hampton, Coliseum Corner is anchored by Goodwill and Kool Smiles and includes the tenants Nationwide Insurance, CitiFinancial, Weight Watchers, Cosmo Prof and Jackson Hewitt. Chris Read, Mike Burkard, Steve Shields, PK Kamath and Jeff Bloxsom of CB Richard Ellis represented the seller. Kodiak secured in-house representation.
WINTER SPRINGS, FLA. — The Stiles Corporation is currently renovating the 93,625-square-foot Red Willow Plaza, located at the intersection of Red Bug Lake Road and Tuskawilla Road in Winter Springs. The company has completed the first phase of renovations and has started on phase two, which will be complete in April. The renovation includes re-facing facades, installing towers and repainting buildings. Stiles also recently signed new leases in the property, which is 93 percent leased. Tenants include a 3,463-square-foot SprintCom, a 3,200-square-foot Dominick’s Catering, a 1,878-square-foot Thai Basil, a 1,744-square-foot Dunkin’ Donuts, a 1,688 Christie Dental, a 1,496-square-foot Solutions Wireless and a 1,260-square-foot Chic Salon & Spa.
WATERFORD, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged a $3 million loan for a Walgreens store located in Waterford. The single-building retail development measures 14,820 square feet in size. Financing for the borrower, P&P Real Estate Investment, was provided by a correspondent life insurance company of Bernard Financial Group. Bernard Financial Group will also service the loan. Additional terms of the financing were not disclosed.
MILFORD, CONN. — Whole Foods Market has joined the tenant roster at Milford Marketplace, a 112,000-square-foot lifestyle center currently under development by Chattanooga, Tenn.-based CBL & Associates Properties. Located at the intersection of Boston Post and Woodruff roads, the property features buildings with two-story façades, as well as curbside parking. Tenants at the center include Ann Taylor LOFT, Banana Republic, Blue Tulip, Coldwater Creek, Chico’s, J. Jill, Jos A. Bank, Tengda Asian Bistro, People’s Bank and White House | Black Market. Construction for the Whole Foods is under way, with the grand opening scheduled for fall 2009.
HOUSTON — The Houston office of CB Richard Ellis (CBRE) has brokered the sale of a 10,290-square-foot retail building located at 11200 Northwest Freeway in Houston. The multi-tenant property was fully occupied at the time of closing. Ryan West of CBRE represented the seller, ODC 290, Ltd; the buyer was Trader Properties LLC. The acquisition price was not disclosed.