ST. AUGUSTINE, FLA. — Orlando, Fla.-based Keene Construction Co. has commenced construction of the 61,000-square-foot Shoppes at Mission Trace. The $6 million property is located at 955 State Road 16 in St. Augustine. Jacksonville, Fla.-based Hallmark Partners is developing the center, which is anchored by a 45,600-square-foot Publix. Orlando-based Cuhaci & Peterson designed the space. Delivery is slated for August.
RINCON, GA. — Bradley Gillis and Tom Knopp of Salisbury, Md.-based Sperry Van Ness – Miller Commercial Real Estate has represented both parties in the sale of a 12,000-square-foot CVS/pharmacy for $3.97 million. The newly constructed building spans 1.42 acres in a Wal-Mart Supercenter-anchored development in Rincon.
WHITE LAKE, MICH. — Tony Schmitt and Gabe Schuchman of Southfield, Mich.-based retail real estate brokerage firm Lakritz-Weber & Company has arranged a 28,000-square-foot lease at Village Lakes shopping center on behalf of the landlord, GKMS Village Lakes LLC. Apparel retail Marshall’s signed on to fill the space within the 180,000-square-foot multi-use center, which is located at Highland and Elizabeth Lake roads in White Lake. Additional tenants include JC Penney, Famous Footwear and AAA. Jim Stokas of Stokas Realty represented Marshall’s in the lease negotiation.
HUNTLEY, ILL. — Tucker Development Corp. has secured a new lease and marked new retailer openings within the company’s Huntley Grove shopping center located at Route 47 and Kreutzer Road in Huntley. The shopping center, which is scheduled for completion this spring, is anchored by a 176,400-square-foot Wal-Mart SuperCenter. AutoZone has signed a lease within the center, and several retailers, including chiropractic group Chiro One (2,200 square feet) and regional cellular phone retailer Fone Zone (1,500 square feet) have recently opened stores.
ESTERO, FLA. — Michigan-based Owen-Ames-Kimball has completed construction on a 9,388-square-foot office building for FineMark National Bank Trust at 10010 Coconut Rd. in Estero. The property, which was started in July 2008, features eight offices, five conference rooms and a two-story lobby. Dan McGahey, Ramon Acevedo, Ella Materska and Pat McGuire of Ft. Myers, Fla.-based Gora/McGahey Architects completed design services.
MT. PROSPECT, ILL. — Edgemark Commercial Real Estate Services has completed a 41,930-square-foot lease on behalf of Sports Authority in a new shopping center located in Mt. Prospect. The sporting goods retailer will open within Randhurst Village, which is a 1 million-square-foot, open-air center that is the culmination of a major redevelopment of the Randhurst Mall. Developer Casto Lifestyle Properties oversaw the redevelopment of the property, which will be anchored by AMC Theaters, The Home Depot, Borders, Costco, and Bed, Bath & Beyond. Al Rodenbostel of Edgemark, working with Steve Niggeman of Philadelphia-based Metro Commercial Real Estate, represented Sports Authority in the lease negotiation.
CINCINNATI — A new 137,575-square-foot Target has opened within Western Hills Plaza, which is a Centro Properties Group-developed community shopping center located on Glenway Avenue in Cincinnati. The big box retailer’s opening marks the culmination of Centro Properties’ $6.4 million redevelopment of the shopping center. To facilitate Target, the developer demolished approximately 120,000 square feet of multi-tenant retail space. Additional renovations included new storefront canopies and building fascia, restructuring the parking field, new outdoor lighting, new landscaping, new signage and enhanced pedestrian access. Cincinnati-based Cole + Russell Architects provided design services for the redevelopment.
CHERRY HILL, N.J. — Marcus & Millichap has brokered the sale of a two-building retail property, located at 104-106 Route 70 East in Cherry Hill, for $6.27 million. The property comprises two freestanding buildings situated on 5.24 acres that are occupied by CitiBank and Famous Dave’s BBQ. Chris Munley, Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the seller, Pennsylvania-based Cherry Hill Realty Associates. The trio also procured the buyer, a family partnership completing a 1031 exchange. The property traded at a 6.88 percent capitalization rate.
NEW YORK CITY — Massey Knakal Realty Services (MK) has brokered two New York City sales totaling $4.52 million. In Long Island City, Queens, MK’s Al Holloman represented both undisclosed parties in the disposition of a vacant 1,830-square-foot gas station/repair shop, located at the entrance to the Queensboro Bridge, for $3.32 million. The Sunoco-branded gas station is situated on an approximately 9,200-square-foot footprint and is zoned for 18,400 square feet of commercial or retail development. In Bensonhurst, Brooklyn, MK’s Jeffrey Shalom represented the seller in the disposition of a two-story retail property, located at 2174 86th St., for $1.2 million. Zoning allows for an expansion of the first floor and an increased building height. The property traded at a price of $574.16 per square foot.
GARLAND, TEXAS — Texas-based Cencor Realty Services has completed renovations for Oakridge Plaza Shopping Center, a 184,000-square-foot community retail center located at the corner of Belt Line and Jupiter roads in Garland. The center was originally constructed in the early 1980s. Renovations included new raised metal roofs, new raised façade elements, new lighting and signage, new pylon signs, a remodeling of the center’s clock tower and a new color scheme. The center is shadow-anchored by Saigon Mall. Tenants include Black-Eyed Pea, GameStop, AT&T, State Farm and Subway. The project architect was Jordan Architects and the general contractor was Bredow Construction.