SCHERTZ, TEXAS — The Houston office of Colliers International has brokered the sale of Schertz Retail Plaza, a 19,681-square-foot retail property located in Schertz. Situated on 2.25 acres at 6000-6008 FM 3009, near Interstate 35 and the intersection entrance to a Wal-Mart Supercenter, the property was constructed in 2006. It was 93 percent occupied at the time of closing by a tenant roster that includes JPMorgan Chase, TriCounty Dental, D Wine Spirits, Great Clips, GameStop, Ace Cash, EmbroidMe and Touchtel Wireless. Christopher Winters of Colliers represented the seller, SDI Realty. The property was purchased by New Mexico-based Schertz Retail Plaza LLC in a 1031 exchange. The acquisition price was not disclosed.
CITRUS HEIGHTS, CALIF. — Illinois-based First Acorn LLC has purchased the ground lease of a 129,346-square-foot Sam’s Club in Citrus Heights for $15.6 million. The property is situated on approximately 12.42 acres of land at 7147 Greenback Lane. Sam’s Club anchors Regency Plaza, which also includes Big Lots!, Western Warehouse and SAS Shoemakers. John Bailey, William Bailey and Jordan Apostolov of Marcus & Millichap represented the buyer; Mark Mason, also of Marcus & Millichap, represented the seller, Trestle Regency LLC, in the transaction.
APPLE VALLEY, CALIF. — Kevin Boeve of Marcus & Millichap represented the undisclosed seller in the disposition of Building H within Jess Ranch Marketplace in Apple Valley. Located at 19201-H Bear Valley Rd., the multi-tenant 7,641-square-foot property is tenanted by GameStop, Ono Hawaiian BBQ, Port of Subs, Nubi Frozen Yogurt and Baja Taco. The property sold for $3.8 million with a cap rate of 8.01 percent. Kenneth Chasin and David Chasin of Pegasus Investments represented the undisclosed buyer in the transaction.
NASHVILLE, TENN. — Nordstrom has delayed opening a 149,000-square-foot store in Davis Street Land Co.’s The Mall at Green Hills until October 2011. The store, which will be Nordstrom’s first in Tennessee, was slated to deliver in October 2010. Located at 2126 Abbott Martin Road in Nashville, the 735,000-square-foot mall is anchored by Macy’s and Dillard’s. The mall also houses Tiffany & Co., Louis Vuitton, Lacoste, Cole Haan, kate spade and J. Crew.
RALEIGH, N.C. — Trailwood Building has set a first quarter 2010 target date for the 47,000-square-foot Lynden Centre at Crabtree, a two-story retail project in Raleigh. The property will be built on a previously developed site and will be constructed to Gold LEED standards. Lynden Centre’s environmentally friendly features include solar-heated water and solar-generated electricity, a water cistern for irrigation use and a rooftop garden. Construction will commence when pre-leasing reaches 50 percent. Coldwell Banker Commercial TradeMark Properties serves as the property’s leasing agent.
MANCHESTER, MO. — Chesterfield, Mo.-based Brinkmann Constructors has completed the first phase of the three-phased Manchester Highlands shopping center located on a 70-acre site in the St. Louis suburb of Manchester. Pace Properties is developing the $120 million, 550,000-square-foot project. Stores that have opened within the center, which is 95 percent leased, include PetsMart, Best Buy, Bed Bath & Beyond, and Ulta Salon. Plans for subsequent phases of the project call for a Wal-Mart Supercenter and a Costco Wholesale Club. Both stores are scheduled to open in early summer. In addition to offering parking for 2,500 vehicles, the center will include an outdoor amphitheatre and a new municipal building for the city of Manchester. The center was designed by TR,i Architects.
ORANGE, CONN. — The Hartford, Conn., office of Colliers Dow & Condon has brokered the sale of the former Showcase Cinema located at 110 Marsh Hill Rd. in Orange for $18 million. Nicholas Morizio and John Cafasso of Colliers represented the buyer, South Norwalk, Conn.-based Summit Development dba Summit Orange LLC, as well as the undisclosed seller. The buyer plans to redevelop the property into a new 350,000-square-foot regional service center for The United Illuminating, which acquired the property from Summit in a subsequent transaction. Colliers Dow & Condon has three additional Showcase Cinema locations under contract to Summit Development for retail development.
CHICAGO — Chicago-based U.S. Equities Realty has completed an outparcel sale within Stony Island Plaza, a 175,000-square-foot retail center located at the intersection of 95th Street and Stony Island Avenue. Heartland Food Corp., a franchisee of Burger King fast food restaurants, has purchased the parcel in order to develop a new concept for the restaurant. The new Burger King will feature a working fireplace, a high definition plasma television, Wi-Fi access and a double drive-thru. Construction of the restaurant is underway, with completion expected before the first quarter of 2009. U.S. Equities sold the development in 2004, but continues oversee property management and leasing for the center. Additional tenants at Stony Island Plaza include Jewel-Osco, Bank of America, KFC and A.J. Wright. The acquisition price for the .8-acre parcel was not disclosed.
DECATUR, ALA. — Cambridge Investors has purchased the 145,277-square-foot Beltline Plaza from Chase Properties for $9.1 million. The shopping center, which is located on Route 67 in Decatur, was last renovated in 2003. Piggly Wiggly anchors the property, which is fully occupied by Office Depot, T.J. Maxx and Dollar Tree. Jim Koury and Nathaniel Heald of Jones Lang LaSalle’s Boston office brokered the transaction.
NEW YORK CITY — Groundbreaking has occurred for Phase I of a $98 million project that will create a commercial district in Downtown Jamaica, located in the Queens borough of New York City. Phase I will redevelop a series of garbage loading docks located on Sutphin Boulevard, directly across from the AitTrain/Long Island Rail Road Jamaica Station entrance, into retail space. Overhead lighting will be installed, the area’s empty spaces will be filled with retail storefronts, and a new sidewalk and roadbed will be installed. In addition, loading zones for bus stops will be widened and signage will be made more visible. The project is being developed by the Greater Jamaica Development Corp. (GJDC). Funding for this phase of the project is being provided by the Federal Transit Administration, the Port Authority of New York and New Jersey, and the Federal Highway Administration by way of the New York City Economic Development Corp. The GJDC will open the bidding process for the project soon; it hopes to achieve a 20 percent participation rate for minority/woman-owned businesses and disadvantaged businesses in the construction and design of the project. The second phase of the Downtown Jamaica project will extend Atlantic Avenue to …