Retail

NEW YORK CITY — CB Richard Ellis (CBRE) has arranged the relocation of the relocation of the flagship dealership location of Mercedes-Benz USA. The automakers new 332,982-square-foot facility will be located at 770 11th Ave., between 53rd and 54th streets, on the West Side of Manhattan, New York City. It will feature 39,236 square feet of first-floor showroom and office space, 28,918 square feet of mezzanine space, and three below-grade levels averaging approximately 90,000 square feet each. The facility will sell the Mercedes-Benz and Maybach brands, as well as other smart brands from the automaker. It will also feature a service center, as well as used car sales. Completion is scheduled for 2011. The project is being developed by Two Trees Management Co. CBRE’s Michael Laginestra, Michael Geoghegan and Joan Meixner arranged the deal. Mercedes-Benz will be relocating from a smaller facility located at 41st Street and 11th Avenue, near the entrance to the Lincoln Tunnel. Terms of the deal were not disclosed.

NEW YORK CITY — Walgreens has held the grand opening for its 16,000-square-foot flagship store at One Times Square in Manhattan, New York City. The store will be located on the first three levels of the building. The highlight of the location is a 341-foot tall Walgreens billboard that will rise above the store. The 17,000-square-foot, LED-powered billboard is the largest of its kind in the nation. Walgreens had been previously located in the same Time Square space from the 1930s through 1970. The new store marks the 11th Walgreens in Manhattan and the 53rd in New York City. The pharmacy plans to open 30 more New York area locations within the next 3 years.

NEW YORK CITY — The Macerich Company has reached an agreement for a $130 million loan that will be used to refinance a portion of Queens Center in New York City. The loan is expected to close in early 2009, and it features a 7.5 percent fixed interest rate. It is co-terminus with a $214 million loan for expanded portions of the property that will mature in 2013. Upon closing of the new loan, an existing $89 million loan with a 7.11 percent effective interest rate will be paid off. The lenders are relationship life insurance companies and a pension fund.

HAMDEN, CONN. — Groundbreaking has occurred for Glen Terrace Commons, an 11,750-square-foot office building located at 1960-1978 Whitney Ave. in Hamden. Developed by Ken Ginsburg, the project will consist of multiple units that can be subdivided from 1,175 square feet to 9,400 square feet. Omnivision Eye Associates has already signed a lease to occupy 2,350 square feet of the new center. Omnivision is currently located in a building in front of the proposed new construction, which will bedemolished to make way for additional parking for Glen Terrace Commons. Completion is scheduled for spring 2009. Space in the center, which can accommodate retail, medical or office tenants, is leasing for $22 per square foot triple net. Locally based Press/Cuozzo Commercial Services is handling leasing at the center.