PALM SPRINGS, CALIF. — Investec Real Estate Companies is developing Gene Autry Plaza, a 60,000-square-foot retail center in Palm Springs. Located at the corner of Ramon and Gene Autry Trail, the $17.5 million project featuring Smart & Final, Staples, 11,500 square feet of retail space and a bronze statue of Gene Autry. The plaza is part of a 60-acre retail development, which includes Wal-Mart Supercenter, Office Depot, PetSmart and Lowe’s Home Improvement Warehouse. Pasadena, Calif.-based KKE Architects is providing architectural services for the project. Cathedral City, Calif.-based GHA Companies is serving as general contractor. Completion is slated for April 2009.
Retail
LOS ANGELES — Ron Pelleg, a licensed real estate broker, has completed the disposition and acquisition of a 13,353-square-foot retail property, which is situated on a 40,387-square-foot lot located at 5224 Coldwater Canyon Ave. in Los Angeles. The property, which is triple-net leased to Walgreens until 2063, sold for $9.8 million. The buyer, 5224 Coldwater Canyon LLC, assumed an approximately $5.2 million loan at 5.65 percent for 5 years. The seller was 5224 Coldwater LLC.
LODI, CALIF. — Newport Beach, Calif.-based Pacific Development Group has acquired a 55,000-square-foot Safeway, one of the largest supermarket chains in the United States. Located in Lodi, the property was purchased for $11.1 million with a $6.875 million loan provided by Union Bank of California. In addition to the acquisition, Pacific Development Group is also planning the final phase of Colonies Crossroads, a 109-acre lifestyle shopping center along Interstate 210 in Upland, Calif. Colonies Crossroads offers more than 1.1 million square feet of promotional, neighborhood and specialty retail and hosts major tenants such as Target, Kohl’s, Office Depot and PetSmart. The final phase’s projected 200,000 square feet will be anchored by Best Buy, Nordstrom’s Rack and Beverages & More, along with other retail shops and restaurants.
ALABAMA, TENNESSEE AND VIRGINIA — Marcus & Millichap Real Estate Investment Services has brokered the sale of 10 Taco Bell restaurants between two undisclosed parties for $12.2 million. Four restaurants each are located in Alabama and Tennessee, and two are located in Virginia. The stores sold at a price of $497 per square foot. Richard Merryman and William Schofield of Marcus & Millichap’s San Francisco office and Andrew Clark of the firm’s Birmingham, Ala., office represented the seller. John Nguyen and Jonathan Mitchell of the company’s Newport Beach, Va., office represented the buyer.
PARKLAND, FLA. — SIKON Construction Corp. has completed work on developer Monroe’s Prestige Group’s 90,000-square-foot Parkland Commons shopping center. Located at the intersection of University Boulevard and Trail’s End Road in Parkland, the center is anchored by a 46,000-square-foot Publix. Deerfield Beach, Fla.-based Kenneth R. Carlson — Architect designed the project.
CHICAGO AND SOUTH BARRINGTON, ILL. — Leopardo has recently completed two restaurants in the Chicago area. Within the Chicago Transit Authority building at 161 N. Jefferson St., Leopardo has completed the interior build-out for Province. The 4,200-square-foot restaurant is the first in downtown Chicago to seek LEED Gold-Commercial Interiors certification. Randy Zweiban is the executive chef and owner of the 140-seat restaurant. Sustainable elements of the restaurant include cork flooring and tabletops, PVC-free vinyl booths, recycled leather chairs, environmentally friendly paint and green kitchen equipment. Additionally, Leopardo has completed an 11,000-square-foot Ruth’s Chris Steak House within the new Arboretum of South Barrington lifestyle center. Situated at 100 W. Higgins Road in South Barrington, the restaurant is Ruth’s Chris Steak House’s third location in the Chicago market and the first stand-alone location. Robert A. Harris Architect provided design services for the building.
WOOSTER, OHIO — Marcus & Millichap has brokered the sale of Chesterland Square, a 46,295-square-foot shopping center located at 4120-4190 Burbank Rd. in Wooster. The neighborhood shopping center is fully leased with a mix of national, regional and local tenants. Erin Wiles-Patton and Scott Wiles in the Columbus, Ohio, office of Marcus & Millichap marketed the property on behalf of the seller. An out-of-state 1031 exchange buyer purchased the property for $4.76 million.
NANUET, N.Y. — The grand opening has been held for a new 30,000-square-foot P.C. Richard & Son retail store, located at Mall at 59, a shopping center located in Nanuet that is owned by DLC Management Corp. The opening marks the electronics retailer’s expansion into the Rockland County market.
DOVER, N.H. — Boston-based Fantini & Gorga (F&G) has arranged a $10.9 million self-liquidating loan secured by Indian Brook Commons, a shopping center located at the intersection of state routes 9 and 108 in Dover. The property comprises five detached buildings that are fully leased and occupied by six tenants, including Staples, Applebee’s and Uno Chicago Grill. The property is subject to a master ground lease from Stop & Shop. John Gorga and Mark Whelan of F&G originated the loan on behalf of the borrower, an affiliate of The Richmond Company, through a national credit tenant lease financier. Terms of the loan were not disclosed.
WORCESTER, MASS. — Marcone Capital has secured a $9.3 million construction loan for a 58,114-square-foot retail center to be located at 514, 542 and 558 Southbridge St. in Worcester. Construction will comprise three single-story buildings on a 3.16-acre parcel. The largest building, which totals 36,050 square feet, has been leased on a long-term basis to Price Rite. The other two buildings are currently available for lease. Mike Marcone of Marcone Capital arranges the financing on behalf of the borrower, 542 Southbridge Street LLC. The loan was provided by a national bank. Construction of the retail center will be complete within the next few months.