SANTA MARIA, CALIF. — Regency Realty Group has completed the disposition of the leasehold interest in a 95-year ground lease in Santa Maria Commons, a 117,000-square-foot retail center in Santa Maria. An undisclosed buyer acquired the leasehold interests for $10 million. Located at 2407 S. Broadway, the center is tenanted by Kohl’s, Rite Aid and Wachovia. Tom Lagos, Bill Bauman and Kyle Miller of Colliers International represented the seller in the transaction.
Retail
GAINESVILLE, FLA. — Marking the company’s first foray into Gainesville, HH Gregg has purchased a 29,300-square-foot property from La-Z-Boy Galleries Gainesville for $3.5 million. The building, located at 3606 S.W. 34th St., will join the company’s 12 other stores statewide. Michael Ryals of Bosshardt Realty Services represented the seller, and the buyer was represented by Frank and Camile Gulisano of Summit Realty.
LONDON, OHIO — The Cooper Commercial Investment Group of Cleveland-based NAI Daus has brokered the sale of a 46,008-square-foot shopping center located in London. Tenants of London Plaza, which is 100 percent leased, include Peebles, Dollar Tree, Volunteers of America, Pizza Hut and Dollar General. A Los Angeles-based independent investor involved in a 1031 exchange has acquired the property from London Development for approximately $3 million. NAI Daus’ Dan Cooper and Bob Havasi represented the seller in the transaction.
COLUMBUS, OHIO — This spring, London-based Burberry will open its first Ohio store within the 1.7 million-square-foot Easton Town Center in Columbus. The 4,280-square-foot store, which will feature an extensive collection of Burberry products, will be situated within the North District, between BCBG and Benetton. Co-developed by The Georgetown Company, Columbus-based Steiner + Associates and Limited Brands, Easton Town Center features more than 160 retail, entertaining and dining tenants.
CHICAGO — Spain-based Zara, Germany-based PUMA and United Kingdom-based Ben Sherman have signed leases within Joseph Freed and Associates’ Block 37 development in Chicago. The 280,000-square-foot retail project is 60 percent leased, with another 20 percent in final lease negotiations. Apparel retailer Zara will occupy 15,030 square feet of space on the first and second floors of Block 37, along Randolph Street; PUMA will take approximately 8,000 square feet of space on two floors at the corner of State and Randolph Streets; Ben Sherman will move into a 3,100-square-foot store on State Street. This will be Zara and Ben Sherman’s first stores in the city of Chicago. Additional tenants at the project include Muvico, David Barton Gym, Auntie Anne’s, Godiva, Sabon and Steve Madden. Terms of the leases were not disclosed.
CHANDLER, ARIZ. — Mark McGovern and Jeff Rice of CBRE Capital Markets’ San Diego Central office has originated $48.6 million in financing for Westcor, a Macerich company, to refinance two community retail centers in Chandler. The properties are Chandler Festival, a 368,000-square-foot retail center located on West Chandler Boulevard and Price Freeway, and Chandler Gateway, a 255,289-square-foot retail center located on Chandler Boulevard. Tenants for the centers include Nordstrom Rack, Ultimate Electronics, Ross Dress For Less, TJ Maxx, OfficeMax, PetSmart, The Men’s Warehouse, Oreck Floor Care, Sleep America, Hall of Frames and Foster’s Leather.
CARROLTON, GA. — In an agreement with Hull Storey Retail Group, Lowe’s Home Improvement Warehouse is putting the finishing touches on a new store on U.S. Highway 27 in Carrolton. The store will span 117,000 square feet and feature a 38,600-square-foot garden center, representing an investment of $18.5 million. Delivery of the store, which is expected to generate 175 jobs, is slated for the fourth quarter of this year.
BIRMINGHAM, ALA. — CMH Architects has entered the design phase on a 100,000-square-foot addition to the Summit Birmingham, a lifestyle center in Birmingham built in 1989. The addition includes a 50,000-square-foot building for retail and office space and a second 50,000-square-foot retail building. A 163-car parking deck, a valet parking station and outdoor dining areas are also part of the design. The project marks the property’s sixth phase.
RALEIGH, N.C. — Greenway Creekside has purchased the 60,529-square-foot Creekside Crossings shopping center from EIG Creekside for $12.82 million. The center, located at 404 E. Six Forks Rd. in Raleigh, houses Staples and Borders Books & Music. Banks A. Hunter of Hunter & Associates brokered the sale.
BURBANK, CALIF. — Santa Barbara, Calif.-based Invest West Financial Corp. and Santa Barbara Capital have acquired Gateway at Burbank, which is located at the northwest corner of Alameda Avenue and San Fernando Road in Burbank. Ralphs Grocery and CVS/pharmacy anchor the 74,391-square-foot retail center. The transaction was valued at $40.5 million and required the assumption of the existing $31.6 million loan. The seller was Bellevue, Wash.-based Lakha Investments. Marcus & Millichap represented the buyer in the transaction.