WEST VIRGINIA, GEORGIA AND TENNESSEE — Jones Lang LaSalle has taken on receivership duties for malls in Martinsburg, W. Va., Rome, Ga., and Cleveland, Tenn. The firm is responsible for leasing and managing the malls while the lenders and borrowers achieve resolutions concerning outstanding loans on the properties. The malls include the 556,000-square-foot Martinsburg Mall in Martinsburg, and the 478,000-square-foot Mount Berry Square Mall in Rome. The receivership duties also include the 335,000-square-foot Bradley Square Mall in Cleveland.
NEW BRUNSWICK, N.J. — Tekton Development Corp. is advancing construction for a new two-story, approximately 18,000-square-foot location for New Jersey Books in New Brunswick. New Jersey Books, which serves the Rutgers University community, will be moving to a new $3.6 million store at 39 Easton Ave., which is just one-half black north of its present location at 108 Somerset St. Completion is scheduled for late February or early March. The new facility will be more than four times the size of New Jersey Books present location. The relocation came as a result of the of The Gateway, a high-density, mixed-use redevelopment project that is being developed, in part, at the book store’s old location.
TULSA, OKLA. — Tulsa-based Stan Johnson Co. has completed the sale of a 12-property NAPA Auto Parts portfolio. The properties are located Florida, Georgia, Illinois, Minnesota, Mississippi, Texas, Virginia and Washington. David Clary of Stan Johnson Co. represented the seller, a private investor. The buyer, a New York-based investor participating in three separate 1031 exchanges, was represented by Eric Dochter of Uniondale, N.Y.-based Excel Realty Advisors. The acquisition price was not disclosed, but the portfolio listed for $19.2 million.
LA JOLLA, CALIF. — KTR Family Trust LLC has acquired a retail building, which is located at 7836-7838 Herschel Ave. in La Jolla, for $2.5 million. The 6,000-square-foot single-story building is currently occupied by Toys Etc. The buyer plans to renovate the property, however the current tenant will remain. The seller was The Martha Lynn Smith Revocable Trust. Mike Slattery of Grubb & EllisBRE Commercial represented the buyer in the transaction.
ORMOND BEACH, FLA. — Beachwood, Ohio-based Developers Diversified Realty has sold the 234,045-square-foot Ormond Towne Square to The Jaffe Co. for $20 million. The shopping center, located at 1458 W. Granada Blvd. in Ormond Beach, is anchored by Ross Dress For Less, Publix and Bealls. Additional tenants include Dollar Tree, GNC, Hallmark Gold Crown and Jackson Hewitt. New York City-based Cohen and Co.’s Michael Cleeman and Rick Kaiser represented the buyer.
ATLANTA — Selig Enterprises has purchased a 6,500-square-foot former nightclub from B.I.G. Holdings for $2.1 million. The club, Fever, is located on a 19,166-square-foot site at 1789 Cheshire Bridge Rd. in Atlanta. Kyle Stonis of Atlanta-based Bull Realty brokered the transaction.
TULSA, OKLA. — Tulsa-based Stan Johnson Co. has completed the sale of three Michigan retail stores fully leased to Tractor Supply Co. An undisclosed investor has purchased the properties from retail developers for approximately $9.5 million. Gill Warner, Rod Pickney and Chad Byerly of Stan Johnson Co. represented both parties in the transaction. The team has sold a total of 38 Tractor Supply Co. properties to date.
BANGOR, PA. — The grand opening has been held for a new Snap Fitness, located within Capitol Plaza in Bangor. The 24-hour gym totals 3,774 square feet. Dale Mulartrick of Levin Management, who is also the leasing agent for the shopping center, negotiated the lease agreement.
MIAMI GARDENS, FLA. — Miami Beach, Fla.-based A.B. Knight Construction has completed a 15,671-square-foot store for Yedra Polaris World Garden Furniture, the Spanish company’s first location in the United States. Located at 4700 N.W. 167th St. in Miami Gardens, the property was designed by Fort Lauderdale, Fla.-based Pasquale Kuritzky Architecture.
NORTH KINGSTOWN, R.I. — The grand opening has been held for the new Lowe’s Home Improvement Warehouse, located within The Shops at Quonset in North Kingstown. The retailer will occupy a 117,000-square-foot store and an adjacent garden center. Lowe’s is the second retailer to open in the open-air, mixed-use center, the first being Kohl’s. Both stores will serve as anchors for the development. Local grocery store Dave’s Marketplace is expected to open within the center this spring. At full build-out, The Shops at Quonset will include retail and restaurant space, second-floor office space and a hotel. It is part of the first phase of The Quonset Gateway, a 72.5-acre mixed-use development located at the entry to Quonset Business Park. The $144 million project is being developed by New Boston Fund and is being funded by the company’s Urban Strategy America Fund.