VIRGINIA BEACH, VA. — Lee Hall Plaza has purchased a 12,500-square-foot D&M Seafood Building and a 1,000-square-foot BP gas station from Davis Family Partnership for $2.8 million. The buyer will use the buildings, located at 1645 and 1649 Independence Blvd. in Virginia Beach, for future development. Thalhimer’s John Duffy, Christopher Rouzie and Drew Haynie brokered the transaction.
ROGERS, MINN. — Fargo, N.D.-based Coldwell Banker Commercial First Realty-Encore has brokered the acquisition of a retail center located at 13625 North Dale Blvd. in Rogers. Tenants at the 13,800-square-foot development include Domino’s Pizza, Subway, Caribou Coffee, Snap Fitness, and Pick & Pack. New Millennium Property Group has acquired the center from 101 LLC for $2.5 million. Marc Johnson of Coldwell Banker Commercial First Realty-Encore represented the buyer; Cory Villaume of Marcus & Millichap represented the seller in the transaction.
FARMINGDALE, N.Y. — Chatham, N.J.-based David Cronheim Mortgage Corp. has brokered the sale of a Super Wal-Mart, located on Route 110 in Farmingdale, for $42.85 million. The 216,519-square-foot store is located within the 25-acre Republic Plaza shopping center. Tenants include Panera Bread, GameStop, Maggie Moos, Chipotle, Sleepy’s, Chili’s, Houlihan’s and Bank of America. Only the Wal-Mart was included in the sale. Andrew Stewart of Cronheim negotiated the transaction. Both parties were undisclosed.
WAYLAND, MASS. — Quincy, Mass.-based supermarket Stop & Shop will anchor Wayland Town Center, a $140 million mixed-use development located at the intersection of routes 20 and 27 in Wayland. Stop & Shop has signed a 20-year lease for 45,000 square feet, and will use the space to debut its new prototype store. Wayland Town Center is being developed by Twenty Wayland LLC, a partnership between Boston-based companies KGI Properties and Congress Group. The main street-style, pedestrian-friendly project will contain 155,000 square feet of retail space, 100 residential units and 10,000 square feet of office space. Stop & Shop will anchor one side of Wayland Town Center’s Main Street, while a 2-acre town green will anchor the other side. Additional plans call for a health club, casual dining restaurants, professional offices and other boutique retail tenants. The project has received initial site plan approvals, with the remaining approvals anticipated in the next month. The project will then break ground this fall; the first stores are slated to open near the end of 2009, with the grand opening of the project expected in spring 2010.
ARCADIA, CALIF. — Oakland, Calif.-based Arcadia Burge LLC has purchased a 12,610-square-foot Walgreens property, which is located at 245-253 E. Foothill Blvd. in Arcadia. San Pedro, Calif.-based Rich Arcadia LLC sold the property for $7.69 million. The property was completed in 2003. Dennis Vaccaro of Irvine, Calif.-based Faris Lee Investments represented the seller; the buyer was represented in-house.
BLAIR, NEB. — Omaha, Neb.-based DKC Development Ventures has been selected as project manager for a 12,000-square-foot multi-tenant retail building, which will be located along Highway 30 in Blair. The Hayden Place development will be situated adjacent to a proposed Wal-Mart Supercenter. Tenants at the project will include a 1,200-square-foot Scooter’s Coffeehouse, Anytime Fitness and Great Clips. An additional seven outlots ranging in size from .48 acres to 1.72 acres are available at the site. Grading of the retail-building pad is complete, and additional site work is set to begin immediately. Omaha-based Reed Design Architects is acting as architect; Omaha-based Dicon Construction has been selected as general contractor for the project.
ROCKAWAY, N.J. — The New Jersey office of Marcus & Millichap has brokered the sale of Rockaway Plaza, a 104,549-square-foot retail property located at 295 Route 46 in Rockaway, for $16.12 million. Situated on 6.78 acres, the property is anchored by Drug Fair; additional tenants include Ace Hardware, Kiddie Academy and Party Fair. The property has recently undergone a renovation that included a new façade and storefronts, as well as a resurfaced parking lot. Seth Pollack and Michael Kestin of Marcus & Millichap represented the seller, a regional developer. Kevin McCrann, also of Marcus & Millichap, represented the buyer, a regional investment group. The property traded at a price of $154 per square foot.
PELHAM MANOR, N.Y. — White Plains, N.Y.-based Acadia Realty Trust, in partnership with PA Associates, has entered into an agreement with BJ’s Wholesale Club to anchor Pelham Manor Shopping Center, a 230,000-square-foot community shopping center located in Pelham Manor. BJ’s will occupy the space formerly leased by Home Depot, and is expected to open in the first half of 2009. Terms of the lease were not disclosed.
BOSTON — Burlington, Mass.-based Linear Retail Properties has acquired two Boston retail condominiums in two separate transactions for a total of $4.04 million. The first property is a 7,339-square-foot unit located at 58 Summer St. in the city’s financial district. The vacant unit was previously occupied by McDonald’s, which sold the property to Linear for $2.37 million. John Butterworth of Boston-based CB Richard Ellis – New England Partners and Christopher Lawrence of Boston-based Colliers Meredith & Grew brokered the transaction. The second property is a 4,360-square-foot unit located within the Wilkes Passage condominium project at 1313 Washington St. Linear acquired the property from Red River Trading Co. for $1.67 million. Red River will be relocating to 577 Main St. in Hudson, Mass. Ken Girvin of Boston-based Chandler Co. brokered the transaction. The Dartmouth Company has been retained to lease the property.
FORT WORTH AND CORINTH, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged approximately $10 million for two retail projects being developed by Dallas-based Margaux Development Co. MCA secured a $6.91 million interim loan for the predevelopment of Parkwood Shopping Center, a 31-acre retail project located in Fort Worth. Proceeds will be used to retire the existing land acquisition loan, prepare the site for vertical development, and proceed with site work and preparation. Current plans call for Margaux to develop a 212,500-square-foot regional shopping center; tenants already signed on include Academy Sports, NTB Tire & Battery and Aldi’s. The second loan totals $2.89 million and is secured by a 20.62-acre land parcel located in Corinth. Margaux plans to develop a retail project on the site known as Corinth Marketplace Shopping Center. Proceeds will be used to retire the existing land acquisition loan. Todd McNeill of MCA arranged both of the loans. The lenders and terms of the loans were not disclosed.