BOCA RATON, FLA. — Office Depot is expected to close 112 underperforming retail stores in North America within the next 3 months. Spanning the country and Canada, the closures include 45 locations in the central U.S., 40 in the Northeast and Canada, 19 in the West and eight in the South. An additional 14 stores will be closed through 2009 as leases expire or lease arrangements are finalized. The company notes that the closures are part of a strategic review, which was released October 29, 2008. The first wave of closures will reduce the company’s North American store base to 1,163. Additionally, new store openings for 2009 have been reduced to approximately 20, down from a previous estimate of 40. This action will reduce total company capital spending in 2009 to $200 million. The company also plans to close six of its 33 distribution facilities in North America.
GEORGIA — Henderson, N.C.-based Barnett Properties is scheduled to deliver four Food Lion-anchored shopping centers in Georgia totaling more than 191,000 square feet next year. A 35,000-square-foot Food Lion will open in Maple Street Commons, located on Georgia Highway 166 in Carrollton, on January 19. Food Lion will open a 34,928-square-foot store in Jackson Street Station, located on Georgia Highway 28 in Newnan, on March 4. The Food Lion at the 49,228-square-foot Sargent Plaza, located on Macedonia Road in Sargent, is slated for an April 15 delivery. A Food Lion will open on September 20 at Grantville Commons, located on Georgia Highway 29 in Grantville.
HAMPTON, VA. — Charleston, S.C.-based Ziff Properties has sold the 48,339-square-foot Coliseum Corner shopping center to Kodiak Properties of Bethesda, Md., for an undisclosed amount. Located at 2165 Cunningham Dr. in Hampton, Coliseum Corner is anchored by Goodwill and Kool Smiles and includes the tenants Nationwide Insurance, CitiFinancial, Weight Watchers, Cosmo Prof and Jackson Hewitt. Chris Read, Mike Burkard, Steve Shields, PK Kamath and Jeff Bloxsom of CB Richard Ellis represented the seller. Kodiak secured in-house representation.
WINTER SPRINGS, FLA. — The Stiles Corporation is currently renovating the 93,625-square-foot Red Willow Plaza, located at the intersection of Red Bug Lake Road and Tuskawilla Road in Winter Springs. The company has completed the first phase of renovations and has started on phase two, which will be complete in April. The renovation includes re-facing facades, installing towers and repainting buildings. Stiles also recently signed new leases in the property, which is 93 percent leased. Tenants include a 3,463-square-foot SprintCom, a 3,200-square-foot Dominick’s Catering, a 1,878-square-foot Thai Basil, a 1,744-square-foot Dunkin’ Donuts, a 1,688 Christie Dental, a 1,496-square-foot Solutions Wireless and a 1,260-square-foot Chic Salon & Spa.
WATERFORD, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged a $3 million loan for a Walgreens store located in Waterford. The single-building retail development measures 14,820 square feet in size. Financing for the borrower, P&P Real Estate Investment, was provided by a correspondent life insurance company of Bernard Financial Group. Bernard Financial Group will also service the loan. Additional terms of the financing were not disclosed.
BARTLETT, ILL. — Edgemark Commercial Real Estate has arranged the acquisition of a 43,560-square-foot pad for a proposed Sonic Drive-In located at the southwest corner of Route 59 and Stearns Avenue in Bartlett. Sonic Drive-In has acquired the site in order to expand its business in the Midwest. Tyson Fraser and Al Rodenbostel of Edgemark Commercial Real Estate Services represented the buyer; Mike Wesley and Joanne Sutryk, also of Edgemark, represented the seller in the transaction. The acquisition price was not disclosed.
MILFORD, CONN. — Whole Foods Market has joined the tenant roster at Milford Marketplace, a 112,000-square-foot lifestyle center currently under development by Chattanooga, Tenn.-based CBL & Associates Properties. Located at the intersection of Boston Post and Woodruff roads, the property features buildings with two-story façades, as well as curbside parking. Tenants at the center include Ann Taylor LOFT, Banana Republic, Blue Tulip, Coldwater Creek, Chico’s, J. Jill, Jos A. Bank, Tengda Asian Bistro, People’s Bank and White House | Black Market. Construction for the Whole Foods is under way, with the grand opening scheduled for fall 2009.
HOUSTON — The Houston office of CB Richard Ellis (CBRE) has brokered the sale of a 10,290-square-foot retail building located at 11200 Northwest Freeway in Houston. The multi-tenant property was fully occupied at the time of closing. Ryan West of CBRE represented the seller, ODC 290, Ltd; the buyer was Trader Properties LLC. The acquisition price was not disclosed.
MIAMI — Orlando, Fla.-based Keene Construction Co. has completed buildings A and B, which total 203,263 square feet, in Woolbright Development’s London Square retail center. The property is located at 13580 S.W. 120th St. T.J. Maxx, Ross Dress For Less, HomeGoods and Famous Footwear anchor the 108,747-square-foot Building A. Building B houses 94,516 square feet of office space.
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has brokered the sale of a seven-property retail portfolio. The portfolio comprises seven strip centers located in the Houston area that total 213,685 square feet. HFF’s Rusty Tamlyn and Mike Parker marketed the portfolio on behalf of the undisclosed seller. The buyer was Houston-based Joint Properties, Ltd., a partnership of locally based Satya, Inc. Management will be provided by Satya, with Josh Jacobs of locally based Page Partners handling leasing. As part of the transaction, the buyer also agreed to acquired an eighth property, which is expected to close in the first quarter of 2009.