PHOENIX — Macerich, in partnership with DMB, has unveiled plans to develop Palisene, a retail center in northeast Phoenix. Located at the Scottsdale Road intersection, the 1 million-square-foot center will feature a retractable roof. Dillard’s has signed on to be one of four anchors of the project, which is slated for completion in 2011-2012.
HUDSON, FLA. — Jacksonville, Fla.-based Case Pomeroy Properties has sold the 79,283-square-foot Fairway Oaks Shopping Center, located at the intersection of Little Road and Hudson Avenue in Hudson, to Atlanta-based Forge Capital Partners for $7.62 million. The 14-year-old property is anchored by a 42,323-square-foot Publix and is 84 percent leased. Karl Johnston and Patrick Berman of Cushman & Wakefield represented the seller.
HOLLYWOOD, FLA. — Bealls Outlet Stores has set its sights on the 138,056-square-foot Hollywood Festival Shopping Center, located at the intersection of Taft Street and 66 Avenue in Hollywood, signing an 8-year lease worth $1.12 million. The 20,020-square-foot store will open its doors next spring. Bealls will join Winn-Dixie, Family Dollar, CVS/pharmacy, RadioShack and Foot Locker in the shopping center. Tim Neal of Fort Lauderdale, Fla.-based Neal Realty & Investments represented the landlord in the transaction.
STRONGSVILLE, OHIO — Pepper Pike, Ohio-based Visconsi Cos. has signed Costco, Bed Bath & Beyond, and Best Buy to anchor its Plaza at SouthPark development, which is being constructed at Interstate 71 and State Route 82 in Strongsville. Groundbreaking at the approximately 30 acre-site took place this summer, with stores expected to open in the fall of 2009. The project is a co-venture with Cleveland-based Aveni-Miller. Upon completion, the center will include the 147,000-square-foot Costco, the 26,000-square-foot Bed Bath & Beyond, and the 45,000-square-foot Best Buy. Additional retailers and restaurants are also planned for the development.
BROOKLINE, MASS. — Boston-based EagleBridge Capital has arranged an $11 million loan for a 21,226-square-foot retail property located at 1285 Beacon St. in the Coolidge Corner district of Brookline. The newly constructed property consists of the two-story shopping center and two levels of underground parking; tenants include Staples Express and Bodyscapes. Brian Sheehan and Ted Sidel of EagleBridge arranged the financing, which includes a sub-5 percent, floating interest rate with the option to convert it into a fixed rate. The loan was placed with a national commercial bank.
AURORA AND THORNTON, COLO. — Barry Silver of The Silver Group has completed the sales of two Walgreens properties in Colorado. In Aurora, a 14,820-square-foot property sold for an undisclosed price. The seller and buyer were not disclosed. Additionally, a Walgreens property in Thornton sold. The property was built in 1994. Terms of the transaction were not released. The Silver Group represented all parties in both transactions.
PUNTA GORDA, FLA. — Owen-Ames-Kimball Co. has broken ground on a 409-space parking garage with ground level retail at the intersection of Herald Court and U.S. Highway 41 in Punta Gorda. Design elements include a roofed stair tower emblazoned with the city’s seal. Jason Prokopetz, Frank Mullins and Frank Bell of Owen-Ames serve as the construction team.
RARITAN, N.J. — Short Hills, N.J.-based Garden Commercial Properties will hold the grand opening this month for the first retail tenants at Raritan Town Square, a 500,000-square-foot mixed-use project located at the intersection of State Route 31 and County Route 523 in Raritan. Set to open are Lowe’s Home Improvement Warehouse, which will serve as one of the center’s anchors, and Longhorn Steakhouse. Construction will also begin this fall for a second anchor tenant, a 145,000-square-foot Wal-Mart, with completion scheduled for mid-2009. Once construction is fully complete, Raritan Town Square will comprise 12 buildings, as well as a landscaped central green space that will provide walking paths and space for outdoor events. In addition to a community shopping center component, the project will include an entertainment and civic center.
BALDWIN, N.Y. — The Debt & Equity Finance Group of CB Richard Ellis (CBRE) has arranged $11.2 million in acquisition financing for Baldwin Plaza Shopping Center, a 77,804-square-foot retail property located at 660 Sunrise Highway in Baldwin. Situated on 6.5 acres, the center was 95 percent occupied at the time of closing; anchor tenants include Best Buy and CVS/pharmacy. James Gunning and Donna Falzarano of CBRE arranged the loan on behalf of Millbrook Properties with Principal Real Estate Investors. Terms of the financing were not disclosed.
LONG BEACH, CALIF. — Regency Centers LP has purchased Marina Shores Shopping Center, a 67,727-square-foot retail center in Long Beach. Located at 6600 Pacific Coast Highway, the three-building center is occupied by Whole Foods Market, Petco and Boaters World Marine Center. Additionally, a restaurant operated by Mimi’s Café occupies a freestanding pad. The seller was Marina Shores Shopping Center. Chris Jackson and Todd Lorber of Encino, Calif.-based NAI Capital represented both parties in the transaction.