Retail

GROUNDBREAKING OCCURS FOR DOWNTOWN REDEVELOPMENT

by admin December 1, 2008

NEW YORK CITY — Groundbreaking has occurred for Phase I of a $98 million project that will create a commercial district in Downtown Jamaica, located in the Queens borough of New York City. Phase I will redevelop a series of garbage loading docks located on Sutphin Boulevard, directly across from the AitTrain/Long Island Rail Road Jamaica Station entrance, into retail space. Overhead lighting will be installed, the area’s empty spaces will be filled with retail storefronts, and a new sidewalk and roadbed will be installed. In addition, loading zones for bus stops will be widened and signage will be made more visible. The project is being developed by the Greater Jamaica Development Corp. (GJDC). Funding for this phase of the project is being provided by the Federal Transit Administration, the Port Authority of New York and New Jersey, and the Federal Highway Administration by way of the New York City Economic Development Corp. The GJDC will open the bidding process for the project soon; it hopes to achieve a 20 percent participation rate for minority/woman-owned businesses and disadvantaged businesses in the construction and design of the project. The second phase of the Downtown Jamaica project will extend Atlantic Avenue to …

December 1, 2008

63,000-SQUARE-FOOT SELF-STORAGE FACILITY SELLS FOR $6.3 MILLION

by admin December 1, 2008

KENT, WASH. — Joel Deis, Michael Morgan and Christopher Secreto of Marcus & Millichap represented both undisclosed parties in the disposition and acquisition of Clock Tower Self Storage in Kent. The 63,000-square-foot facility sold for $6.3 million. The property is located at 18250 E. Valley Hwy.

December 1, 2008

Retail Southeast

SANDY SPRINGS CITY COUNCIL TO RELOCATE CITY HALL

by admin November 25, 2008

SANDY SPRINGS, GA. — The Sandy Springs City Council has voted 5-1 to purchase an 89,000-square-foot former Target store from an undisclosed seller for $8 million. The 7.75-acre site, located at the corner of Johnson Ferry Road and Sandy Springs Circle, will serve as the new city hall building. Before voting to purchase the property, city officials completed a 60-day due diligence, and the council solicited input from residents. No construction or move-in plans have been made.

November 25, 2008

Retail Southeast

LAKES MALL SOLD TO RMS PROPERTIES FOR $6.4 MILLION

by admin November 25, 2008

LAUDERDALE LAKES, FLA. — UrbanAmerica has sold the 254,690-square-foot Lakes Mall to RMS Properties for $9.4 million. The shopping mall is located at the intersection of State Road 7 and U.S. 441 in Lauderdale Lakes. The property is anchored by Office Depot and includes the tenants Ross Dress For Less, Burger King and Anna’s Linens. Paco Diaz of CB Richard Ellis’ Miami office represented the seller.

November 25, 2008

Retail Southeast

53,000-SQUARE-FOOT SAFEWAY COMPLETED

by admin November 25, 2008

ARNOLD, MD. — Columbia, Md.-based Manekin Construction has finished construction of a 53,000-square-foot Safeway at 1451 Governor Ritchie Highway in Arnold. In-store retailers include Starbucks Coffee, Bergmann’s Dry Cleaners and SunTrust Bank. The property, which features an underground parking deck, was designed by Richmond, Va.-based Freeman & Morgan Architects.

November 25, 2008

Midwest Retail

GOLD’S GYM SIGNS LEASE WITHIN THE SHOPS AT ORCHARD POINTE

by admin November 25, 2008

FITCHBURG, WIS. — A 45,000-square-foot Gold’s Gym will open within The Shops at Orchard Pointe, a 110-acre development located in the Madison, Wis., suburb of Fitchburg. Steve Doran in the Madison office of Lee & associates has negotiated the $7 million lease on behalf of the gym. EZ Nesbitt LLC represented Orchard Pointe in negotiations. In addition to the gym, more than 70,000 square feet of leases have been signed within the center, which is being developed adjacent to the new Super Target at Orchard Pointe. An estimated 100,000 square feet have yet to be built at the project. Lee & Associates is brokering the development of the land. Gold’s Gym will open in the summer.

November 25, 2008

Retail Texas

STAN JOHNSON CO. BROKERS $6.28 MILLION WALGREENS SALE

by admin November 25, 2008

TYLER, TEXAS — Stan Johnson Co. has brokered the sale of a 14,820-square-foot Walgreens pharmacy located in Tyler. Gil Warner, Rod Pickney and Chad Byerly of Stan Johnson represented the seller, a retail developer. The property was acquired by an undisclosed investor for $6.28 million.

November 25, 2008

Retail Western

SUMMIT SQUARE TRADES HANDS FOR $9.5 MILLION

by admin November 25, 2008

WESTMINSTER, COLO. — Woodland Hills, Calif.-based NewMark Merrill Mountain has completed the disposition of Summit Square, a retail center located at 8410-8472 N. Federal Way in Westminster. AZG Westminster LLC purchased the property for $9.5 million. The 96,153-square-foot center is tenanted by Safeway, Adams County Department of Motor Vehicles, Baskin Robbins, World Savings, H&R Block, Wells Fargo, Panda Buffet and Taco Bell. Gene Pride and Patrick Devereuax of Cushman & Wakefield of Colorado Inc. brokered the transaction.

November 25, 2008

Northeast Restaurant

PLAZA AZTECA SIGNS LEASES FOR THREE NEW RESTAURANTS

by admin November 25, 2008

PLYMOUTH MEETING, PA. — Plymouth Meeting-based RAS Brokerage has arranged three Pennsylvania leases for Plaza Azteca Restaurantes Mexicanos. The restaurant chain will open a 6,921-square-foot location in a freestanding building near the intersection of Plymouth Road and Germantown Pike in Plymouth Meeting, as well as another freestanding, 6,400-square-foot location in Wyomissing across from Berkshire Mall. Finally, the chain will open a 4,600-square-foot location for its high-end concept, Salsa’s Mexican Grill, in front of Montgomeryville Mall in Montgomeryville. Marc Mandel of RAS Brokerage represented the tenant in each of the lease transactions. Plaza Azteca is based out of Virginia Beach, Va., and plans to expand into the New England area, specifically, Pennsylvania, New Jersey and Delaware, over the course of the coming year.

November 25, 2008

Northeast Restaurant

RAE RELOCATING TO RESIDENCES AT TWO LIBERTY PLACE

by admin November 24, 2008

PHILADELPHIA — The Falcone Group has signed Philadelphia restaurant Rae to 11,000 square feet at The Residences at Two Liberty Place in Philadelphia. The restaurant will relocate from its previous spot in Philadelphia’s Cira Centre to the 37th floor of the Two Liberty Place building — making it the highest restaurant in the region. The restaurant, which is run by executive chef David Stern, will share the floor with The Residences’ 10,000-square-foot Owner’s Club. In addition to serving the general public, Rae will provide preferred seating for residents of the tower, as well as room service. The Residences at Two Liberty Place comprises the top 20 floors of the Two Liberty Place Tower. It consists of 90 units that span from the 40th to the 57th floor of the building. First occupancies began in March, and full occupancy is expected in 2009.

November 24, 2008

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