Retail

CBRE BROKERS $92.35 MILLION RETAIL SALE

by admin September 8, 2008

LINDEN, N.J. — CB Richard Ellis (CBRE) has brokered the sale of Aviation Plaza, a grocery-anchored shopping center located in Linden, for $92.35 million. Included in the sale was approximately 443,101 square feet of the approximately 642,458-square-foot property. A recently constructed pad site that contains a theater, a bank and a restaurant was not included in the sale. Aviation Plaza is anchored by ShopRite; additional tenants include Target, The Home Depot, AMC Theatres, Marshalls, Staples, Old Navy and A.C. Moore. Jeffrey Dunne and Todd Newman of CBRE’s New York Institutional Group represented the seller, Aviation Tower LLC, and procured the buyer, Long Island, New York City-based Milbrook Properties, which was participating in a 1031 exchange. The team also joined with Jim Gunning of CBRE Melody to procure the acquisition financing through Principal Real Estate Investors. The same CBRE team had arranged the previous sale of Aviation Plaza to Aviation Tower LLC in 2003, as well as the sale of the pad site to Aviation Tower this year.

September 8, 2008

PASSCO COMPANIES DEVELOPMENT ACQUIRES 50,000-SF RETAIL CENTER

by admin September 8, 2008

PALM DESERT, CALIF. — Passco Companies Development has closed escrow on Washington Square, a 50,000-square-foot retail development center in Palm Desert. Located at Washington Street and Market Place, the 6-acre development is currently anchored by a 17,000-square-foot Rite Aid. With all other site work throughout the project complete, Passco is able to build out to ground lease five additional pad sites. The purchase price for the land, site improvements and Rite Aid structure was $12.5 million. Bank of the West provided an A&D loan totaling approximately $11.5 million for the acquisition. Paul Bitoni of Marcus & Millichap Investment Brokerage represented both parties in the transaction. The seller was not disclosed.

September 8, 2008

Midwest Restaurant

CKE RESTAURANTS SELLS 29 MIDWEST HARDEE’S RESTAURANTS

by admin September 8, 2008

INDIANA, OHIO AND IOWA — CKE Restaurants Inc. has sold 29 Hardee’s restaurants as part of its ongoing strategic refranchising program that was originally announced in April 2007. The company has completed the sale of 23 restaurants in Indiana and Ohio to Midwest First Star Inc. for an undisclosed amount. Midwest First Star Inc., with Farooq Shah and Carri Simon as principals, has also committed to building a minimum of seven new Hardee’s restaurants in these markets over the next 7 years. Additionally, CKE Restaurants Inc. completed the sale of six Hardee’s restaurants in the Davenport, Iowa, market. Last year, Westar Foods Inc. acquired Hardee’s restaurants throughout the Des Moines and Cedar Rapids, Iowa, markets. Westar Foods has committed to build a minimum of four new restaurants in the Davenport market over the next 4.5 years. Both transactions were brokered by Franchise Resale Consultants LLC, d/b/a Praetorian Group.

September 8, 2008

Retail Southeast

RIVERVIEW’S SUMMERFIELD CROSSINGS DEVELOPMENT ENTERS PHASE TWO

by admin September 5, 2008

RIVERVIEW, FLA. — Construction has started on the 135,000-square-foot second phase of Summerfield Crossings, a joint venture among RMC Property Group, Electra and Keraney Construction. The second phase of the 70-acre center, which is located at the intersection of U.S. Highway 301 and Big Bend Road in Riverview, will be anchored by an 80,000-square-foot Bealls department store. Construction is scheduled for completion in the spring of next year.

September 5, 2008

Retail Texas

MARCUS & MILLICHAP BROKERS SALE OF RETAIL DEVELOPMENT SITE

by admin September 5, 2008

IRVING, TEXAS — Marcus & Millichap has arranged the sale of a 7-acre parcel of land located in Irving. The buyer, a Dallas-based limited liability company plans to develop the property for retail use. The 307,278-square-foot site fronts a luxury multifamily property under development at the corner of Royal Lane and Riverside Drive. Howard Fuerst of Marcus & Millichap’s Dallas office negotiated the transaction between the buyer and the seller, a Texas limited partnership. The construction timetable for the project was not disclosed.

September 5, 2008

Retail Texas

HSMC COMPLETES SALE OF CRYSTAL CREEK I

by admin September 5, 2008

PLANO, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has completed the sale of Crystal Creek I Shopping Center in Plano. Situated on 1.44 acres at the corner of Ohio Drive and Hedgecoxe Road, the property contains a 15,000-square-foot strip center. Christiane Jones of ReMax Performance Group represented the buyer, Argyle, Texas-based TPH Capital. Sam Kartalis of HSMC represented the undisclosed seller. Kartalis also developed the property for his client 2 years ago. The sale price was not disclosed.

September 5, 2008

Retail Texas

MCA ARRANGES $7.73 MILLION RETAIL ACQUISITION LOAN

by admin September 5, 2008

CROWLEY, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $7.73 million in fixed-rate, acquisition financing for Stonegate Plaza Shopping Center, a 90,643-square-foot retail property located in Crowley. The center is currently 99 percent occupied, with Kroger Signature occupying an anchor space on a long-term basis that totals approximately two-thirds of the center. Terms of the financing include a 6.5 percent interest rate with interest-only payments for the first year, and a 30-year amortization schedule thereafter. Todd McNeill of MCA originated the financing on behalf of an entity sponsored by Three Rivers Holding that was participating in a 1031 exchange. The lender was Viewpoint Bank.

September 5, 2008

Retail Western

152,000-SQUARE-FOOT RETAIL CENTER BREAKS GROUND

by admin September 5, 2008

BROOMFIELD, COLO. — Regency Centers is developing Shops at Quail Creek, a shopping center located at West 136th Ave. and Zuni St. in Broomfield. The center will feature approximately 152,000-square-foot of upscale retailers, banks and restaurants, including a 100,870-square-foot King Soopers. Additionally, the project will feature town center aesthetics, including pedestrian-friendly crosswalks, large sidewalks, distinctive architectural storefronts, large outdoor gathering areas and connectivity to a city-adopted regional trail. Ground broke this month with completion slated for April 2009.

September 5, 2008

Retail Southeast

GREENSBORO SHOPPING CENTER CHANGES HANDS FOR $19.5 MILLION

by admin September 4, 2008

GREENSBORO, N.C. — Hal Kern of North Carolina-based Brown Investment Properties has brokered R.L. Kern Properties and Kern Properties’ purchase of the 94,000-square-foot New Garden Crossing from CBL Properties for $19.5 million. The shopping center, located on New Garden Road in Greensboro, houses the tenants Lowes Foods, Office Depot, Bank of Oak Ridge and Chili’s Grill & Bar. Kevin Kemp of Triad Commercial Properties represented the seller.

September 4, 2008

Midwest Retail

DAVIS STREET LAND COMPLETES FIRST PHASE OF THE MEADOWS AT LAKE ST. LOUIS

by admin September 4, 2008

LAKE SAINT LOUIS, MO. — Chicago-based Davis Street Land Co., acting as owner, manager and leasing agent, recently held the opening of the first phase of The Meadows at Lake Saint Louis, which is located at Lake Saint Louis Boulevard and Interstate 64 in Lake Saint Louis. Phase I of the development features four retail buildings totaling more than 200,000 square feet. Each building houses 10 to 15 retailers including Banana Republic, Chico’s, Coldwater Creek, New Balance St. Louis, Salon Kashmir and Talbots. Additionally, three retailers will open their first Missouri locations at the project, including Bachrach and Backwoods, which will open in early 2009, as well as Von Maur, which will open a two-story, 126,000-square-foot store in the fall of 2010. St. Louis-based Brinkmann Constructors served as the general contractors; St. Louis-based M + H Architects acted as designers for the project. The estimated cost of completion was not disclosed.

September 4, 2008

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