SAGINAW, MICH. — Centro Properties Group has reached the midpoint of construction of The Kroger Company’s new building within Green Acres Shopping Center, which is located at the intersection of State Highway 58 and Hemmeter Road in Saginaw. The grocery retailer will occupy its 72,000-square-foot facility late this year or in early 2009. Kroger will join the 12,090-square-foot Powerhouse Gym and a 14,564-square-foot Rite Aid as the third major retailer in the center. Additional tenants at the development, which is being renovated by the owner, Centro Properties Group, include 1st Wok Buffet, Bambi’s Java Days, Binder’s Hallmark, Good Times Pizza, Graceful Styles and H&R Block. Wolgast is acting as general contractor for the Kroger facility.
Retail
NEW MILFORD, CONN. — Greenwich, Conn.-based Urstadt Biddle Properties has acquired Veteran’s Plaza Shopping Center, located in New Milford, for $10.3 million. The fully occupied property totals 78,609 square feet, and is anchored by a 50,650-square-foot Big Y Supermarket. Additional tenants include Rite Aid, Blockbuster Video and Danbury Savings Bank. Urstadt Biddle purchase the property from a family-owned investment fund. The company also assumed an existing $3.6 million first mortgage in conjunction with the purchase.
TEXAS — Marcus & Millichap has completed the sale of a 24-property Dollar General portfolio for $20 million. The portfolio includes 22 stores located in San Antonio, Houston and south Texas, with the remaining two stores located in Leeds and Madison, Ala. At the time of closing, the portfolio already had non-recourse debt in place with an 80 percent loan-to-value ratio. Douglas Passon of Marcus & Millichap’s Detroit office, along with Brandon Duff of the firm’s Chicago office, represented the undisclosed buyer. Tim Speck of Marcus & Millichap’s Dallas office and Andrew Clark of the firm’s Birmingham, Ala., office assisted in the transaction. The seller was also not disclosed.
HOLLYWOOD AND DAVIE, FLA. — Hollywood Palms LLC has sold its 210,864-square-foot Hollywood Palms Shopping Center, located at the intersection of Taft Street and North 68th Avenue, to Hollywood Commons LLC for an undisclosed amount. Mark Gilbert and Adam Feinstein of Cushman & Wakefield’s Miami office represented the seller. Cushman & Wakefield also represented Baer’s Furniture in the sale of its 32,340-square-foot retail space to Kerv Investments for an undisclosed amount. Sale of the property, located at 4690 S. University Dr. in Davie, was brokered by Chris Drew, Chris Metzger, Rick Etner and Christopher Thomson.
OXFORD, MISS. — Germantown, Tenn.-based Trezevant Realty Corp., in partnership with Olive Branch, Miss.-based Utley Properties, has completed the 158,000-square-foot Oxford Galleria, located at the intersection of West Jackson Avenue and Home Depot Drive in Oxford. The Belk-anchored shopping center includes the tenants Rack Room Shoes, Mimosa Flowers & Gifts, The Home Depot and Office Depot, and it will be 100 percent occupied by this fall. Chick-fil-A will open on one of three outparcels next year.
ST. JOSEPH, MO. — The Kansas City division of Walton Construction Co. has been awarded the contract to remodel the East Hills shopping center, which is located at Belt Highway and Frederick Avenue in St. Joseph. Tenants at the 665,000-square-foot center will remain open during the remodel. Construction of the $43 million project is underway, and is slated for completion by February 2009. The project team includes the owners, Belt Highway LP and HMH/MD Management, as well as the architect, Hollis-Miller.
MADISON, WIS.; AND JACKSON, PLAINWELL AND PAW PAW, MICH. —Morristown, N.J.-based The Hampshire Companies has sold its 66,723-square-foot East Towne Shopping Center, which is located adjacent the East Towne Regional Mall in Madison. The property was owned by Abraham Schlussel and The Hampshire Generational Fund, which is one of the firm’s private equity real estate investment funds tailored to high net-worth investors. Capitol East Towne LLC has acquired the property for an undisclosed amount. Situated on more than 6 acres, tenants at the center include Old Navy, Sports Authority and Winslow’s Hallmark. Additionally, The Hampshire Companies has acquired three Michigan retail buildings totaling more than 20,000 square feet in Jackson, Plainwell and Paw Paw. The 6,700-square-foot buildings are fully leased to Advance Auto Parts. The acquisition was made on behalf of The Hampshire Generational Fund.
BRIGHTON, MICH. — Lee & Associates of Michigan has arranged the acquisition of 78,000 square feet of land located at 5505 South Old U.S. 23 in Brighton. The property was acquired by Agree Brighton LLC — a preferred developer to Walgreens — from Brighton River LLC. The developer, which acquired the property for an undisclosed amount, will build and lease a new store for the pharmacy at the site. Barry Landau of Lee & Associates represented the buyer in the transaction. The seller, Agree Brighton LLC, was represented in-house by Dave Prueter.
LUBBOCK, TEXAS — Lubbock-based GRACO Real Estate Development will begin the redevelopment of Kingsgate Center this fall. Located at the corner of 82nd Street and Quaker Avenue in Lubbock, the property currently contains more than 220,000 square feet of retail and restaurant space. Construction will largely consist of the conversion of the space formerly occupied by United Supermarket into lifestyle center-style space. The space will be reconfigured into a landscaped courtyard and 35,000 square feet of specialty retail and restaurant space. Additional renovations include water features, a 30-foot clock tower, landscaped traffic circles, patterned concrete and brick-inlayed walkways, an open area for community events, decorative lighting, seating areas and seasonal landscaping. Construction is already underway for the Kingsgate North section of the shopping center.
COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of Morse Crossing Retail Center, a newly constructed 10,864-square-foot center, which is located at 4155 Morse Crossing Blvd. in Columbus. Tenants at the project, which commanded a sales price of approximately $6.43 million, include Jared Jewelers, Pei Wei Asian Diner and FedEx Kinko’s. John Reehil in the Columbus office of Marcus & Millichap represented the undisclosed seller in the transaction.