NOVATO, CALIF. — Grosvenor has completed the installation of a solar photovoltaic system, which will provide electricity for parking lot lights, outdoor seating areas, interior common spaces and decorative mosaic fountains, at Hamilton Marketplace in Novato. Located just off of Highway 101, the 90,000-square-foot center is anchored by a 55,000-square-foot Safeway supermarket. Other tenants include Peet’s Coffee & Tea, La Boulange, Toast Café, Sonoma Latina Grill, Verizon Wireless, Pet Food Express and Wells Fargo Bank. Novato-based SolarCraft Services Inc. provided the 45KV system, which will reduce the center’s emission of greenhouse gases by more than 30 tons per year and cut its electricity costs by approximately $23,000 in the first year.
HOLLYWOOD, FLA. — Manhasset, N.Y.-based Milbrook Properties has acquired a 210,864 square foot shopping center, located on Taft Street in Hollywood, from an undisclosed seller for $26.5 million. The center, which is anchored by Publix, Walgreens and Bealls, is 95 percent occupied by tenants including Dunkin Donuts and Rent-A-Center. Adam Feinstein of Cushman & Wakefield’s Miami office brokered the transaction, and financing for the 10–31 exchanged was arranged by Paul Greenbaum of GCP Capital with New York Community Bank.
LAKE SAINT LOUIS, MO. — Davenport, Iowa-based Von Maur has signed a lease to anchor the approximately 400,000-square-foot The Meadows at Lake Saint Louis lifestyle center in Lake Saint Louis. Developed by Davis Street Land Co., The Meadows at Lake Saint Louis is located on a 64-acre site at the intersection of Lake Saint Louis Boulevard and Interstate 64. Additional tenants at the center, which will celebrate its grand opening at the end of this month, include Bed Bath & Beyond, Victoria’s Secret, Eddie Bauer, Gymboree and Yankee Candle Co. Upon completion, The Meadows at Lake Saint Louis lifestyle center will house 500,000 square feet of retail space. Von Maur’s 130,000-square-foot, two-store department store will be the company’s first location in Missouri. Von Maur is scheduled to open in fall 2010.
PRESCOTT, ARIZ. — An investment company formed by Goodyear, Ariz.-based Zaharia Opera has purchased Willow Crossroads, a retail center located at 3180-3196 Willow Creed Rd. in Prescott. The transaction price of $5.8 million includes the Fry’s-anchored center, as well as a ground-leased pad. At the time of acquisition, the property was 95 percent occupied. Ryan Schubert and Michael Hackett of Grubb & Ellis|BRE Commercial represented the sellers, Bruce Utterback and Jack Wilson, in the transaction.
JENSEN BEACH, FLA. — Lakeland, Fla.-based Odyssey Diversified Properties, in association with Century Retail, has purchased the 114,000-square-foot Ocean Breeze Plaza from Glenmorris LLC for $14.7 million. Century Retail will renovate the Publix-anchored center located on Jensen Beach Boulevard in Jensen Beach, expanding the grocery store from 36,464 square feet to 54,000 square feet. Boyd Bradfield of Stuart, Fla.-based Southcoast brokered the sale.
OCOEE, FLA. — Fountains West, the 65,600-square-foot shopping center located at West and Ocoee-Apopka roads in Ocoee, has added eight tenants and is planning for two more. Hair Cuttery, Island Glow Tanning Salon, First Class Cleaners, Takara Japanese Restaurant and Sushi, Modern Nail Salon, New China Restaurant, Pizza Hut and Subway have opened their doors at the center. Buildings for SunTrust Bank and Fifth Third Bank are in development on two outparcels.
COUNCIL BLUFFS, IOWA — Columbus, Ohio-based Continental Retail Development has announced plans to build a 450,000-square-foot retail outlet center in Council Bluffs. Situated on a 47-acre site, the development will be located at the intersection of Interstate 80 and Interstate 29. Designer Outlets of MidAmerica will include more than 80 outlet stores and restaurants. The project will break ground in the fall of 2009, with completion slated for the summer of 2010.
WEST BEND, WIS. — Edgemark Commercial Real Estate has brokered the acquisition of Paradise Plaza, a 45,096-square-foot retail center located at 909 Gateway Court in West Bend. Situated on a 3.9-acre site, the newly constructed development was acquired by the buyer as a 1031 Tax Deferred Exchange. Real Estate Naperville has acquired the property from Leisure Investments for an undisclosed amount. Jeffrey Kowal of Edgemark Commercial Real Estate represented the buyer; Simeon Spirrison of Adelphia Properties represented the seller in the transaction.
PAPILLION, NEB. — Omaha, Neb.-based Coldwell Banker Commercial World Group has arranged the acquisition of Hickory Hills Plaza, an 11,698-square-foot shopping center located in Papillion. Marion J. Moritz and Frederick Limited Partnership have acquired the property from an undisclosed seller for approximately $2.7 million. Tenants at the 100 percent leased development include Jimmy John’s Gourmet Sandwiches, Sports Clips and Premier Fitness. Trenton Magid of Coldwell Banker Commercial World Group represented the buyer in the transaction.
ALLENTOWN, PA. — Meridian Capital Group has secured a $13 million loan for Village West, a 133,611-square-foot shopping center located in Allentown. The property is occupied by a tenant mix that includes Giant Supermarket, CVS/pharmacy, Outback Steakhouse, GNC and Wachovia Bank. Seth Grossman of Meridian’s New York office originated the financing, which consists of a first lien mortgage with interest-only payments for the full term of the loan. The borrower and lender were not disclosed.