FITCHBURG, MASS. — Lincoln, Mass.-based TRB & Associates has completed the sale of Wallace Plaza Shopping Center & Storage Facility, a 127,460-square-foot retail property located at 353 John Fitch Hwy. in Fitchburg for $6 million. The shopping center is anchored by Market Basket and Big Lots. Thomas Blakely of TRB represented the seller, Kent Realty Fitchburg. David Lenger of Keller Williams Realty represented the undisclosed buyer, which plans to improve and re-tenant the property.
Retail
BRYAN, TEXAS — Indianapolis-based Lauth has held the grand opening for Bryan Towne Center, a 400,000-square-foot retail development located near Texas A&M University in neighboring Bryan. The retail center was constructed as a “power village”, which combines aspects of a power center tenants with a lifestyle center design. It is anchored by a 127,000-square-foot Target, with additional retailers including Rack Room Shoes and rue21. Additional stores opening soon include Shipley’s Donuts, Nailtopia, Anytime Fitness and Baskin Robbins. Other retailers and restaurants will be announced in the future.
FONTANA, CALIF. — Colton, Calif.-based Hodgdon Miank Construction Inc. has completed the construction of Heritage Crossing, an 18,400-square-foot retail center in Fontana. The $6.8 million project consists of a multi-tenant retail building, a state-of-the-art Jump Start Express Car Wash and Miguel’s Jr. Mexican Food restaurant. The project is located at 7460 and 7490 Cherry Avenue in the northwest portion of Fontana. Hodgdon Miank served as general contractor for the site while working with the two separate owners, Heritage Crossing LLC and Miguel’s, which owns its own building. Irvine, Calif.-based Andy Perez & Associates provided architectural services for the project. RBI Retail Brokers’ Riverside, Calif., office is marketing and leasing the property.
LEXINGTON, S.C. — Boise, Idaho-based DBSI Development recently broke ground on the 7,300-square-foot, $3.25 million retail center The Shoppes at Lexington, located on Highway 378 in Lexington. Construction will begin after the site’s current occupant, Southtrust Bank, is demolished. AT&T is the first tenant, signing a lease for 3,500 square feet of retail space. The Shoppes at Lexington will deliver in mid-November.
COLUMBIA, MD. — Browen Associates has sold the 78,000-square-foot retail property Owen Brown Village Center in Columbia to an affiliate of Rockville, Md.-based Nellis Corp. for an undisclosed amount. The center is anchored by Giant Food and Dollar Tree.
SEBRING, FLA. — Jeff Schnupp of Coral Gables, Fla.-based Thomas D. Wood and Co. recently secured $1.2 million in financing for the 19,380-square-foot retail space Fairmount Place Professional Center, located at 4141 U.S. 27 in Sebring. Schnupp arranged the 6.66 percent fixed-rate loan, which has a 20-year term with a 20-year amortization, through Cincinnati-based Summit Investment Partners.
NEW YORK CITY — GFI Realty Services has brokered the sale of Loehmann’s Seaport Plaza, a 63,000-square-foot retail property located at 2101 Emmons Ave. in Brooklyn, New York City, for $24 million. The three-story center is anchored by Loehmann’s, and includes a 186-space parking garage. Eric Yankelovich of GFI negotiated the transaction between the undisclosed buyer and the seller, Bayrock Group, which was represented in-house by Josh Bernstein.
HARRISBURG, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed $54 million in financing for Paxton Town Centre, a 703,000-square-foot shopping center located in Harrisburg. Developed by PREIT in 2001, the property is fully occupied by a tenant roster that includes Target, Kohl’s, Bed, Bath & Beyond, and Red Robin. The loan carries a 3-year term with two 1-year extension options. The loan’s previous variable interest rate was converted into a 5.83 percent fixed rate. The loan was provided by U.S. Bank National Association and Aareal Capital Corp.
EAST PALO ALTO, CALIF. — Jacksonville, Fla.-based Regency Centers has acquired a 92,3000-square-foot retail building, which was formerly occupied by EXPO design Center, in East Palo Alto. Located at 1771 E. Bayshore Blvd., the property sold for an undisclosed price. The buyer plans to market the former single-tenant space as a multi-tenant property. Patrick McGaughey and Sam Finne with Terranomics Retail Services, the retail arm of NAI BT Commercial, represented the seller, Atlanta-based The Home Depot, in the transaction.
JOLIET, ILL. — Los Angeles-based developer O&S Holdings and Hollywood, Fla.-based Strategic Retail Development have announced that Von Maur department store has signed a letter of intent to anchor the $1 billion Bridge Street Towne Centre in Joliet. The two-story, 150,000-square-foot facility will be Von Maur’s seventh location in Illinois. Located at the corner of Interstate 55 and Interstate 80, Bridge Street Towne Centre is expected to break ground in early 2009, with its opening slated for 2010. In addition to Von Maur, the 3 million-square-foot mixed-use lifestyle center will also be anchored by an 18-screen Regal Cinema.