LONG ISLAND, N.Y. — Blumenfeld Development Group has commenced development of Lake Grove Commons, a 140,000-square-foot shopping center located in the Lake Grove neighborhood of Long Island. Four tenants have already signed on at the center: Whole Foods Market will open a 48,000-square-foot location, with construction beginning in the fall. Also, LA Fitness will open a 65,000-square-foot location within Lake Grove Commons this summer. Finally, Jared Jewelers will begin construction this summer for a 6,000-square-foot outlot parcel, and Bank of America is in negotiations for a similar pad site. The Whole Foods and LA Fitness deals were brokered by Brian Schuster of Jericho, N.Y.-based Ripco Real Estate Corp.
Retail
CORPUS CHRISTI, TEXAS — Marcus & Millichap has arranged the sale of a six-property retail portfolio for $15.62 million. Two of the properties are located in Corpus Christi: the first is a 7,370-square-foot Auto Zone located at 14062 Northwest Blvd., and the second is a 6,786-square-foot Auto Zone located at 2149 Airline Rd. The other four properties consist of Colonial Bank branches located in Georgia, Florida and Alabama. Andrew Gallas of Marcus & Millichap’s Chicago office and Robert Bender of the firm’s Detroit office represented the seller of the two Auto Zone properties. Andy Dorf and Zachary Felson of the firm’s Brooklyn, New York, office represented the buyer. All parties in the transaction were undisclosed.
HOUSTON — The Houston office of CB Richard Ellis (CBRE) has arranged leases for five AT&T Mobility stores in Houston. Matt Keener and Russell Janicek of CBRE represented the tenant in each of the transactions. The properties include: 3,500 square feet at 15411 Wallisville Rd.; 3,500 square feet at 13341 Westheimer Rd.; 3,503 square feet within Town & Country Village; 3,500 square feet at 1919 B Taylor St.; and 4,000 square feet within Spring Park Village. The terms of the transactions were not disclosed.
SEAL BEACH, CALIF. — Phil Voorhees, Megan Wood, Patrick Toomey and Barclay Harty of CB Richard Ellis (CBRE) represented Panattoni Development in the disposition of Pacific Gateway Shopping Center in Seal Beach. A foreign investor purchased the 19,474-square-foot property for $12.8 million or $657 per square foot, which reflects a 6.59 percent cap rate. Located at 2311, 2365 and 2399 Seal Beach Blvd., the property is currently leased to Charles Schwab, Subway, Countrywide, Starbucks Coffee and Anytime Fitness.
ATLANTA — A private investor from West Virginia has purchased the 21,885-square-foot shopping center Wisdom Pointe, located at 277 Hwy. 74 North in Peachtree City, Ga., for $7.1 million. The seller, a private Idaho-based company, was represented by Patrick Nutt of Tampa, Fla.-based Calkain Companies.
SUN PRAIRIE, WIS. — Stan Johnson Co. has completed the sale of a 14,820-square-foot, free-standing retail store that is 100 percent leased to Walgreens. The drugstore is located within the SunTowne Shopping Center at 546 Grand Ave. in Sun Prairie. Tenants adjacent to the facility include Copps Grocery, Subway and a proposed SuperTarget. The building, which is situated on a 1.7-acre site, was acquired by Barsky Family Limited Partnership for $4.8 million. Joey Odom of the Hughes Team of Stan Johnson Co. represented the seller, a preferred Walgreens developer; Justin Earley of Capital Real Estate Investments represented the buyer in the transaction.
WICHITA, KAN. — Doug Malone and Christi Royse of J.P. Weigand & Sons have brokered the sale of the 225,000-square-foot Westway Plaza Center located in Wichita. Triple Net Properties sold the development to Raymond Plaza LLC for an undisclosed amount. The new owner plans to renovate and redevelop the center, which was built in 1968.
MILLSBORO, DEL. — Construction has commenced for Peninsula Crossing, a 600,000-square-foot power center located on U.S. Highway 113 in Millsboro. The retail property will comprise 400,000 square feet of big box and junior box space, 50,000 square feet of specialty store and restaurant space, and eight highway-fronted outparcels. Lowe’s Home Improvement Warehouse and BJ’s Wholesale Club will co-anchor the new center; additional tenants already signed include Royal Farms and WSFS Bank. Completion is scheduled for late 2008 or early 2009. The project is being developed by Millsboro Town Centre LLC.
HOUSTON — Marcus & Millichap has arranged the sale of Wilcrest at Lakeside Center, a 14,875-square-foot shopping center located in Houston. Situated on 1.3 acres at 700 Wilcrest, the property currently has an occupancy rate of 94 percent. James Bell of Marcus & Millichap’s Houston office represented the seller, a Houston-based limited liability company. The shopping center was acquired by a San Jose, Calif.-based limited liability company. The sale price was not disclosed, but the property listed for $3 million.
PHOENIX — Tanger Factory Outlet Centers Inc. has unveiled plans to develop an upscale outlet shopping center in the western suburb of Phoenix. Located at the South West quadrant of the 101 Loop and Camelback Road, the 330,000-square-foot center will be situated in one of the fastest growing sections of the Phoenix market and in close proximity to some of the highest household incomes in the metropolitan area. Tanger has entered into a purchase and sale agreement with HWWCC Development LLC for the center’s more than 30-acre site. The center will feature 80 upscale, brand-name and designer outlet stores. Designed as an open-air shopping center, the project will feature landscaped courtyards, unique architectural details and a park-like setting. Groundbreaking is slated for 2009, with completion scheduled for 2010.