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.
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.
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.
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.
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.
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.
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.
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.
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.