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.
Retail
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.
LOCKPORT, ILL. — Edgemark Commercial Real Estate Services has arranged the sale of a 1.86-acre site within a 95,050-square-foot Jewel/Osco-anchored strip center, which is located at 159th and Farrell in Lockport. National Tire & Battery has acquired the site for the construction of a new 26,500-square-foot location to accommodate the company’s expansion. The site, which is situated within 2 blocks of the new Interstate 355 interchange, was acquired for an undisclosed amount. Mike Wesley and Les Kristof of Edgemark Commercial Real Estate represented the seller, TBS-Lockport LLC; Brent Wayburn of Metro Commercial represented the buyer, Newton Oldacre McDonald LLC, in the transaction.
KING OF PRUSSIA, PA. — Marcus & Millichap has brokered the sale of a 13,910-square-foot retail property, located on Dekalb Pike in King Of Prussia, for $2.8 million. Situated adjacent to a shopping center anchored by Acme Grocery, the property is net leased to electronics store Tweeter. Brad Nathanson and Jordan Muchnick of Marcus & Millichap’s Philadelphia office listed the property on behalf of the seller, a locally based family trust. The pair also represented the out-of-state buyer.
SOUTHLAKE, TEXAS — Seattle-based Nordstrom has announced plans to open a 35,000-square-foot Nordstrom Rack, the company’s discount retail division, at Shops of Southlake. The store, which will open in fall 2009, will anchor the new phase of the lifestyle center, which is located at the corner of East Southlake Boulevard and South Carroll Avenue in Southlake. The new location will mark the retailer’s third Nordstrom Rack in the Dallas-Fort Worth area and its fourth in the state. Shops of Southlake is being developed by Cencor Realty Services.