COOPER CITY, FLA. — Apollo Lakis Plaza LLC has purchased a 17,492-square-foot shopping center in Cooper City from AF of Griffin Road LLC for $7.5 million. Tenants at the center include SunTrust, Advanced Auto Parts and Dunkin Donuts. Barry Wolfe and Michael Zimmerman of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, and Ron Okolichany of Ron Okolichany Inc. represented the buyer.
GENEVA, ILL. — NAI Hiffman’s Retail Services Group has brokered the sale of an 18,000-square-foot retail building located at 501 W. State St. in downtown Geneva. Hermosa Beach, Calif.-based American Investment Exchange has acquired from property from St. Charles, Ill.-based SRB Properties for $4.45 million. Tenants at the two-story building include Private Bank and Trust, ERA Consulting, and Prana Yoga. Anne Callard of NAI Hiffman represented the seller in the transaction.
PALMDALE, CALIF. — Palmdale 2006 Co. recently sold an 11,646-square-foot retail building, located at 40008 10th St. W. in Palmdale, to a private buyer for $6.26 million. Faris Lee’s Jeff Conover represented the seller, and Steve Crockett and George Thomas of Lee & Associates-North San Diego County in Carlsbad, Calif., represented the buyer.
PLANTATION, MARGATE AND BOCA RATON, FLA. — In a joint venture with an affiliate of DRA Advisors, Miami-based Equity One has acquired three properties from private sellers for $53 million. The properties include the 230,330-square-foot Plantation Marketplace in Plantation, the 155,628-square-foot Penn Dutch Plaza in Margate and a four-story, 116,777-square-foot office building in Boca Raton. The properties are subject to a 5.6 percent mortgage with a $38.9 million outstanding balance that matures in November 2014.
OVERLAND PARK, KAN. — Westchester, Ill.-based Tri-Land Properties will begin constructing the $23 million redevelopment of Cherokee South Plaza in Overland Park in October. The 45-year-old center is located at the corner of 95th Street and Antioch Road. The redevelopment plan for the 118,000-square-foot development includes the complete demolition of one building, the addition of three new retail buildings totaling 27,000 square feet, new facades for the exterior buildings and a new parking lot. Retailers at Cherokee South Plaza will remain open during construction, which is scheduled for completion in the summer of 2009.
FONTANA, CALIF. — Colton, Calif.-based Hodgdon Miank Construction (HMC) has completed Heritage Crossing, a $6.8 million retail development located at 7460-7490 Cherry Ave. in Fontana. The 4.86-acre property contains three buildings: a 18,400-square-foot, multi-tenant retail building; a 3,000-square-foot, freestanding fast-food restaurant that is occupied by Miguel’s Jr. Mexican Food; and a Jump Start Express Car Wash, which consists of a masonry car wash tunnel and a covered detailing area. HMC served as general contractor for the owners, Heritage Crossing LLC and Miguel’s, which owns its building. Irvine, Calif.-based Andy Perez & Associates served as project architect, and the Riverside, Calif., office of RBI Retail Brokers is handling the marketing and leasing of the project.
LOS ANGELES — Cinelease Inc. has signed a 10-year lease for a 155,000-square-foot facility in Los Angeles. Cinelease, the largest independent lighting and grip rental company in the country, will occupy the single-tenant building, which is located at 5375 San Fernardo Rd. The lease is valued at $14 million. Brett Warner and Craig Stevens of Lee & Associates-LA North/Ventura represented the tenant in the transaction. The landlord was not disclosed.
ALLENDALE, N.J. — Midland Park, N.J.-based The Azarian Group has received government approvals for the renovation and expansion of The Allendale Shopping Plaza in Allendale. Construction at the 5-acre site will consist of a 5,000-square-foot expansion to the north end of the mall, the redesign of the property’s parking lot, and a façade update to match A&P’s newly renovated Fresh Store. Construction is set to begin in September, with completion scheduled for spring 2009.
SUCCASUNNA, N.J. — Kuiken Brothers Co. has broken ground for the construction of a 12-acre lumber and building materials facility in Succasunna. Located at 33 Route 10 East, the drive-thru lumber yard will include inventory such as lumber, windows, doors, drywall, molding, decking and railing, hand and power tools, and other construction products. The facility will also include rail service, which had previously been inactive for more than a decade. The site had been operating as a lumberyard prior to Kuiken’s development of the property. In addition to the new construction, extensive landscaping will be installed, along with permanent conservation areas that will buffer Horseshoe Lake.
EAST PALO ALTO, CALIF. — Regency Centers has acquired a vacant 92,307-square-foot retail building in East Palo Alto from The Home Depot EXPO for an undisclosed price. Located at Ravenswood 101 Shopping Center, the property will be occupied by a 50,227-square-foot The Sports Authority and a 41,680-square-foot Nordstrom Rack, both of which signed leases with Regency Centers. The new stores are slated to open spring 2009 after construction of the new storefronts and interiors are completed. Ryan Nickelson of Regency Centers, along with John Kovaleski and David Buchholz of Colliers International represented, the buyer in the acquisition and re-tenanting.