Retail

COHEN FINANCIAL ARRANGES $13.2 MILLION CONSTRUCTION LOAN

by admin August 22, 2008

PORTLAND, ORE. — Cohen Financial has arranged a $13.2 million construction loan for the development of The Shops on Brooklyn Yard, a retail project located in the Brooklyn neighborhood of southeast Portland. The project is located at 4546 SE McLoughlin Blvd. at the intersection of SE Holgate and McLoughlin boulevards. The is being used to retire the land acquisition loan and provide funds for the development of more than 52,000 square feet of retail improvements. The project is currently 83 percent pre-leased to 24 Hour Fitness, which plans to open in third quarter 2009. Adam Cassie of Cohen Financial secured the 2-year, 70 percent loan-to-value facility. The borrower and lender were not disclosed.

August 22, 2008

WAL-MART TO BUILD NEIGHBORHOOD MARKET STORE IN WILLIAMSBURG DEVELOPMENT

by admin August 21, 2008

WILLIAMSBURG, VA. — Wal-Mart Stores East has purchased 7.9 acres in the Settler’s Market development in Williamsburg for an undisclosed amount from Settler’s Market Developers. The acreage will be used for a 40,000-square-foot Neighborhood Market store, which will be smaller than a Wal-Mart Supercenter and feature a farmer’s market-type atmosphere. Christopher Rouzie of Thalhimer’s Newport News, Va., office represented Wal-Mart in the transaction. The market will open in summer 2009.

August 21, 2008

Midwest Retail

MID-AMERICA DISPOSES OF 121,507-SQUARE-FOOT, GROCERY-ANCHORED RETAIL CENTER

by admin August 21, 2008

ELK GROVE VILLAGE, ILL. — The investment sales group of Mid-America Real Estate Corp. has brokered the sale of Elk Crossing, a 121,507-square-foot retail center located at Biesterfield and Arlington Heights roads in Elk Grove Village. Los Angeles-based Westwood Financial Corp. has acquired the development from an affiliate of the General Electric Pension Trust, which is advised by GE Asset Management. Elk Crossing is anchored by a Jewel-Osco grocery store. Additional tenants include Panera Bread, Bath & Body Works, Citibank and RadioShack. Rick Drogosz of Mid-America represented both parties in the transaction. The acquisition price was not disclosed.

August 21, 2008

Midwest Retail

UGL EQUIS ARRANGES RETAIL ACQUISITION FOR WEBSTER UNIVERSITY

by admin August 21, 2008

WEBSTER GROVES, MO. — Chicago-based UGL Equis has represented Webster University in the acquisition of the 35,710-square-foot Old Orchard Shopping Center, which is located adjacent to the university at 25 S. Orchard Ave. in Webster Groves. The university, which occupies 55 acres in the St. Louis suburb, currently leases 15,207 square feet within the Old Orchard center for classroom space for its fine arts program and for practice space for The Repertory Theatre and the Opera Theater of St. Louis. Webster University has no plans to alter the retail center, which it acquired from Mills Properties for an undisclosed amount. Tenants at the development include Starbucks Coffee, Subway, The Boardwalk Café, and The Back and Neck Care Center of Webster Groves. Regan Trittler of UGL Equis represented the buyer; Ken Aston of Hendricks & Partners represented the seller in the transaction.

August 21, 2008

Northeast Retail

FIRST SUPERMARKET OPENS IN LONG ISLAND CITY

by admin August 21, 2008

NEW YORK CITY — The grand opening has been held for a new Food Cellars supermarket at 4705 Center Blvd. in the Long Island City neighborhood of Queens, New York City. The grocer occupies 22,000 square feet on the ground floor of a rental apartment building owned by Rockrose Development Corp. The event marks the first supermarket to open in Long Island City.

August 21, 2008

Retail Texas

B. KNIGHTLY ACQUIRES OLD LONE STAR BREWERY FOR REDEVELOPMENT

by admin August 21, 2008

SAN ANTONIO — Austin-based B. Knightly Development has acquired the former Lone Star Brewery in San Antonio and plans to redevelop the site into a mixed-use project. Located on 23 acres, the development will feature 190 residential units, with prices starting at $129,000. Initial plans also include a 3-acre park, an Olympic-size swimming pool, concert venues, bars and beer gardens, and a movie theater. The Lone Star Brewery also features 1,100 feet of frontage on the Mission Reach section of the San Antonio Riverwalk. B. Knightly is seeking LEED certification for the project. Sustainable features will include rainwater collection systems and rooftop photovoltaic solar panels. The first residences are scheduled for completion in summer 2009. The brewery, which was built in 1884, closed 12 years ago after Lone Star moved its brewing operations to Longview, Texas.

August 21, 2008

Retail Western

GROSVENOR OPENS SOLAR-POWERED RETAIL CENTER

by admin August 21, 2008

NOVATO, CALIF. — Grosvenor has completed the installation of a solar photovoltaic system, which will provide electricity for parking lot lights, outdoor seating areas, interior common spaces and decorative mosaic fountains, at Hamilton Marketplace in Novato. Located just off of Highway 101, the 90,000-square-foot center is anchored by a 55,000-square-foot Safeway supermarket. Other tenants include Peet’s Coffee & Tea, La Boulange, Toast Café, Sonoma Latina Grill, Verizon Wireless, Pet Food Express and Wells Fargo Bank. Novato-based SolarCraft Services Inc. provided the 45KV system, which will reduce the center’s emission of greenhouse gases by more than 30 tons per year and cut its electricity costs by approximately $23,000 in the first year.

August 21, 2008

Retail Southeast

MILBROOK PROPERTIES ACQUIRES 210,000-SQUARE-FOOT SHOPPING CENTER

by admin August 20, 2008

HOLLYWOOD, FLA. — Manhasset, N.Y.-based Milbrook Properties has acquired a 210,864 square foot shopping center, located on Taft Street in Hollywood, from an undisclosed seller for $26.5 million. The center, which is anchored by Publix, Walgreens and Bealls, is 95 percent occupied by tenants including Dunkin Donuts and Rent-A-Center. Adam Feinstein of Cushman & Wakefield’s Miami office brokered the transaction, and financing for the 10–31 exchanged was arranged by Paul Greenbaum of GCP Capital with New York Community Bank.

August 20, 2008

Midwest Retail

130,000-SQUARE-FOOT VON MAUR TO ANCHOR DAVIS STREET LAND CO. RETAIL CENTER

by admin August 20, 2008

LAKE SAINT LOUIS, MO. — Davenport, Iowa-based Von Maur has signed a lease to anchor the approximately 400,000-square-foot The Meadows at Lake Saint Louis lifestyle center in Lake Saint Louis. Developed by Davis Street Land Co., The Meadows at Lake Saint Louis is located on a 64-acre site at the intersection of Lake Saint Louis Boulevard and Interstate 64. Additional tenants at the center, which will celebrate its grand opening at the end of this month, include Bed Bath & Beyond, Victoria’s Secret, Eddie Bauer, Gymboree and Yankee Candle Co. Upon completion, The Meadows at Lake Saint Louis lifestyle center will house 500,000 square feet of retail space. Von Maur’s 130,000-square-foot, two-store department store will be the company’s first location in Missouri. Von Maur is scheduled to open in fall 2010.

August 20, 2008

Retail Western

WILLOW CROSSROADS SELLS FOR $5.8 MILLION

by admin August 20, 2008

PRESCOTT, ARIZ. — An investment company formed by Goodyear, Ariz.-based Zaharia Opera has purchased Willow Crossroads, a retail center located at 3180-3196 Willow Creed Rd. in Prescott. The transaction price of $5.8 million includes the Fry’s-anchored center, as well as a ground-leased pad. At the time of acquisition, the property was 95 percent occupied. Ryan Schubert and Michael Hackett of Grubb & Ellis|BRE Commercial represented the sellers, Bruce Utterback and Jack Wilson, in the transaction.

August 20, 2008

Newer Posts

Older Posts