JENSEN BEACH, FLA. — Lakeland, Fla.-based Odyssey Diversified Properties, in association with Century Retail, has purchased the 114,000-square-foot Ocean Breeze Plaza from Glenmorris LLC for $14.7 million. Century Retail will renovate the Publix-anchored center located on Jensen Beach Boulevard in Jensen Beach, expanding the grocery store from 36,464 square feet to 54,000 square feet. Boyd Bradfield of Stuart, Fla.-based Southcoast brokered the sale.
OCOEE, FLA. — Fountains West, the 65,600-square-foot shopping center located at West and Ocoee-Apopka roads in Ocoee, has added eight tenants and is planning for two more. Hair Cuttery, Island Glow Tanning Salon, First Class Cleaners, Takara Japanese Restaurant and Sushi, Modern Nail Salon, New China Restaurant, Pizza Hut and Subway have opened their doors at the center. Buildings for SunTrust Bank and Fifth Third Bank are in development on two outparcels.
COUNCIL BLUFFS, IOWA — Columbus, Ohio-based Continental Retail Development has announced plans to build a 450,000-square-foot retail outlet center in Council Bluffs. Situated on a 47-acre site, the development will be located at the intersection of Interstate 80 and Interstate 29. Designer Outlets of MidAmerica will include more than 80 outlet stores and restaurants. The project will break ground in the fall of 2009, with completion slated for the summer of 2010.
WEST BEND, WIS. — Edgemark Commercial Real Estate has brokered the acquisition of Paradise Plaza, a 45,096-square-foot retail center located at 909 Gateway Court in West Bend. Situated on a 3.9-acre site, the newly constructed development was acquired by the buyer as a 1031 Tax Deferred Exchange. Real Estate Naperville has acquired the property from Leisure Investments for an undisclosed amount. Jeffrey Kowal of Edgemark Commercial Real Estate represented the buyer; Simeon Spirrison of Adelphia Properties represented the seller in the transaction.
PAPILLION, NEB. — Omaha, Neb.-based Coldwell Banker Commercial World Group has arranged the acquisition of Hickory Hills Plaza, an 11,698-square-foot shopping center located in Papillion. Marion J. Moritz and Frederick Limited Partnership have acquired the property from an undisclosed seller for approximately $2.7 million. Tenants at the 100 percent leased development include Jimmy John’s Gourmet Sandwiches, Sports Clips and Premier Fitness. Trenton Magid of Coldwell Banker Commercial World Group represented the buyer in the transaction.
ALLENTOWN, PA. — Meridian Capital Group has secured a $13 million loan for Village West, a 133,611-square-foot shopping center located in Allentown. The property is occupied by a tenant mix that includes Giant Supermarket, CVS/pharmacy, Outback Steakhouse, GNC and Wachovia Bank. Seth Grossman of Meridian’s New York office originated the financing, which consists of a first lien mortgage with interest-only payments for the full term of the loan. The borrower and lender were not disclosed.
DALLAS AND HOUSTON — NorthMarq Capital has secured $25.75 million in financing for two Texas properties. In Dallas, Scott Frank of NorthMarq’s Dallas regional office arranged $19 million in construction/permanent financing for Sam Moon Center Alliance, a 165,400-square-foot retail property located within Hillwood’s Alliance Town Center mixed-use development. The loan carries a 15-year, fixed-rate term with interest-only payments during the construction period, and a 20-year amortization schedule thereafter. The borrower was undisclosed, and the lender was Prudential Mortgage Capital Co. In Houston, Greg Duvall of NorthMarq’s Kansas City regional office arranges $6.75 million in first-mortgage financing for Fountains of Westchase, a 287-unit multifamily property. Terms of the loan include a 7-year term with 2 years interest-only and a 30-year amortization schedule. The loan also contains a variable rate with an embedded cap provided by the lender, Freddie Mac. The borrower was ELP Simon.
ALLEN, TEXAS — Borders has opened a new location at Watters Creek in Allen. The new location represents the Texas debut of the chain’s concept store, and marks the 14th such store in the nation. The concept store features increased interactivity for customers, including a Digital Center where customers can create custom CDs, download books and music, publish their own books, and create photo books. Watters Creek is the 52-acre commercial heart of the 500-acre Montgomery Farm master-planned development.
MARICOPA, ARIZ. — Transition Investments LLC has acquired The Shops at Maricopa Fiesta, a retail center located in Maricopa, for $8.5 million or $353 per square foot. Tenants at the 24,036-square-foot center include Shasta Pools, Alltel Wireless, Arena Sports Grill and Brooklyn Boys Restaurant. Tim Dulany of Landmark TCN represented the buyer; Dean Ingram and Greg Abbott of Arizona Retail Advisors Inc. represented the seller, Cole Companies, in the transaction.
KISSIMMEE, FLA. — The $25 million, 103,000-square-foot Village Shops at Bellalago, located on Pleasant Hill Road in Kissimmee, has added a host of tenants. A 46,031-square-foot Publix and a Sonoma Coffee has opened, and McDonald’s, Walgreens, Fifth/Third Bank and Jazzy Nail Spa and Boutique will all open in the next few weeks. Leases for a hair salon, a sub sandwich shop, a chiropractor and a national pizza chain are still pending.