ESSEX, VT. — David G. White & Associates has arranged a ground lease on behalf of Lowe’s Cos. for the 18-acre Essex Town Plaza Shopping Center located on Susie Wilson Road in Essex. The vacant shopping center, which was formerly occupied by an Ames department store and a Grand Union supermarket, will be demolished to make way for a new 154,000-square-foot Lowe’s Home Improvement Warehouse. Construction is set to begin in July. The new store will mark Lowe’s second location in the state. Tim Burke of David G. White & Associates represented Lowe’s in the ground lease transaction. Don Mace of KeyPoint Partners represented the landlord, Cobloka Trust.
NEW YORK CITY — Vornado Realty Trust has acquired two adjacent retail/office properties located at 148-150 Spring St. in the Soho neighborhood of Manhattan, New York City. The properties total 11,621 square feet; the ground-floor retail space at 148 Spring St. is occupied by Italian watchmaker Breil, and the retail space at 150 Spring St. is occupied by Treetorn Sneakers. Eric Anton, Ronald Solarz and Jared Toothman of Eastern Consolidated represented the seller, Cape Advisors. The group also represented the undisclosed buyer.
HOUSTON AND KATY, TEXAS — The George Cushing Group of Grubb & Ellis has negotiated two Houston-area retail sales totaling 307,041 square feet. The first property, Northway Center, is a 215,887-square-foot shopping center located at the corner of U.S. Highway 290 and 34th Street in Houston. The center is 96 percent occupied and is anchored by Academy, Conn’s Appliances, Office Max and Goodwill Industries. George Cushing and Wendy Vandeventer of Grubb & Ellis represented the seller, Weingarten Realty Investors. The buyer is an entity of Utah-based Satterfield Helm Management. The second property, Highland Knolls Shopping Center, is a 91,154-square-foot, grocery-anchored shopping center located at the corner of Mason Road and Highland Knolls Dr. in the Houston suburb of Katy. The center is anchored by Randall’s Grocery; additional tenants include Washington Mutual, Quizno’s TGF Haircutters and AT&T Wireless. Cushing and Vandeventer represented the seller, Regency Centers; the property was acquired by Denver-based SV Commercial Partners.
BOERNE, TEXAS — Marcus & Millichap has brokered the sale of The Tower at Boerne, a 24,353-square-foot shopping center located in Boerne. The shopping center is situated on 2.86 acres and was constructed in 2006. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a San Antonio-based private investor. It was acquired by a Houston-based private investor. The acquisition price was not disclosed, but the property listed for $5.44 million.
FORT MYERS, FLA. — St. Louis-based The DESCO Group will open its $55 million The Plaza at Island Pass retail development in Fort Myers next month. The 252,620-square-foot shopping center, which is located on a 34-acre site at San Carlos Boulevard and Kelly Road, is anchored by a 177,394-square-foot Super Target. Attached to the Super Target store is 21,726 square feet of space for specialty shops. Designed by Dallas-based Hodges Associates, the project contains four retail buildings and four outlots. Two buildings measuring 25,000 and 19,000 square feet will house junior anchors at the center; additionally, a third 9,500-square-foot facility will host specialty retailers.
MANHATTAN, KAN. — Marcus & Millichap has brokered the approximately $2.26 million sale of a single-tenant Bridgestone/Firestone facility in Manhattan. Bridgestone/Firestone signed a 15-year, triple-net lease with 10 percent rent increases every 5 years. The 7,575-square-foot building is shadow-anchored by a Wal-Mart Supercenter. Evan Halkias and Michael Marks of Marcus & Millichap’s Downtown Chicago office represented the seller; Brian Parmacek and Steven Rachman, also of Marcus & Millichap’s Downtown Chicago office, represented the buyer in the transaction.
NEW YORK CITY – Completion is nearing for the construction of Queensbridge Theater located at 37-31 10th St. in the Long Island City neighborhood of Queens, New York City. The 5,000-square-foot venue will contain performance space, as well as Queensbridge Café, which will serve breakfast, lunch, and dinner, and have a bakery on the premises. The theater will function as a nightclub, day club, café, and entertainment and catering hall. Queensbridge Theater will occupy the ground floor and mezzanine level of the five-story warehouse. The loft space above the theater will be rented out for commercial use. North Manhattan Construction Corp. is currently renovating the upper floors and adding a sixth floor to the building. The theater is scheduled to open in the fall.
CLAREMONT, CALIF. — Richard Longobardo of Marcus & Millichap’s Ontario, Calif., office brokered the disposition and acquisition of a 24,662-square-foot shopping strip center in Claremont. A California-based investment group sold the property to an undisclosed buyer for $3.3 million or $120 per square foot. Located at 903-911 and 951-975 W. Foothill Blvd., the property is situated on the major east-west retail arterial in the Eastern San Gabriel Valley.
PLANTATION, FLA. — Muvico Entertainment LLC has announced plans to construct a 14-screen theater within 321 North, US Capital Holdings’ $1 billion mixed-use development in Plantation. For an initial term of 20 years, Muvico Entertainment will lease approximately 70,000 square feet of space on a 35-acre site located off Broward Boulevard and University Drive. The facility will feature 3,300 seats, with one theater containing a stage for live events including local plays and concerts. Amenities will include theaters with 3-D capabilities, valet parking, childcare facilities, reserved seating, a bar and restaurants, and Muvico Entertainment’s new interactive gaming lounge. The theater is scheduled to open in October 2010. US Capital Holdings’ 321 North project will contain approximately 613,500 square feet of retail space; 474,000 square feet of Class A office space; and 600 residential units. Additionally, the existing development on the property includes a 650,000-square-foot enclosed retail mall, a 138,000-square-foot office pavilion, and a separately owned Sheraton Suites Hotel.
DOUGLASVILLE AND MILTON, GA. — The Atlanta office of Easlan Capital has begun site work on two retail developments totaling approximately 117,000 square feet of space in Douglasville and Milton. In Douglasville, The 81,000-square-foot Village at Chapel Hill, which is located at the intersection of Chapel Hill and Stuart Mill roads, will be anchored by a 45,000-square-foot LA Fitness. Atlanta-based CNNA Architects is providing the architectural services for the open-air development that is slated for completion in June 2009. Additionally, Easlan Capital is developing The Village at Webb Road located at the intersection of Webb Road and Alpharetta Highway/Highway 9 in the city of Milton. The 36,000-square-foot project, which will be anchored by a specialty grocer, will have 18,000 square feet of retail space for smaller shops and restaurants. Spaces at both of the developments range from 1,200 to 10,000 square feet in size. The Village at Webb Road is scheduled to open for the public in May 2009.