Retail

ARCO COMPLETES 100th LAMBORGHINI DEALERSHIP WORLDWIDE

by admin June 27, 2008

CHESTERFIELD, MO. — St. Louis-based ARCO Construction Co. has completed a $3.8 million Lamborghini dealership located at 9 Arnage Dr., adjacent to Highway 40, in Chesterfield. The 2,700-square-foot facility, which is Lamborghini’s 100th dealership worldwide, was developed for entrepreneurs J.J. Mills and Graham Hill. Features of the showroom include a 60- by 10-foot catwalk platform that can hold four automobiles, a 25-foot fountain, and a motor court that unites the Lamborghini showroom with the Bentley and Maserati dealerships. An additional two showrooms totaling more than 2,500 square feet were constructed within the Lamborghini facility for future luxury and exotic car dealerships.

June 27, 2008

PREFERRED DEVELOPMENT ACQUIRES THREE PROPERTIES ON NORTH SOUTHPORT AVENUE

by admin June 27, 2008

CHICAGO — Chicago-based retail developer, Preferred Development, has acquired the third of three properties on the 3400 and 3500 blocks of North Southport Avenue in Chicago. The company will demolish the existing buildings and construct approximately 20,000 square feet of one- or two-story retail space. The properties, which will be renamed The Southport Collection, were acquired for $6.6 million. Preferred development has announced plans to invest another $6.5 million in construction for the project.

June 27, 2008

Midwest Retail

JEWEL-OSCO TO CONSTRUCT 62,000-SQUARE-FOOT STORE WITHIN MARSHFIELD PLAZA

by admin June 27, 2008

CHICAGO — Jewel-Osco has acquired a 5.5-acre site within Marshfield Plaza to construct a 62,000-square-foot grocery store located at West 119th Street and South Marshfield Avenue in south Chicago. The 450,000-square-foot Marshfield Plaza retail center is being developed in two phases. Phase I, which is expected to open in October, is anchored by a 127,000-square-foot Target. Anchor tenants for Phase II, which is slated for completion in the first quarter of 2009, include Jewel-Osco, Petco, Staples and Marshalls. Additionally, the project features seven outlots and two multi-tenant buildings. Oakbrook Terrace, Ill.-based Mid-America Asset Management is the exclusive representative for Marshfield Plaza.

June 27, 2008

Northeast Retail

GARDEN STREET PLAZA COMPLETE

by admin June 26, 2008

CARLSTADT, N.J. — Garden Street Plaza, a 17,000-square-foot neighborhood retail center located at the corner of Paterson Avenue and Garden Street in Carlstadt, has been completed. Developed by Clifton, N.J.-based ARC Properties, the center already has less than 4,000 square feet of space remaining. Tenants at the center include Edible Arrangements, Planet Wings, Tropical Tanning, Philly Pretzels, Carlstadt Pizza, Dollar Wave, Eddie’s Dry Cleaners, Carlstadt Bagels and Sim Nim Nails. The Goldstein Group is providing leasing services for the property.

June 26, 2008

Retail Western

TIC SELLS 106,200-SQUARE-FOOT RETAIL CENTER

by admin June 26, 2008

PUEBLO, COLO. — Grubb & Ellis Realty Investors LLC, on behalf of tenant-in-common investors (TIC), has completed the disposition of Pueblo Shopping Center in Pueblo. Raymond Plaza LLC acquired the property for an undisclosed price. Located at 102-240 29th St., the 106,200-square-foot center is anchored by King Soopers, a regional grocery store operated by Kroger Co. This transaction is the 54th securitized 1031 TIC exchange program taken full-cycle by Grubb & Ellis Realty Investors. Riki Hashimoto of Grubb & Ellis Company and John Rance of Rance Commercial brokered the transaction.

June 26, 2008

Retail Southeast

TIAA-CREF TO CONSTRUCT 643,692-SQUARE-FOOT OPEN-AIR RETAIL DEVELOPMENT

by admin June 25, 2008

MIAMI — TIAA-CREF is developing Kendall Town & Country Center, a 643,692-square-foot retail development located at 8505 Mills Dr. in Miami. Construction of the open-air center, which sits on a 72-acre, 5-pad site, is scheduled to begin this summer, with completion slated for summer 2009. Kendall Town & Country Center will feature a 289,580-square-foot open-air lifestyle center, as well as a 465,026-square-foot town center featuring entertainment, restaurants and specialty retail stores. Mike Longmore, Sig Arnesen, Chris Rehmet, Karen Sanzo and Cindy Stasie of Jones Lang LaSalle’s open-air retail team will be in charge of leasing the facility.

June 25, 2008

Midwest Retail

HUBBELL REALTY CO. BREAKS GROUND FOR RETAIL CENTER WITHIN GREENWAY CROSSING

by admin June 25, 2008

WEST DES MOINES, IOWA — Hubbell Realty Co. has broken ground for construction of a retail center within the company’s GreenWay Crossing community in West Des Moines. The center, which is located at 88th Street, is 100 percent leased. Additional construction for the community includes another retail building, LEED-certified office space and additional homes. A 6,406-square-foot 7 Flags X-Press health and fitness club, which is slated for completion this fall, will anchor the new development. The 24-hour workout facility will be the first fitness center in Iowa to emphasize exercise gaming. Members can compete with other people around the country using exercise video games including Dance Dance Revolution, a video kickboxing game and a video bicycling game.

June 25, 2008

Northeast Retail

PREIT SECURES $65 MILLION IN SHOPPING CENTER FINANCING

by admin June 25, 2008

NEWARK, DEL., AND WARRINGTON, PA. — Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) has completed a total of $65 million in financing for two retail centers in Delaware and Pennsylvania. In Newark, PREIT completed a $45 million loan for Christiana Center, a 300,000-square-foot power center developed by the company in 1998. The center is fully occupied by a tenant roster that includes Costco, Dick’s Sporting Goods, Circuit City and Michael’s. The loan, provided by Citizens Bank of Pennsylvania, carries a 3-year term with two 1-year extension options and a 5.86 percent fixed interest rate for the initial term of the loan. In Warrington, PREIT completed $20 million in financing for Creekview Center, a 425,000-square-foot shopping center developed by the company in 2001. Tenants at the fully occupied property include Lowe’s Home Improvement Warehouse, Target and Genuardi’s. The loan, which was provided by Wilmington Trust of Pennsylvania, carries a 2-year term with three 1-year extension options and a 5.56 percent fixed interest rate.

June 25, 2008

Northeast Retail

ACELLA COMPLETES SHELL OF WESTERLY CROSSING

by admin June 25, 2008

WESTERLY, R.I. — Acella Construction Corp. has completed shell construction of Westerly Crossing, a 28,000-square-foot retail center located in Westerly. Current plans call for five tenants, including an Olympia Sports. Westerly Crossing is owned by Johnston, R.I.-based Carpionato Properties. Design services were provided by RGB Architecture.

June 25, 2008

Retail Southeast

WELLS FARGO PROVIDES $73.6 MILLION IN LOANS FOR FOUR SOUTHEAST PROPERTIES

by admin June 24, 2008

BOCA RATON, FLA.; DENHAM SPRINGS, LA.; AND ATLANTA — Wells Fargo has provided $73.6 million in non-recourse financing for four properties in Florida, Louisiana and Georgia. In Boca Raton, Wells Fargo has provided a $44.5 million, 5-year loan for Mission Bay Plaza, a 272,886-square-foot retail center located at the intersection of Glades Road and U.S. 441/State Road 7. The center houses 49 tenants including LA Fitness, Toys “R” Us, Albertsons and Office Max. Michael Strober of CB Richard Ellis Melody in Tampa, Fla., was the mortgage broker for the transaction. Also in Boca, Wells Fargo has provided $8.2 million in financing for South Congress Warehouses, a 50-tenant property totaling 118,800 square feet of industrial space within the 850-acre Arvida Park of Commerce. Fred Welker in the Miami office of Holliday Fenoglio Fowler brokered the transaction. Additionally, $11.9 million in financing was provided by Wells Fargo for Spring Park Plaza, an anchored retail center in Denham Springs. Tenants within the 137,574-square-foot development include Petco, Office Depot, Wells Fargo, Rite Aid Corporation and Radio Shack. Neil Efron of BankAtlantic in Fort Lauderdale brokered the five-year loan. In Atlanta, a 10-year, $9 million loan was provided by Wells Fargo for the unanchored retail …

June 24, 2008

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