Retail

RETAIL PROPERTY SELLS FOR $4 MILLION

by admin June 20, 2008

CHANDLER, ARIZ. — Montana-based Highland Properties 2308 LLC has purchased an office/retail property, which is located at 8 S. San Marcos Pl. in historic downtown Chandler, for $4.03 million. Constructed in 1954, the 12,776-square-foot property is fully occupied with San Tan Brewery as the major tenant. Brian Ackerman and Karsten Peterson of Cushman & Wakefield of Arizona Inc. represented the seller, Chandler-based Desert Viking Properties LLC, in the transaction; Steve Julius, Eric Wolfe and Jesse Goldsmith of Marcus & Millichap’s Phoenix office represented the buyer.

June 20, 2008

LOWES BREAKS GROUND ON STORE IN GREAT LAKES CORNER DEVELOPMENT

by admin June 19, 2008

AUBURN HILLS, MICH. — Lowes Home Improvement Warehouse has broken ground on a 175,000-square-foot store within Silverman Development Co.’s Great Lakes Corner development in Auburn Hills. Representing an $18.5 million investment, the new Lowes is located at the southwest corner of Joslyn Road and Interstate 75, adjacent to the Great Lakes Crossing Mall. The facility, which is slated for completion in late 2009, will bring approximately 175 jobs to the community.

June 19, 2008

Retail Western

FOUR-TENANT RETAIL CENTER SELLS FOR $6.9 MILLION

by admin June 19, 2008

LONE TREE, COLO. — Spring Valley—Campo Road LLC has acquired 9078 Westview Road in Lone Tree. The 13,825-square-foot retail center sold for $6.9 million or $499 per square foot. Current tenants include Casual Male, Kitchen Gallery, AT&T Wireless and Doctors Vision Works. Transmark Company brokered the transaction. The seller was not disclosed.

June 19, 2008

Retail Southeast

SIKON ADVANCES CONSTRUCTION ON TWO SUPERTARGET STORES

by admin June 18, 2008

DEERFIELD BEACH AND CORAL SPRINGS, FLA. — SIKON Construction Corp. is developing two new SuperTarget stores in Florida. In Deerfield Beach, a 186,212-square-foot store is located at Hillsboro Boulevard and Powerline Road; in Coral Springs, a 185,000-square-foot facility is located at U.S. 441 and Wiles Road. Both buildings were designed by Minneapolis-based RSP Architects.

June 18, 2008

Northeast Retail

STANBERY BREAKS GROUND FOR 120,000-SQUARE-FOOT LIFESTYLE CENTER

by admin June 18, 2008

GLOUCESTER TOWNSHIP, N.J. — Columbus, Ohio-based Stanbery Development has broken ground for the development of The Shoppes at Cross Keys, a 120,000-square-foot lifestyle center located in Gloucester Township. Situated on 24 acres at the interchange of Berlin-Cross Keys Road and the Atlantic City Expressway, the retail project is scheduled to open in spring 2009. Tenants already signed include Banana Republic, Ann Taylor Loft, Coldwater Creek, Chico’s, Jos. A. Bank. White House | Black Market, Select Comfort, Lane Bryant, T Mobile, New York & Co., Justice, Rack Room Shoes and Bensi Italian Grill.

June 18, 2008

Retail Western

25,000-SQUARE-FOOT RETAIL FACILITY COMPLETED

by admin June 18, 2008

FLAGSTAFF, ARIZ. — Wespac Construction Inc. recently completed the construction of The New Frontiers Natural Marketplace, a 25,000-square-foot retail facility in Flagstaff. The new store anchors Aspen Place at the Sawmill, a 38-acre mixed-use development located on the former Stone Forest Sawmill site. The organic grocery store features a myriad of conventional and not-so conventional sustainable building components, including natural daylighting, solar panels and recycled denim insulation. The Aspen Group is developing the project; Davis Architects is providing architectural services. Current retailers include Chico’s, Wildflower Bread Company, Pita Jungle and Coldwater Creek.

June 18, 2008

Midwest Retail

GRUBB & ELLIS|CRESSY & EVERETT ARRANGES LEASES TOTALING 80,890 SQUARE FEET

by admin June 17, 2008

MISHAWAKA, IND. — Grubb & Ellis|Cressy & Everett has leased 80,890 square feet of space within the Indian Ridge Plaza, which is located at 5802 Grape Rd. in Mishawaka, to h.h.gregg and Bed Bath & Beyond. Construction is underway on the 42,280-square-foot h.h.gregg, which is expected to open in July. Bed Bath & Beyond will relocate to its 38,610-square-foot facility in the first quarter of 2009. Kimco Realty, the landlord, was represented in both transactions by Tim Mehall, Matt Creviston and Mindy Risser of Grubb & Ellis|Cressy & Everett.

June 17, 2008

Retail Texas

MARCUS & MILLICHAP COMPLETES SHOPPING CENTER SALE

by admin June 17, 2008

CARROLLTON, TEXAS — Marcus & Millichap has completed the sale of Carrollton Shopping Center, a 14,950-square-foot retail property located at the corner of Old Denton Road and President George Bush Turnpike in Carrollton. The property is shadow-anchored by a Wal-Mart Supercenter. Gavin Kam and Brad Kam of the Dallas office of Marcus & Millichap represented the seller, a Michigan-based developer. The pair also procured the buyer, a Colorado-based development company. The acquisition price was not disclosed.

June 17, 2008

Retail Southeast

THE GOODMAN COMPANY OPENS 510,000-SQUARE-FOOT CENTER

by admin June 16, 2008

VIRGINIA BEACH, VA. — The Goodman Company has opened Landstown Commons, a 510,000-square-foot retail development located at Princess Anne and Dam Neck roads in Virginia Beach. Retailers at the center, which is 90 percent leased, include Kohl’s, Ross Dress For Less, Bed Bath & Beyond, PetsMart, Office Max and Best Buy. Approximately 38,000 square feet of office space has been constructed at the center, and is available for leasing.

June 16, 2008

Midwest Retail

MARCUS & MILLICHAP BROKERS $701,000 SALE OF FAMILY DOLLAR FACILITY

by admin June 16, 2008

BAINBRIDGE, OHIO — On behalf of a Bainbridge-based private investor, Marcus & Millichap has brokered the sale of a 9,100-square-foot Family Dollar in Bainbridge. The single-tenant retail facility was acquired by a New York-based investment group for $701,000 or $77 per square foot. Bill Settle, Stanton Falk and Joel Dumes of Marcus & Millichap’s Cincinnati office has represented the seller; the New York office of Marcus & Millichap has represented the buyer.

June 16, 2008

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