CAMBRIDGE, MINN., AND WAUKESHA, WIS. — Minneapolis-based The Opus Group is developing two new shopping centers in Minnesota and Wisconsin. Spirit River Crossings is a 250,000-square-foot power center located in Cambridge. Situated on 30 acres, it will be anchored by Kohl’s and Lowe’s Home Improvement Warehouse. The Shoppes at Fox River is a 500,000-square-foot power center located in Waukesha. The tenant roster will consist of national and regional tenants, including sporting goods, soft goods, small shops and restaurants.
ROCKWALL, TEXAS — Gensler has designed a Toyota dealership to achieve LEED Gold certification in Rockwall. The 11.25-acre dealership is located at 1250 I-30 East. Beck Construction was the general contractor for the 70,200-square-foot facility.
HENDERSON, NEV. — Taubman Centers Inc. has partnered with M Resort, Spa and Casino and MGM MIRAGE to develop a 1 million-square-foot retail component as part of the $1 billion M Resort, Spa and Casino development located at the intersection of Las Vegas Boulevard and St. Rose Parkway in Henderson. Owned and developed by Taubman, the retail portion will feature in-line shops, restaurants, theaters and fashion department stores. Construction is slated to start this year or next, with completion scheduled for late 2011 or early 2012.
BOYNTON BEACH, FLA. — Woolbright Development is building Valencia Square, a 155,000-square-foot shopping center in Boynton Beach, located at the northwest corner of Jog and Woolbright roads. The Mediterranean-style center began construction in April and is expected to deliver late this year. Tenants include Publix, DryClean USA, David & Co., Bagelsteins, Wachovia Bank and Fifth Third Bank. Boca Raton, Fla.-based Marc Wiener is the project architect, and the general contractor is Orlando, Fla.-based Keene Construction.
WINTER HAVEN, FLA. — A private party has purchased Winter Haven Citi Centre, a 16-acre, 185,705-square-foot retail center in Winter Haven, from a publicly traded institution, for $20 million. The center is located at 231 Citi Centre St., near Highway 17. Tenants include Macy’s, Belk, Staples, Crisper’s, Eye Doctor Optical, GNC, H &R Block and Pier 1 Imports. The property was 100 percent occupied at the time of sale. Lori Schneider of Marcus & Millichap’s Fort Lauderdale, Fla., office represented both the buyer and seller.
LAWRENCEVILLE, N.J. — Simon Property Group and Kravco Simon Co. are set to begin the expansion and renovation of Quaker Bridge Mall in Lawrenceville. Plans call for a lifestyle center component that will include restaurants and two new high-end retail anchors, Neiman Marcus and Nordstrom. Cooper Carry is designing the project. The 1.63 million-square-foot renovation and expansion is slated to begin this fall and is scheduled for completion in 2011.
CORPUS CHRISTI, TEXAS — Sperry Van Ness has closed the sale of a single-tenant, NNN-leased retail property in Corpus Christi. Santa Clarita, Calif.-based NORSAN LLC purchased the space, which is fully occupied by Gold’s Gym, from Irving, Texas-based TRT Holdings for $8.3 million. Polly Johnson of Sperry Van Ness represented the buyer, which participated in a 1031 exchange. Ryan Carter and Tim Schenk of Stan Johnson Co. represented the seller. The retail property, which was built in 2007, spans 47,395 square feet and sits on 4.7 acres of land.
SANTA MONICA, CALIF. — Blair Chang of Prudential California Realty represented the undisclosed buyer in the acquisition of a two-building retail property, which is located at 2116 Main St. in Santa Monica. The 4,777-square-foot property sold for $3.85 million or $806 per square foot. At the time of acquisition, the property was 100 percent occupied by two tenants: Art Luna Salon and Santa Monica Kennels. Polly Johnson of Sperry Van Ness’ Los Angeles office represented the seller, Santa Clarita, Calif.-based NORSAN LLC, in the transaction.
TUXEDO, N.Y. — Ron Mahr of Weichert Commercial Brokerage has completed the $1.8 million sale of the former Duck Cedar Inn banquet facility and inn in Tuxedo. The 25,300-square-foot building is situated on 9 acres on Route 17. The buyer, James Lantini, plans to renovate the facility into a new 15,000-square-foot retail center and move his electronics business into 10,000 square feet in the rear of the building. The new retail center, which is slated for completion September 2008, will feature units ranging from 750 to 7,200 square feet. Mahr represented the undisclosed seller in the transaction and was also retained by the buyer to market the new facility.
CHULA VISTA, CALIF. — Capmark Finance Inc. has originated $55 million in interim financing for Village Walk at Eastlake in Chula Vista. Situated on a 13.24-acre site at the corner of Otay Lakes Road and Eastlake Parkway, the 157,710-square-foot retail center is anchored by Trader Joe’s, Borders Books & Music, Pier 1 Imports, Petco and Henry’s Market. Michael Dobbins of Capmark Finance’s San Diego office arranged the financing for the borrower, VWE LLC.