PUYALLUP, WASH. — Beverly Hills, Calif.-based Barclay’s Realty & Management Co. has acquired two retail centers for $8.17 million. Located along Highway 161 in Puyallup, the centers, which totals 15,257 square feet, are currently leased to tenants such as Forza Coffee, Popeye’s, Go Wireless, FedEx Kinko’s and Payless Shoe Source. The Seattle-based Colliers Retail Investment Team, headed by Paul Sleeth, represented the buyer and the seller, South Puyallup Retail Investments LLC, in the transaction.
VENICE BEACH, CALIF. — Combined Properties Inc. is renovating and redeveloping Lincoln & Rose Shopping Center in Venice Beach. Located on Lincoln Boulevard at Rose Avenue, the 75,500-square-foot property will be anchored by a 48,500-square-foot Whole Foods Market, which is pursuing the Silver Level of LEED Certification. Renovations to the center include a new storm water management system with a bio swale, more than 65 new trees intended to increase the shade cover, and new and expanded sidewalks that are planned to improve walkability and access. Completion is slated for the end of the year. Studio 111 at Perkowitz+Ruth Architects is providing architectural services for the project.
MOUNT VERNON, OHIO — Columbus, Ohio-based Glimcher Realty Trust has sold Knox Village Square, a 207,409-square-foot retail center located in Mount Vernon, for $9.5 million. The community shopping center is anchored by JC Penney, Kmart and Peebles. Glimcher sold the property to WP Realty, and will use the proceeds of the sale to pay down the company’s short-term borrowings.
SECAUCUS, N.J. — Hartz Mountain Industries is currently redeveloping the Mill Creek Mall in Harmon Meadow in Secaucus. Located just off Route 3, the newly redeveloped mall will include a 28,000-square-foot TJ Maxx and a 70,000-square-foot Toys ‘R’ Us & Babies ‘R’ Us. The facility is slated for completion fall 2008.
BROOMFIELD, COLO. — Drake Real Estate Services has developed Broomfield Corners, a five-acre retail center in Broomfield. Slated to open this fall, the center will feature fast-food and fast-casual restaurants, including Carl’s Jr., Noodle & Company, del Taco and Qdoba Mexican Grill. Other tenants include Chase Bank, NextCare, Game Stop and Sprint. Additionally the project will include public art and sculptures along the pedestrian walkway. MCG Architecture provided architectural services for the project.
D’IBERVILLE, MISS. — Chattanooga, Tenn.-based CBL & Associates, in conjunction with joint venture partner Forum Development Group, is building The Promenade, a 72-acre, 700,000-square-foot power center in D’Iberville, located at the northwest corner of interstates 10 and 110. The center will feature 11 anchors and more than 80,000 square feet of specialty shops and restaurants. CBL is the majority partner responsible for development, leasing and management. Construction will begin this month, and the center will open next fall. The project will benefit from tax exempt funding via GO ZONE legislation, which is designed to encourage development in hurricane-impacted areas. Chattanooga-based EMJ Corporation is the general contractor, and the project architect is Atlanta-based Phillips Partnership. Tenants have committed to occupy more than 365,000 square feet.
ROUND ROCK, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.37 million fixed-rate loan for the acquisition of the Center at Cat Hollow. The 10,869-square-foot retail center is located at 16420 N. FM 620 in Round Rock. A pad site also was included in the sale.
CHINO HILLS, CALIF. — Los Angeles-based Grand Gateway I, II and III LLC has purchased Gateway Village, a 96,959-square-foot shopping center located at 3560-3670 Grand Ave. in Chino Hills. Newport Beach, Calif.-based Gateway Village I, II and III LP sold the property for $47.2 million or $487 per square foot. The eight-building property was 100 percent occupied at the time of acquisition. Current tenants include Henry’s Market (Wild Oats Market Inc.), Baja Fresh, Bank of America, Chevron, Coffee Bean & Tea Leaf, Chick-fil-A and Chili’s. Edward Hanley of Hanley Investment Group Real Estate Advisors represented both parties in the transaction.
CHARLOTTE, N.C. — Crosland is building Blakeney Crossing, a $26 million, 87,000-square-foot retail center in Charlotte, located opposite the Target-anchored Blakeney shopping center at the corner of Ardrey Kell and Rea roads. The project will be anchored by a 30,000-square-foot Best Buy and PetSmart, both of which will open in the fourth quarter. Additional tenants include Just Fresh, a restaurant that will open a 4,000-square-foot location; the Winestore, which will open a 1,390-square-foot location; Asian Fusion, which will open a 2,500-square-foot location late this year; Salsarita’s Fresh Cantina, which will open a 2,382 square-foot restaurant; and Omaha Steaks, which will open a 1,320-square-foot store. Blakeney is a 270-acre multi-use development, located 2 miles outside of Interstate 485.
ATLANTA — Manhattan Peachtree Properties has acquired Paces Ferry Center, a 20,930-square-foot infill strip center in Atlanta, from Paces Properties, for $8.4 million. Tenants include Willy’s Mexicana Restaurant, Hair Cuttery, Planet Smoothie, Einstein Bros. Bagels, Wolf Camera and FedEx Kinko's. Jim Hamilton, Whitney Knoll and Kevin Hurley of Staubach’s Atlanta office were the sole brokers in the transaction and exclusively represented the seller.