MAGNOLIA, TEXAS — Target has signed on to anchor Westwood Village, a 308,542-square-foot shopping center being developed by Regency Centers in Magnolia. The retailer will open a 126,874-square-foot store. Ross Dress For Less, Gold’s Gym, PetSmart and Famous Footwear also have signed leases at the center. Chili’s Grill and Chik-fil-A have leased retail space on the out parcels. The property, which is located at FM 2978 and FM 1488, is scheduled to open in July.
BURBANK, CALIF. — Los Angeles-based AMC Associates LLC has acquired a 66,070-square-foot retail center, which is located at 2500-2600 W. Victory Blvd. in Burbank, for $28.75 million. The two-tenant property is triple-net leased to a 49,695-square-foot Ralph’s and a 16,375-square-foot CVS/pharmacy. Steve Dietrich of Financial Research Group, Terry Marks of National Net Lease Realty and Clifford Letovsky of Letovsky Real Estate Corp. represented the buyer; Shaun Riley and Richard Walter of Irvine, Calif.-based Faris Lee Investments represented the seller, Scottsdale, Ariz.-based Univest Development Group, in the transaction.
LAS VEGAS — Timberwolf Investments is developing Tiamo Square, a retail center located on the northeast corner of Jones Boulevard and Springs Road in Las Vegas. The project will consist of a 21,000-square-foot building, which will accommodate up to 16 tenants, and a 2,000-square-foot, freestanding structure offering a drive-thru window. Additionally, the site has a pad for a future 2,000-square-foot retail building. Las Vegas-based JVC Architects is providing architectural and design serves for the project. Construction is slated to begin in July, with completion scheduled for the end of the year.
COUNCIL BLUFFS, IOWA — Omaha, Neb.-based Darland Construction Co. has been selected to build an 80,000-square-foot Shopko within the Marketplace in Council Bluffs shopping center, located in Council Bluffs. Shopko will be implementing its new prototype design. The store is scheduled to open in March 2009, and will co-anchor the shopping center with JC Penney. Darland already managed site improvement for the 50-acre shopping center, and is building an additional 120,000 square feet of inline retail shops on the property. Later this year, Darland will begin construction of an additional 30,000 square feet of space. Marketplace in Council Bluffs is being developed by Omaha-based Magnum Development.
DOWNERS GROVE, ILL. — Chicago-based NAI Hiffman has brokered the sale of Main Street Station Crossing, an 11,456-square-foot retail center located at 980 Warren Ave. in Downers Grove, for $3.5 million. The multi-tenant property is anchored by Al’s #1 Italian Beef. Chad Firsel of NAI Hiffman represented the seller, a Chicago-based developer. The property was acquired by a Chicago-based private investor.
PITTSBURGH — CBL & Associates Properties and Faison Enterprises have broken ground on a 600,000-square-foot open-air lifestyle center in Pittsburgh. Settlers Ridge, located in Robinson Township, will feature a Giant Eagle Market District supermarket, a 16-screen Cinemark theatre, an LA Fitness and REI. The center will also feature approximately 150,000 square feet of specialty stores including a national bookstore, apparel stores and restaurants. Project partners include Cleveland-based architect ka and Chattanooga, Tenn.-based general contractor EMJ Corp. Completion is slated for summer 2009.
OLD BRIDGE, N.J. — New York-based The Lighthouse Group has started on a multi-million dollar renovation on Browntown Shopping Center in Old Bridge. Located on Route 516, the renovation will include a building facelift, interior and exterior improvements, and lighting, parking and landscape upgrades. New York Sports Club, Drug Fair and Wendy’s currently anchor the property.
SPRING, TEXAS — Greg Young and Cutt Ableson of Live Oak Capital have arranged $4.7 million in acquisition fixed financing for a 35,321-square-foot retail property in Spring. Located at 6370 Louetta, the property features Pure Fitness as the anchor tenant. Additional retailers include Perfect Tan, Champions Hair and Serenity Day Spa. The center was completed in March 2007. ViewPoint Bank in Houston structured the loan.
THE WOODLAND, TEXAS — Drew Morris of Studley’s Houston office has negotiated the purchase of a two-story building in The Woodlands. Lighting Inc. will occupy 14,000 square feet of retail space in the facility, which is located at 255 Ed English Lane. Lighting Inc. purchased the building from K&B of Walden LLC.
CONCORD, N.C. — Orlando, Fla.-based Cuhaci & Peterson is designing a 62,000-square-foot addition at Christenbury Corners in Concord. The project is being developed by Safety Harbor, Fla.-based Paradise Development and includes a 38,000-square-foot Bloom grocery store and 24,000 square feet of retail shops.