NEW YORK CITY — Rhodes NY and Vista Realty Partners are set to construct a 14,000-square-foot retail center in Brooklyn, New York City. Located at 3063 Cropsey Ave., the one-story facility will accommodate four retailers of 3,000 square feet each. The center is scheduled to be complete in June 2008.
SPRING HILL, FLA. — St. Petersburg, Fla.-based Goodwill Industries Suncoast has developed a 25,872-square-foot Goodwill Superstore in Spring Hill, located at the intersection of Highway 19 and Berkeley Manor Boulevard, as part of its $21 million expansion plan. The project is the first of three new locations, and it began construction last May and will open this month. The remaining stores are expected to deliver in 2009. The Sembler Company, St. Petersburg will manage the development of the superstores. Tampa, Fla.-based Lyman Davidson Dooley designed the project, and Tarpon Springs, Fla.-based Hawkins Construction Co. is the general contractor.
DECATUR, ILL. — Inland Real Estate Sales has brokered the sale of a 13,500-square-foot retail center located at 1201 Wood St. in Decatur. The building formerly housed a Walgreens. The buyer plans to open a neighborhood grocery store in the location. Rich Artman of Inland’s Yorkville, Ill., office represented the seller, a REIT. The acquisition price was undisclosed.
READING, MASS., AND WARWICK, R.I. — Linear Retail Properties has purchased a 20,110-square-foot retail center in Reading and a 10,600-square-foot retail property in Warwick. Located at 345 Main St., the Reading center was purchased for $3.85 million. Frank Normandin of Summit Realty Partners brokered the transaction, and Colliers Meredith & Grew are set to provide property management services. The Warwick center, located at 1138 Post Rd., is a two-tenant facility leased to Aaron’s Rentals and Lemongrass. Harold Lavine of Bessette Realty brokered the $1.63 million transaction. Keypoint Partners has been selected to manage the facility.
SAN DIEGO — Guilford H. Whitney Trust has acquired Sorrento Plaza Retail Center, a 39,204-square-foot shopping center located at 9245 Scranton Rd. in San Diego, for $7.1 million. Located within Sorrento Plaza South office complex, the property is occupied by Croutons, Subway, Rubio’s Baja Grill and Skewers. The real estate trust department of Wells Fargo Bank, N.A., facilitated the transaction. Jeff Abramson, Tim Winslow and Mark Randall of Grubb & Ellis|BRE Commercial represented the buyer; CB Richard Ellis represented the seller, Sorrento Parcels LLC, in the transaction.
CHICAGO — Chicago-based PEAK Development has acquired Clybourn Retail Center, located at 2220-2226 N. Clybourn Ave. in Chicago. The property consists of three connected, but independent parcels totaling 6,000 square feet. 2220 and 2224 North Clybourn are currently occupied by Chicago Import Service. The seller, as well as the sale price, was undisclosed.
SEA GRIT, N.J. — Gottesman Real Estate has purchased Old Mill Plaza in Sea Grit from Sitt Asset Management for an undisclosed price. The 52,000-sqaure-foot center, which is located at 2100 Highway 35, features a stand-alone office building and retail space. Tenants include Century 21 Real Estate, Weight Watchers, Wings Gym, Quickie Print and Old Mill Travel. Gottesman is planning to implement a capital improvement plan for the center, which was 77 percent occupied at the time of the sale. Bill Lenaz of R.J. Brunelli & Co. and Greg Nowell and Chris Santoro of Sitar Co. represented the seller in the transaction. CB Richard Ellis will manage the property.
DENVER — Denver-based BZ Investments has acquired Cherry Creek Square, a 35,384-square-foot retail space located at 3000 E. Third Ave. within Cherry Creek North in Denver. Next Realty sold the property for $18 million or more than $500 per square foot. Current tenants include Cherry Creek Dance, Lulu Lemon and Oilily. Dan Grooters, Riki Hashimoto and Steve Suechting of Grubb & Ellis represented the seller in the transaction.
BURLESON, TEXAS — Burleson Partners has announced the Premiere Cinemas Corp. will open a 42,000-square-foot anchor cinema at its Burleson Commons property located at State Highway 174/Wilshire Boulevard and FM 731 in Burleson. Premiere Cinemas 12 will open the new location this summer at the 37-acre retail center, which was completed in February. The theater will feature stadium seating for 1,400 patrons.
NORCO, CALIF. — Sero Properties LP has purchased Hidden Valley Village, a shopping center located at 1101-1161 Hidden Valley Pkwy. in Norco, for a consideration in excess of $8 million. Anchored by a freestanding CVS/pharmacy, the 32,296-square-foot retail center also has a 13-tenant satellite building. At the time of acquisition, the property was 85 percent occupied. Tanel Harunzade, Brian Jensen and Kevin Byer of Charles Dunn Company, a partner of GVA Worldwide, represented the buyer and the seller, Sena Properties LLC, in the transaction.
