ROSEMEAD, CALIF. — Richard Longobardo of Marcus & Millichap’s Ontario, Calif., office represented the seller in the disposition of an 8,000-square-foot retail center in Rosemead. An undisclosed buyer acquired the property for $1.4 million or $175 per square foot. Located at 1600 N. Potrero Grande, the property is a sale/lease-back offering and has had a successful owner/user in occupancy since 1995.
CINCINNATI — Jacksonville, Fla.-based Regency Centers has acquired two shopping centers located at the intersection of Kenwood and Montgomery roads in Cincinnati. Sycamore Plaza is a 355,070-square-foot, three-story property, and is occupied by Barnes & Noble, Macy’s Furniture, Old Navy, Dick’s Sporting Goods, Linens ‘N Things, Staples and Jared Jewelers. Sycamore Crossing is a three-building, 35,144-square-foot property, and is occupied by Fresh Market, Starbucks Coffee, Verizon, FedEx and Sprint. The acquisition price was undisclosed.
PERKINS TOWNSHIP, OHIO — Hoty Builders, an affiliate of Hoty Enterprises, has completed construction of Commerce Plaza, a 10,200-square-foot shopping center located on U.S. Highway 250 in Perkins Township. The center is anchored by Plato’s Closet, which opened in March. Hoty also recently completed the interior build-out for another tenant, AAA, which has also opened.
FORT WAYNE, IND. — CB Richard Ellis | Sturges has announced that Family Dollar will be opening a new location at Casselwood Shopping Center, located at the corner of Hessen Cassel and Paulding roads in Fort Wayne. Family Dollar is the second tenant to open at the recently renovated property.
NEWARK, N.J. — Urstadt Biddle Properties has acquired a 60 percent interest in a new limited partnership that purchased Ferry Plaza Shopping Center in Newark. The 100,491-square-foot retail center is anchored by a 63,433-square-foot Pathmark Supermarket and includes tenants such as Blockbuster Video, GNC, Carvel and Subway.
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.