EL CAJON, CALIF. — NewMark Merrill Cos. has acquired Town & Country Center, a 52,990-square-foot shopping center located at the corner of N. Second St. and Madison Ave. in El Cajon. The company purchased the property for just under $11 million. At the time of acquisition, the center was 90 percent occupied by a variety of tenants, including Rite Aid, Baskin Robbins and Everything $5.99. NewMark has an extensive renovation planned for the development. Peter Bethea of Cushman & Wakefield represented the seller in the transaction. Financing was provided by Wells Fargo Merchant Bank.
Retail
HONOLULU — The two-level retail expansion has opened at Ala Moana Center, a shopping center located at 1450 Ala Moana Blvd. in Honolulu. The expansion offers more than 300,000 square feet of retail space, including Hawaii’s first full-line Nordstrom and 17 new tenants. New tenants include J. Crew-on-the-Island, Design Within Reach, Vera Bradley, Chico’s, Bare Escentuals and Blue Hawaii Lifestyle. The expansion grand opening coincides with the mall’s spring fashion show, which will feature spring trends and styles.
UPLAND, CALIF. — Two anchor tenants have recently opened at NewMark Merrill Cos.’s Upland Town Square, a 105,000-square-foot shopping center located at the intersection of Foothill Boulevard and San Antonio Avenue in Upland. The new tenants include a 24,400-square-foot OfficeMax featuring a new multi-purpose store layout and one of California’s first Fresh & Easy, a 14,241-square-foot grocery store. After purchasing the property in 2005, the company launched a $3.5 million remodel and re-tenanting project to transform the 1970s center into a contemporary shopping destination.
CHAMPIONSGATE, FLA. — N.Y.-based Apollo Real Estate Advisors and Houston-based RIDA Development Corp. are developing a $69 million retail, office and multifamily expansion in the downtown district of ChampionsGate, an 1,800-acre resort-style community. The project will consists of 100,000 square feet of retail and office space and 180 luxury apartments. The lifestyle center will be designed by Atlanta-based Dougherty Design, and The Reserve at ChampionsGate will be designed by Orlando, Fla.-based L2 Studios. Construction is slated to begin in May.
RICHMOND, VA. — Chicago-based The Bond Cos. has acquired Beaufont Center, a 314,898-square-foot shopping center in Richmond, from GSC/Jon Perel, for $17 million. The center is situated on 47 acres at the intersection of Midlothian Turnpike and Chippenham Parkway. The property is anchored by a 169,876-square-foot space, occupied by a division of UPS. Plans for redevelopment are undetermined. Mike Dillon of Marcus & Millichap’s Chicago office, Michael Early of its Williamsburg, Va., office and Matthew Greenspon of its Charlotte, N.C., office were the sole brokers in the transaction.
TOPEKA, KAN. — The Irvine, Calif., office of Sperry Van Ness (SVN) has completed the sale of a 45,000-square-foot, single-tenant retail property, located at 5900 SW Huntoon St. in Topeka, for $6.83 million. The building is situated on 3.5 acres of land and is occupied by Dick’s Sporting Goods. Jereme Snyder, Geoff Tranchina and Scott Tiano of SVN represented the seller, a private Las Vegas-based investor. The buyer, which was also undisclosed, was represented by Larry DeSantis, also of SVN.
SOMERVILLE, MASS. — Shawn Herlihy and Christine Morrell of Goedecke & Co.’s Boston office have secured $10 million in permanent financing for One Davis Square in Somerville. The 48,799-square-foot retail/office property features a new CVS/pharmacy on the first level and a new Boston Sports Club on the second level. The facility also includes 12,000 square feet of office space. The loan was funded for the borrower, Krisco Development, by Genworth Life Insurance.
CARLSBAD, CALIF. — Irvine, Calif.-based Faris Lee Investments has arranged the sale of a major portion of The Island @ Carlsbad, located at 5814 Van Allen Way in Carlsbad, for $23.6 million or $590 per square foot. The two-story retail center is located within Carlsbad Research Center, a master-planned office and R&D development totaling approximately 15 million square feet on 560 acres. The portion of the center sold in the transaction comprises 39,982 square feet, and includes tenants such as Carl’s Jr., U.S. Healthworks, TD Waterhouse, First Future Credit Union, Randstad U.S. and The Islands Oasis Food Court. Dennis Vaccaro of Faris Lee represented the seller, Orange County, Calif.-based Island Property Partners LLC, et al. The property was acquired by Los Angeles-based Sero Properties in a 1031 exchange. In January, Faris Lee completed the $5.3 million sale of two buildings in the retail center, which were the only two not included in the present transaction. The buildings are occupied by U.S. Bank and 7-Eleven, and total 7,276 square feet.
GOOSE CREEK, S.C. — Charlotte, N.C.-based Lincoln Harris, an affiliate of Lincoln Property Company, has acquired 16 acres in Goose Creek, from Charleston, S.C.-based The Daniel Island Company, for Phase 1 of The Market at Carnes Crossroads. The initial $25 million, 150,000-square-foot phase will feature a 48,756-square-foot Harris Teeter grocery store, 60,000 square feet of specialty shops and restaurants, 25,000 square feet of office space and multiple outparcel tenants. The retail-oriented center will be built within Carnes Crossroads, a 2,400-acre master-planned residential community developed by The Daniel Island Company. Erin England of Colliers Keenan’s Charleston office represented the buyer in the land transaction, and the seller was represented by Eric Meyer of Charleston-based Meyer Kapp.
CAPE COD AND BROCKTON, MASS. — Jonathan Aron of NAI Hunneman has brokered the $9.2 million sale of three freestanding CVS Pharmacy locations in Cape Cod and Brockton. In Cape Cod, Liberty Properties purchased two facilities located at 1030 Putman Ave. in Marstons Mills and 176 N. St. in Hyannis. In Brockton, Main Street Brockton, LLC. acquired a facility located at 1933 Main St. Aron represented the seller, an entity affiliated with Coffman Realty, and procured the buyers in both transactions.