OVIEDO, FLA. — Tarrytown, N.Y.-based Juster Development Co. has acquired Tuscawilla Bend Shopping Center, a 83,777-square-foot center in Oviedo, from Jacksonville Beach, Fla.-based Case Pomeroy, for $12 million. The shopping center is located at 2010 Winter Springs Blvd. and is anchored by Publix. Karl Johnston of Cushman &Wakefield’s Jacksonville, Fla., office was the sole broker in the transaction and exclusively represented the seller.
Retail
CHICAGO — Newcastle has acquired a 17,514-square-foot retail building, which is located at 801 West Diversey in Chicago’s Lincoln Park neighborhood, for $10 million. The single-story structure is 81 percent leased to a tenant roster that includes Dunkin Donuts, Back to Bed and Performance Bicycle Shop. It also includes 32 parking spaces. David Stone of Stone Real Estate represented Newcastle, as well as the undisclosed seller.
CANTON, MICH. — Birmingham, Mich.-based Broder & Sachse Real Estate Services will open a 19,000-square-foot Aldi grocery store this month in Canton Shopping Center, located at the intersection of Ford and Lilly roads in Canton. Broder & Sachse, which is the center’s owner and property manager, is also planning a multi-million dollar renovation of the center to correspond with the opening. Renovations, which will begin this spring, will include a new faade and streetscape. Additional tenants in Canton Shopping Center include bd’s Mongolian Barbecue, Chuck E. Cheese Pizza and Play It Again Sports.
BEAUMONT, TEXAS — Holliday Fenoglio Fowler’s (HFF) Houston office has arranged $6.5 million in 5-year, fixed-rate financing for the acquisition of a shopping center located at 4410 Dowlen Rd. in Beaumont. California-based Wu Investments acquired the property from an undisclosed seller. Crossroads Shopping Center is a five-building, 80,440-square-foot retail center that was fully leased at the time of sale. Tenants at the property include Stein Mart, Sprint and Morgan Stanley. Tucker Knight and Steven Gautier of HFF’s Houston office represented the buyer in the transaction, securing the loan through Mercantile Commercebank.
ANNAPOLIS AND OCEAN CITY, MD.; GAINESVILLE, VA. — Bed Bath & Beyond will open three stores in Annapolis, Ocean City and Gainesville this year. A superstore location will open this fall at Parole Towne Plaza in Annapolis, featuring 42,446 square feet. The center is anchored by Whole Foods Market and Target. Also, a location will open this spring at White Marlin Mall in Ocean City, featuring 23,404 square feet. The mall is anchored by Marshalls, Michaels, Staples and Petco. Both retail centers are owned and managed by Owning Mills, Md.-based Greenberg-Gibbons. In Gainesville, a 30,000-square-foot store will open will open this summer at the Shoppes at Stonewall, a 250,000-square-foot retail center being developed by Regency Centers. Anchor tenants include Wegman’s, Michaels and Staples. Construction on the shopping center began last fall and will complete this summer. Bed Bath & Beyond was represented by Les Sax and Dennis Bodley of Bethesda, Md.-based Sax Realty in all three transactions.
TROY, MO. — Swansea, Ill.-based Holland Construction Services, as general contractor for developer Turnbull Properties, has completed a $2.3 million Walgreens at the intersection of Highway 47 and Lincoln Drive in Troy. The freestanding, 14,500-square-foot building marks the first Walgreens developed in the community. The Lawrence Group of St. Louis served as the architect for the project. Holland has completed the construction of a number of Walgreens projects in the greater St. Louis area.
CLIFTON, N.J. — ARC Properties has sold 26 retail properties that were held in ARC Corporate Realty Trust for $212 million. The properties were located in 10 states and included retailers such as Walgreen’s, Barnes & Noble, Bed Bath & Beyond, AT&T, CaraMont Health Systems, OfficeMax and United Technologies. ARC plans to pursue acquisitions and development in the New York to Washington, D.C. corridor with a focus on New Jersey.
NEW YORK CITY — Naomi Shu of Marcus & Millichap has completed the $6.4 million sale of a 13,515-square-foot retail property in Queens, New York City. The six-story property is situated on a 6,947-square-foot lot in Queen’s Elmhurst neighborhood between Roosevelt Avenue and 40th Road. Shu represented the seller, Slope Realty Co., and the buyer, 53-55 Hester LLC, in the 1031 exchange transaction.
DENTON, TEXAS — Marcus & Millichap Real Estate Investment Services has completed the sale of Denton Square, a 125,225-square-foot shopping center situated on 10 acres in Denton. 717 Stemmons Partners LP purchased the property, which is located at 717 Stemmons Fwy,, from Commercial Property Services LLC for an undisclosed amount. The center is anchored by Brookshire’s, Powerhouse Gym and Applebee’s, and also includes Blockbuster Entertainment, Subway, Little Caesar’s, Pro Cuts, Golden China and Nail Attraction among its tenants. Tim Speck of Marcus & Millichap’s Dallas office and Alvin Mansour and Philip Sambazis of Marcus & Millichap’s San Diego office represented the seller in the transaction. The company also represented the buyer.
GREENVILLE, S.C. — The Shops of Greenridge is adding three retailers to its lineup. J. Jill will open a 3,399-square-foot store in June, White House | Black Market will relocate from its current location to an expanded 3,501-square-foot store in May and Diamond’s Choice will open a 2,234-square-foot store in September. The Shops of Greenridge is a $64 million retail center developed by Charlotte, N.C.-based Crosland. Anchor tenants include Lowe’s Home Improvement Warehouse, Marshalls, PetSmart and Dick’s Sporting Goods.