OSCEOLA, FLA. — Lowe’s Home Improvement Warehouse has opened an $18.5 million, 148,000-square-foot store in The Pointe at Poinciana, one of six retail centers in the Poinciana master-planned community in Osceola. The store is situated on a 19-acre site, located at 4420 Pleasant Hill Rd., and features 117,000 square feet of retail sales space and a 31,000-square-foot outdoor garden center. The project began construction in September 2007 and completed in March. Poinciana is being developed by Avatar Properties.
Retail
BROOKHAVEN, PA. — Time Equities has acquired Cambridge Square in Brookhaven for $8 million. The 60,000-square-foot retail facility is located at 4801-4811 Edgemont Ave. across from Colonial Mall Macon. The property is currently 92 percent occupied. Luis Cozza of Time Equities represented the firm in-house, and Sperry Van Ness and Mark Berk of Millhaven LLC represented the seller in the transaction.
AUSTIN, TEXAS — Grubb & Ellis Realty Investors has finalized the purchase of a Walgreens building located at 5011 W. Slaughter Ln. in Austin. The buyer, a private investor involved in the Grubb & Ellis Wealth Management Program, purchased the 15,000-square-foot property from Maddaro Ltd. for an undisclosed amount. The property, which is built on approximately 2.5 acres of land and includes 74 parking spaces and a drive-thru pharmacy window, is 100 percent leased to Walgreens Co. Grubb & Ellis Realty Investors represented the buyer in the transaction, and Hunington Properties represented the seller.
UNION CITY, GA. — Greg Maloney, Kristin Mueller and Ed Seikus of Jones Lang LaSalle have been retained by the new owners of Shannon Mall, Shannon Mall Investments, to provide advisory services on the repositioning of the retail property in Union City. Jones Lang LaSalle is responsible for the strategic oversight of repositioning the mall, including identifying a new name; identifying and retaining new merchants, entertainment venues and restaurants; and collaborating with Union City officials in creating a new town center.
WATERLOO, ILL. — Swansea, Ill.-based Holland Construction Services has completed construction of Waterloo Commons, a 67,000-square-foot retail center located in Waterloo. The $7.9 million project comprises a 58,000-square-foot Schnucks grocery store, as well as 9,000 square feet of retail space, which is occupied by Harrison Telephone Communications, Lily’s Nail Spa, Custom Cuts and Wilson’s Corner Grill & Pub. The project was designed by St. Louis-based Kuhlmann Design Group. The DESCO Group, the owner and developer of Waterloo Commons, also has selected Holland to construct a 63,000-square-foot grocery store in Evansville, Ind.
WATERLOO, ILL. — Swansea, Ill.-based Holland Construction Services has completed construction of Waterloo Commons, a 67,000-square-foot retail center located in Waterloo. The $7.9 million project comprises a 58,000-square-foot Schnucks grocery store, as well as 9,000 square feet of retail space, which is occupied by Harrison Telephone Communications, Lily’s Nail Spa, Custom Cuts and Wilson’s Corner Grill & Pub. The project was designed by St. Louis-based Kuhlmann Design Group. The DESCO Group, the owner and developer of Waterloo Commons, also has selected Holland to construct a 63,000-square-foot grocery store in Evansville, Ind.
SOUTH LYON, MICH. — Marcus & Millichap has brokered the sale of Huntington Square Shopping Center, a 57,056-square-foot retail property located at 546-644 N. Lafayette Rd. in South Lyon, for $5 million, representing a 9.28 percent cap rate. Bill O’Connor and DeVon Jackson of Marcus & Millichap’s Detroit office represented the undisclosed seller. The property was acquired by undisclosed local investors.
SOUTH LYON, MICH. — Marcus & Millichap has brokered the sale of Huntington Square Shopping Center, a 57,056-square-foot retail property located at 546-644 N. Lafayette Rd. in South Lyon, for $5 million, representing a 9.28 percent cap rate. Bill O’Connor and DeVon Jackson of Marcus & Millichap’s Detroit office represented the undisclosed seller. The property was acquired by undisclosed local investors.
IRVING, TEXAS — Henry S. Miller Co. has finalized the purchase of a Tom Thumb store located at the Towne North Shopping Center in Irving. The 55,359-square-foot grocery store, which is located at the intersection of Beltline and Northgate roads, was the only portion of the center that Henry S. Miller Co. did not own. The store was purchased from EIGFW Irving LLC and increases the company’s total space owned at Towne North Shopping Center to approximately 123,606 square feet. Greg Miller represented his company, Henry S. Miller Co., in the transaction.
DOUGLASVILLE, GA. — New Haven, Conn.-based Block & Kahan Properties has acquired Douglasville Crossing, a 267,800-square foot shopping center in Douglasville, from Atlanta-based RCG Ventures, for $7.3 million. The property is located at 5983 Stewart Pkwy. Tim Giambrone of Marcus & Millichap’s Atlanta office represented the seller in the transaction, and the buyer was represented in-house.