CLINTON, N.J. — Cronheim Mortgage has arranged $31.5 million in financing for a 268,040-square-foot shopping center in Clinton. The center is anchored by a 122,695-square-foot Wal-Mart, a 59,200-square-foot Shop Rite and a 32,000-square-foot T.J. Maxx. Other tenants for the center include Hollywood Video, H&R Block, Citi Financial, Quiznos, PNC Bank and EB Games. The center is located at Exit 15 along the southeast quadrant of Interstate 78/US Route 22 and Pittstown-Clinton Road. Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the financing for the undisclosed borrower.
Retail
WILLOW GROVE, PA. — ARC Properties and its joint venture partner, Develcom, have completed construction of a 123,390-square-foot Giant Food store in Willow Grove. Situated on 12.4 acres of land, the site was previously a Home Depot.
FARMERS BRANCH, TEXAS — Dallas-based Icon Partners will develop a new 500,000-square-foot shopping center in Mercer Crossing, a 1,100-acre master-planned development in Farmers Branch. Located at the intersection of Interstate 635/LBJ Freeway and Luna Road, The Shops at Mercer Crossing will feature a mix of value-priced couture, designer and popular brands in a Mediterranean-inspired, lakefront town center. Icon Partners plans to begin construction before the end of the year on the project, which is estimated to take 18 months to build.
NORTH LAS VEGAS — Regency Centers has broken ground for the construction of Deer Springs Town Center, a 700,000-square-foot shopping center in North Las Vegas. The project, which is being constructed to meet LEED Silver certifications, will feature a town center with pedestrian-friendly crosswalks, large sidewalks, distinctive architectural storefronts, tree-lined boulevards, large outdoor gathering areas and a city-adopted Regional Trail. Slated to open in March 2009, the center will also feature a 132,360-square-foot Target, a 106,278-square-foot The Home Depot and a 65,000-square-foot Babies R Us, as well as PetSmart, Ross Dress For Less and Staples.
RANCHO BERNARDO, CALIF. — HP Enterprises is developing a 7,200-square-foot retail center, which is located on the corner of Rancho Bernardo Road and West Bernardo Drive in Rancho Bernardo. The center will feature two 1,050-square-foot units, a 1,175-square-foot unit, a 1,920-square-foot unit and a 2,018-square-foot unit. Starbucks Coffee has signed a 10-year lease for the 1,920-square-foot unit. Joseph Wong Design Associates provided architectural and design services for the project, which is slated for completion this summer. Tim Kerrigan of CB Richard Ellis is the exclusive marketing and leasing agent for the property.
FRANFORT, KY. — Brentwood, Tenn.-based GBT Realty is developing The Paddocks of Frankfort, a $65 million, 600,000-square-foot, regional shopping center in Frankfort, located at the northeast corner of Interstate 64 and Lawrenceburg Road. The project is situated on 89 acres and will feature a 180,000-square-foot discount department store, several 20,000 and 45,000-square-foot co-tenants and 100,000 square feet of specialty shops and restaurants. Additionally, eight outparcels will feature stand-alone restaurants, banks and other retailers. Nashville, Tenn.-based Maxwell Johansen Maher Architects is designing the center, which is scheduled to break ground next year and open in early 2010.
MIAMI— Equity One and Global Retail Investors have acquired Airpark Plaza, a 172,093-square-foot shopping center in Miami, from Airpark Plaza Ltd., for $37 million. The center is situated on 12 acres at the northwest corner of Red Road and NW 7th Avenue, near the Miami International Airport. Anchor tenants include Publix, Home Depot Expo and Office Depot. The center was 98 percent leased at the time of sale. The seller was represented by The Courtelis Company, and the buyers represented themselves in-house.
BELLMORE, N.Y. — Breslin Realty has brokered the sale of a retail store located at 2480 Sunrise Highway in Bellmore. The 36,000-square-foot store was purchased by P C Richards, an electronics and appliance retailer. Kenneth Breslin of Breslin Realty represented the seller in the transaction. The facility was purchased from Shore Buick for an undisclosed amount.
GREENVILLE, PA. — Dean Zang, Mark Taylor, Thomas Gorman and Matthew Gorman of Marcus & Millichap’s Philadelphia office have completed the $4.4 million sale of a single-tenant building located at 335 Main St. in Greenville. The 11,157-square-foot store is leased to Rite Aid on a 20-year term. The Marcus & Millichap team represented the seller, Greenville Commercial Properties, and the 1031 buyer, Deer Park Realty Co., in the transaction.
RANCHO CUCAMONGA, CALIF. — Irvine, Calif.-based Faris Lee Investments has brokered the pre-sale of Foothill Plaza, a 29,006-square-foot retail center located at the intersection of 15 Freeway and Foothill Boulevard in Rancho Cucamonga. An investment group led by San Diego-based Sechong I LLC purchased the property for $19.75 million or $681 per square foot. Built in July 2007, the property consists of four retail pads and a multi-tenant retail building. Current tenants include El Torito Grill, Citi Bank and El Pollo Loco. Jeff Conover of Faris Lee Investments represented the seller/developer, Newport Beach, Calif.-based Peninsula Retail Partners, in the transaction.