PORTLAND, ORE. — Urban Renaissance Group and Boston-based Great Point Investors have acquired the Morgan Building in Portland for $27.5 million. The 8-story, 156-984-square-foot historic building is located at 720 S.W. Washington St. in the central business district. It is currently home to Morgan’s Alley, a 17,500-square-foot retail arcade. The sellers name was undisclosed.
Retail
STATESBORO, GA. — Chattanooga, Tenn.-based CBL & Associates and Atlanta-based Ewing Southeast Realty are breaking ground on Statesboro Crossing, a 162,000-square-foot, 50-acre community center in Statesboro. The shopping center will be anchored by T.J. Maxx, Hobby Lobby, Books-A-Million and Petco, and also feature more than 38,000 square feet of specialty stores including Rack Room Shoes. The project is located at the southwest corner of Brannen Street Extension and Veteran’s Memorial Parkway, and is expected to deliver this fall.
TUSCALOOSA, ALA. — Birmingham, Ala.-based Capital Growth Buchalter, a division of Capital Growth Properties, will develop Capital Market Center, a $20 million, 86,500-square-foot shopping center in Tuscaloosa. The property is situated on 20 acres at the corner of Highway 69 South and Southview Lane. The center will be anchored by a 46,500-square-foot Publix grocery store and an additional 40,000 square feet of retail shops, inclusive of eight outparcels. Construction is slated to begin this spring and be completed in three phases by year-end 2008. Birmingham-based Paul B. Krebs & Associates designed the project.
INDIANAPOLIS — Indianapolis-based Thomas English Retail Real Estate has completed Cherry Tree Crossing, a 32,000-square-foot shopping center located at 9950 E. Washington St. in Indianapolis. The property contains three buildings, and is occupied by tenants such as Qdoba, T-Mobile, AllCare Dental, McAlister’s Deli, Mattress Firm, Anytime Fitness and Eyeglass World. The project is a redevelopment of a former hotel property, which was razed prior to construction of Cherry Tree Crossing.
MILLVILLE, N.J. — Atlantic Realty Company has acquired a 4-acre site to construct a new grocery-anchored retail center in Millville. Located at 700 N. High St., the center will be anchored by a 38,000-square-foot Sav-A-Lot grocery store. The project is slated for completion in summer 2008. Randy Hope of Metro Commercial represented Atlantic realty in the purchase of the blighted site.
SAN FRANCISCO — San Francisco-based New Urban Properties has acquired three Category I historic buildings in San Francisco. The first property, 166 Geary St., is a 16-story building; 17 Maiden Ln. is a two-story boutique building; and 944 Market St. is an eight-story building located in the Mid-Market submarket. The acquisition price and seller’s name were undisclosed.
FORT MYERS, FLA..— Bonita Springs, Fla.-based Pelican Bay Development will develop Alico Commons, a $28 million, 120,000-square-foot retail center in Fort Myers, located at the intersection of Alico Rd. and Highway 41. Tenants include Office Depot, Florida Bank, CVS Pharmacy, Baskin Robbins/Dunkin’ Donuts, Arby’s and a gas station. A major grocery store tenant, yet to be named, will occupy 45,000 square feet. Construction is slated to begin in April and complete in May 2009.
ANN ARBOR, MICH. — Borders is holding the grand opening this week of its news concept store in the company’s hometown of Ann Arbor. The 28,900-square-foot store is located on Lohr Road, and will be the first of 14 Borders concept stores expected to open nationwide this year. The store will feature a Digital Center, where customers will be able to make their own custom CDs, download books and music, and publish their own books. Other new features include computer kiosks featuring recommendations and related video content; LCD screens in select store areas, a café with outdoor seating; and a stronger focus on categories such as travel, cooking and children’s books.
GRAND RAPIDS, MICH. — Marcus & Millichap has brokered the sale of an 11,321-square-foot Rite Aid, located at 4410 S. Division Ave. in Grand Rapids, for $2.2 million, at an 8.72 percent capitalization rate. Rite Aid has 10.5 years remaining on a 20-year, double net lease. The lease includes four 5-year renewal options with 3 to 4 percent increases. The property was acquired by a Grand Rapids-based private investor conducting a 1031 exchange. The seller was also undisclosed.
MAPLE SHADE, N.J. — The Hampshire Companies has sold a 66,750-square-foot retail building in Maple Shade. Located at 590 Route 38 East, the two-story, single-tenant building is located on more than 10 acres. The space is fully occupied by Mealy’s Furniture. The sale was made on behalf of The Hampshire Generational Fund. The buyer and sale price were undisclosed.