BETHLEHEM, PA. — Adam Simon of Marcus & Millichap has brokered the sale of Sherwin Williams in Bethlehem. The current Sherwin Williams tenant has 2 more years left on the lease and has expressed interest in exercising the final 5-year option. Simon represented the undisclosed seller, and the undisclosed buyer, a Trenton, N.J.-based company that owns retail property. The sale price was undisclosed.
Retail
HOUSTON — Live Oak Capital Ltd., a commercial real estate mortgage-banking firm, has arranged permanent financing on behalf of Fidelis Realty Partners Ltd. for a shopping center located at the corner of Kirby Drive and Old Spanish Trail in Houston. The center includes a newly completed Walgreens and a Capitol One among its tenants. Financing was arranged through OneAmerica, which structured a forward commitment for a 10-year term, 30-year amortization loan.
CLAY COUNTY, FLA. — Jacksonville, Fla.-based Capitol Development International, sister-company to Business Condos USA, will develop Mayfield Commerce Center, a 14-acre business center at the intersection of Blanding Blvd. and Old Jennings Rd. in Clay County. The project will include one- and two-acre parcels available for office, industrial, business, hotel and retail merchants. Construction is slated to begin this spring and complete in September.
DOWNERS GROVE, ILL. — Inland Real Estate Sales has brokered the sale of Maple Plaza, a 31,298-square-foot retail center located at the corner of Belmont and Maple avenues in Downers Grove, for $4.25 million. The property is anchored by Just Tires; other tenants include Benjamin Moore, Subway and Dairy Queen. Richard Kehoe of the Lake Bluff, Ill., office of Inland represented the seller, a real estate investment trust. The property was acquired by an Oak Brook Terrace, Ill.-based investment group.
GETTYSBURG AND LEMOYNE, PA. — Bennett Williams, an affiliate of Coldwell Banker Commercial, has brokered the $2 million sale of Gettysburg Shopping Center in Gettysburg. The 37,000-square-foot retail center is located at 26 Springs Ave. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the seller, Wayne D. Hill, and the buyer, Gettysburg PA Realty Group, in the transaction. In addition, Stine and Rohrbaugh completed the $3.2 million sale of State Street Plaza, a 51,763-square-foot shopping center located at 829 State St. in Lemoyne. Stine and Rohrbaugh represented the seller, State College Premier Rentals, and Denny Neiman of Bennett Williams represented the buyer, State Street Plaza Associates, in the sale.
LAKE HAVASU CITY, ARIZ. — Wolford Development is developing The Shops at Lake Havasu, a 720,000-square-foot lifestyle center currently under construction in Lake Havasu City. Located at 5601 Highway 95 North, the center will be anchored by a 98,080-square-foot Dillard’s, a 104,430-square-foot J.C. Penney and a 201,821-square-foot Wal-Mart. Other tenants include PetSmart, a 10-screen UltraStar Cinema and Michaels Arts & Crafts. Additionally, the development will offer seven out parcels for retail and restaurant businesses. The company plans to open the center with a series of phased grand opening events starting in March.
CONCORD, CALIF. — New Jersey-based Fidelity has acquired a 104,160-square-foot freestanding retail building, which is located at 1695 Willow Pass Rd. in Concord, from Santa Ana, Calif.-based SDL Concord Partners for $16.4 million. Originally built in 1978, the property is located within the Park & Shop Shopping Center and is 100 percent occupied by Fry’s Electronics. Jeff Conover of Irvine, Calif.-based Faris Lee Investments represented both parties in the transaction.
SAN ANTONIO — Live Oak Capital has arranged acquisition float financing for Brad Greenblum of GIP SA Income Partners LP for the acquisition and renovation of the eight-property Blume Retail Portfolio. The Blume Retail Portfolio totals 465,648 square feet and consists of retail centers primarily in northwest San Antonio. The properties include Pipers Creek Shopping Center, Timberhill Village Shopping Center, Crossway Shopping Center, Leon Creek Shopping Center, Village in the Woods Shopping Center, Babcock Shopping Center, Colonial Plaza Shopping Center and Waterford Shopping Center. Jim Richards and Jim Kirkpatrick of Live Oak Capital arranged the loan.
VISALIA AND LA QUINTA, CALIF. — Highland Development Co. has plans to develop a $35 million neighborhood shopping center in Visalia (Tulare County) and a $20 million retail center in La Quinta (Riverside County). The ground-up development in Visalia will include a specialty market, a drug store, a sit-down restaurant, and numerous quick-serve restaurants, cafés and retail shops, as well as a bank. Bounded by Caldwell and Kimball avenues and West and Court streets, the 14.3-acre property will feature more than 82,000 square feet of retail and restaurant space. Additionally, the company is developing The Plaza at Calle Tampico in the heart of La Quinta’s Downtown Village. Situated at the corner of Calle Tampico and Desert Club Drive, the project will feature a 13,969-square-foot Fresh & Easy Neighborhood Market grocery store and two retail pads with an aggregate total of 18,300 square feet of retail space. Groundbreaking is slated for August, with completion scheduled for February 2009.
RIVERSIDE, CALIF. — Newport Beach, Calif.-based Marinita Development Co. has broken ground for the construction of Orangewood Centre, a retail center located at the intersection of Van Buren Boulevard and Dauchy Avenue in Riverside. Expected to open this summer, the project consists of four buildings ranging in size from 6,000 to 8,100 square feet. The center is currently 85 percent pre-leased to a variety of tenants, including Firestone Tire, Kragen Auto Parts, 7 Eleven, Subway, Sip’s Coffee, a dry cleaner and a nail salon. Costa Mesa, Calif.-based Nadel Retail Architects provided architectural services for the project; Los Angeles-based Mooreland Construction is serving as general contractor. Jeff Randolph of Irvine, Calif.-based Avalon Financial Group Inc. arranged the project financing, which was provided by Vineyard Bank.