KALAMAZOO, MICH. — Kalamazoo-based PlazaCorp Realty Advisors has plans to build a 12,055-square-foot retail center near the intersection of West Main Street and Drake Road in Kalamazoo. The existing Colonial Kitchen Restaurant located on the property will be demolished to make way for the new building and parking facility. The building will be occupied by Colonial Kitchen, AT&T, and additional retail tenants. Completion is scheduled for this fall.
Retail
Pico Rivera, Calif. — Seal Beach, Calif.-based Heslin Becker Properties LLC has completion the construction of Pico Plaza, a 30,000-square-foot retail center located at 9317 and 9321 Whittier Blvd. in the heart of Pico Rivera. Tenants of the shopping center include Rite Aid, Subway and Starbucks Coffee. Prior to redevelopment, Pico Plaza comprised two separate land parcels that featured a vacant Albertsons and a 90-percent vacant strip center. The company acquired the smaller parcel from an undisclosed seller. The owner of the larger parcel retained residual interest and partnered with Heslin Becker to redevelop the property.
AUSTELL, GA. — John Leonard of Marcus & Millichap’s Atlanta office and Lori Schneider of its Fort Lauderdale, Fla., office have arranged a 14.5-acre ground lease for a 130,948-square-foot Home Depot in Austell, for $9.6 million. The newly constructed Home Depot signed a 20-year triple net lease, which commenced last April. The property is located at the intersection of Floyd Road and the East-West Connector.
FORT WAYNE, IND. — Indianapolis-based Thomas English Retail Real Estate has commenced construction of Maysville Pointe, a 180,000-square-foot shopping center located near the interchange of Maysville Road and Interstate 469 in Fort Wayne. Situated on approximately 30 acres, the shopping center will be shadow-anchored by Wal-Mart, Kohl’s, Office Depot and Marshall’s. Tenants already signed at Maysville Pointe include PetSmart, MC Sports and Michaels. Completion of construction is scheduled for June, with the grand opening to be held in August.
OAK FOREST, ILL. — Naperville, Ill.-based Knightsbridge Design + Build has been selected to serve as general contractor for The Gateway, an 8.8-acre mixed-use development located at the intersection of 159th Street and Cicero Avenue in Oak Forest. Situated at the entrance to the Oak Forest train station, the transit-oriented project will include 78 residential units, as well as 37,750 square feet of in-line and freestanding retail space. Current plans include the construction of a 13,000-square-foot CVS/pharmacy, a 3,000-square-foot National City Bank, a 4,500-square-foot retail building and a 4,000-square-foot restaurant building. Construction of the five-story residential building is slated to begin upon completion of the freestanding retail construction. The Gateway is being developed by RSC & Associates, with Waukegan, Ill.-based Legat Architects providing design services.
MILFORD AND EAST HARWICH, MASS., AND NASHUA, N.H. — Linear Retail Properties has purchased three retail properties in Milford, East Harwich and Nashua. Milford Square in Milford contains 50,205 square feet spanning four single-story buildings and was purchased for $7.27 million. Retail tenants include AT&T Wireless, Curves for Women and HoneyDew Donuts. Amherst Street Village, located at 550 Amherst St. in Nashua, was purchased for $9.73 million and includes 48,300 square feet of retail. The three-building retail center includes two single-tenant buildings leased to Walgreen’s and PetSmart, and a 12,800-square-foot strip center with eight tenants. Christopher Angelone and Leslie Farasci of CB Richard Ellis represented the seller, Regency Centers, in the transaction. Colliers Meredith & Grew has been retained by Linear to provide property management services.
CHULA VISTA, CALIF. — Aliso Viejo, Calif.-based Shea Properties is developing The Marketplace at Windingwalk, an approximately 104,000-square-foot neighborhood retail center located at the corner of EastLake Parkway and Birch Road in the Otay Ranch community of Chula Vista. The company recently signed five major leases for the center with a total consideration of approximately $45 million. The leases include a 55,985-square-foot Vons Supermarket, a 35,000-square-foot In-N-Out Burger, a 5,000-square-foot Bank of America location, a 4,500-square-foot Wells Fargo Bank, and a 5,109-square-foot Oggi’s Pizza & Brewing Co. Completion for the center is slated for this summer. The center is located at the gateway to the village of Windingwalk, a 2,300-unit residential community being developed by Brookfield Homes and Shea Homes.
SMYRNA, TENN. — Jacksonville, Fla.-based Capitol Development International is building Gateway Centre, a $30 million, 260,000-square-foot shopping center in Smyrna. The center will include a 105,000-square-foot JC Penney department store, slated to open in fall 2009, along with additional retail, restaurants and service businesses. The property is located at the intersection of Sam Ridley Parkway and Wolverine Drive. Construction is slated to begin in May and complete in August 2009.
KNIGHTDALE, N.C. — Charlotte, N.C.-based Crosland is developing Midtown Commons, a 30-acre, 225,000-square-foot retail center located at the intersection of Knightdale Boulevard and Hinton Oaks Boulevard, near the Interstate 540 and Highway 64 interchange, in Knightdale. Phase 1 will include 235,000 square feet of retail space. The property will be anchored by Kohl’s, Best Buy, Dick’s Sporting Goods, T.J. Maxx and PetSmart, as well as 17,322 square feet of additional retail shops and two outparcels. Construction is projected to begin this month, with the first stores opening in November.
ORLANDO, FLA. — TIAA-CREF’s Charlotte, N.C., office will build a 7,500-square-foot Sweet Tomatoes Restaurant in the Crossroads Shopping Center at Lake Buena Vista, located along S. Apopka-Vineland Road, in Orlando. The restaurant is projected for completion in fourth quarter 2008. Nick Boehme of CB Richard Ellis’ Orlando office will serve as the owner’s representative and oversee site modifications and construction. Dave Kreinest of CB Richard Ellis’ Jacksonville, Fla., office and Brit Christian of the Orlando office also negotiated the project management deal.