DAVENPORT, FLA. — Crosland LLC is developing Davenport Marketplace, an 11.23-acre neighborhood shopping center located at U.S. 27 and County Road 547 in Davenport. Anchored by a 38,144-square-foot Sweetbay Supermarket, the center will feature 16,000 square feet of specialty shops and three outparcels, for businesses such as banks or restaurants. Construction is expected to begin in June, with Sweetbay Supermarket slated to open in July 2009.
Retail
LAUDERHILL, FLA. — University Crossing Five LLC and University Crossing Seven LLC have acquired University Plaza, for $4 million. Built in 1986, the 28,265-square-foot strip center is located at 4499 N. University Dr. in Lauderhill. Richard Matricaria of Marcus & Millichap’s Fort Lauderdale office represented both the seller, Intuition Consolidated Inc., and the buyers in the transaction.
ELMHURST, ILL. — Elmhurst-based International Contractors Inc. (ICI) has completed construction of four Chicagoland Wal-Mart projects. In Rockton, the firm completed a 205,147-square-foot Wal-Mart Supercenter that totaled $18 million. In Joliet, ICI completed the $11.5 million expansion and renovation of a Wal-Mart located at Route 59, converting it to a Wal-Mart Supercenter. Also in Joliet, ICI completed the $16.15 million Supercenter expansion of a Wal-Mart located at Route 52 and Joyce Road. Finally, ICI completed construction of a 198,000-square-foot Wal-Mart Supercenter located at Route 26 and Fairground Road in Freeport. The $16.35 million project is a Wal-Mart prototype, and will be used as a training center for Wal-Mart store planners.
SHREWSBURY, N.J. — Allstate Real Estate Investment Group has provided $50 million in financing to Metrovation for the refinance of The Grove at Shrewsbury. The 148,000-square-foot lifestyle retail center is situated on 21 acres in Shrewsbury and is 100 percent leased to 35 tenants including Brooks Brothers, Anthropologie and Pottery Barn. Kevin Hicks of Wachovia Maher Partners arranged the 10-year loan on behalf of Allstate.
WINSLOW TOWNSHIP, N.J. — New Jersey-based J&T Tsai has acquired Cross Keys Center in Winslow Township from Cross Keys Realty Associates for $1.85 million. The 6,898-square-foot retail center is situated on approximately 2 acres at 100 Cross Keys Rd. It is 100 percent occupied and is anchored by Wawa. Chris Munley, Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the seller in the transaction.
CHINO HILLS, CALIF. — Faris Lee Investments has completed the $6.25 million sale of two retail pads located within Crossroads Entertainment Center at the intersection of State Route 71 and Chino Avenue in Chino Hills. One pad includes a 5,500-square-foot building that will be occupied by Buffalo Wild Wings, which is slated to open in February. The second pad consists of a 5,600-square-foot building that includes a Starbucks Coffee and two other tenants. Built in 2006, the pads are each situated on a 1.3-acre site. Richard Walter and Donald MacLellan of Faris Lee Investments represented the seller/developer, Irvine, Calif.-based LNR Properties, as well as the buyer, Southern California-based Chino Starbuck/Wings LLC, in the transaction.
CHINO HILLS, CALIF. — Faris Lee Investments has completed the $6.25 million sale of two retail pads located within Crossroads Entertainment Center at the intersection of State Route 71 and Chino Avenue in Chino Hills. One pad includes a 5,500-square-foot building that will be occupied by Buffalo Wild Wings, which is slated to open in February. The second pad consists of a 5,600-square-foot building that includes a Starbucks Coffee and two other tenants. Built in 2006, the pads are each situated on a 1.3-acre site. Richard Walter and Donald MacLellan of Faris Lee Investments represented the seller/developer, Irvine, Calif.-based LNR Properties, as well as the buyer, Southern California-based Chino Starbuck/Wings LLC, in the transaction.
MIAMI — Richard Tarquinio and Bill Kent of CB Richard Ellis (CBRE) have closed seven properties for Equity One totaling $39.8 million. A six-property retail investment portfolio, which encompasses 541,518 square feet and includes properties located in Florida, Alabama, North Carolina, South Carolina and Tennessee, was purchased by Waterstone Development. The seventh property, located in North Carolina, was purchased by Blue Ridge Piedmont. Among the anchors for the individual sites are grocery store chains Kroger, Bi-Lo and Winn-Dixie, as well as national credit tenants such as CVS/pharmacy, Big Lots, Aarons Rents and Bealls.
BOSTON — James Koury, Catherine Daume, Nathaniel Heald and Tina Snyder of Jones Lang LaSalle have closed the second phase of the $377 million shopping center sale in Greater Boston. The portfolio is made up of 25 retail properties that total approximately 2 million square feet of space. The portfolio was purchased by Denver-based Dividend Capital Total Realty Trust. WestRidge Realty Advisors advised the buyer in the transaction.
CROCKETT, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $2.32 million acquisition loan for Crockett Shopping Center in Crockett. The 58,050-square-foot retail center, which is located at 1007 E Loop 304, includes Dollar General Martin Home Center, Baskin’s China Buffet, Donut Shop, Tire Max, HEB Gas and Goodwill amongst its tenants.