LOS ANGELES — California-based Gafcon Inc. has completed the 43,000-square-foot first phase of Village Walk, a upscale retail center in Los Angeles’ San Fernando Valley. Located at 18660-18728 Ventura Blvd. within the community of Tarzana, the project is owned by The Village at Tarzana LP and being developed by Pacific Equity Properties Inc. The project features a two-story, steel-framed building with 11 units for retail space and restaurant use. Additionally, Gafcon has been retained for the second phase of the project, which includes a Whole Foods Market-anchored 286,000-square-foot center. California-based W.E. O’Neil Construction Co. served as general contractor; Gruen Associates provided architectural services for the project.
Retail
ST. AUGUSTINE AND JACKSONVILLE, FLA. — Brett Chetek of Marcus & Millichap’s Jacksonville office has represented both parties in the $9.5 million sale of Lewis Point Plaza, located at 2469 S. U.S. Hwy. 1 in St. Augustine. New Craft, Inc., sold the retail property to Jacksonville-based Ash Properties. Lewis Point Plaza is an 83,217-square-foot shopping center. In addition, Chetek represented both parties in the $5.5 million sale of Cobblestone Plaza, a 30,363-square-foot shopping strip located at 3031-3033 Monument Rd. in Jacksonville. New Craft, Inc., sold this property to Ash Properties as well.
WASHINGTON, D.C. — Construction has begun on the new home for the Washington Stage Guild at 505 Ninth St. in downtown Washington, D.C. The theater will occupy approximately 13,000 square feet on two levels in Boston Properties’ new office building located along E Street between Eighth and Ninth streets. The neighborhood has emerged as an arts district and cultural center for the city, with a number of theaters, galleries and restaurants. WDG Architecture designed the space for the Washington Stage Guild and the project manager is Thurston Cos. The theater will open in fall 2008.
SWANSEA, MASS. — Geoffrey Rice with CB Richard Ellis’ New York City group has arranged bridge financing in the amount of $61 million on behalf of Carlyle Swansea Partners LLC. The 2-year mortgage, provided by UBS Realty Investors LLC, will allow the owner to perform rehabilitation and retenanting efforts. Swansea Mall is a 700,000-square-foot, single-level property located near Interstate 195 and approximately 12 miles from Providence, R.I. Sears, Macy’s and Wal-Mart currently anchor the center. Wal-Mart is scheduled to complete a new superstore in place of its current store by mid-2008.
PETERSBURG, VA. — Virginia Beach, Va.-based Wheeler Properties has acquired Walnut Hill Plaza in Petersburg. Save-a-Lot, Family Dollar, Maxway and Citi Trends anchor the 89,907-square-foot shopping center. Nathan Jones and Robby Brownfield of CB Richard Ellis represented Wheeler in the transaction.
MOBILE, ALA. — Tarrytown-based DLC Management Corp. has acquired a portfolio consisting of 16 shopping centers throughout the Southeast and the Mid-Atlantic. The acquisition spans seven states and represents 1.5 million square feet of retail space. The properties include Gulfdale Plaza in Mobile, Ala.; Shields Plaza in Huntsville, Ala.; Marketplace at Ocala in Ocala, Fla.; Marketplace at Palm Bay in Palm Bay, Fla.; Crossroads South in Jonesboro, Ga.; Fulton Crossing in Corinth, Miss.; South Square Marketplace in Charlotte, N.C.; Swift Creek Plaza in Garner, N.C.; Armstrong Plaza in Fountain Inn, S.C.; Broad River Centre in Columbia, S.C.; Butler Square in Maudlin, S.C.; Cypress Point in Virginia Beach, Va.; Ridgewood Farm in Salem, Va.; The Village Courts in Lynchburg, Va.; Southwest Plaza in Roanoke, Va.; and West Broad Commons in Richmond, Va.
MILTON, GA. — Sembler has begun construction on Phase II of its 430,000-square-foot Deerfield Place development in Milton. Completion of Phase I is expected by mid-summer of 2008 and will include major tenants such as PETCO, Staples and SuperTarget, while completion of Phase II is expected by late 2008 or early 2009. Phase II will feature Kohl’s, some smaller retailers and several restaurants.
MILTON, FLA. — Mel Moss of NAI Capital’s Los Angeles office has represented Milton-based AESTRUST in the purchase of a 94,841-square-foot K-Mart situated on 10 acres in Milton. The transaction was to complete a 1031 Exchange and was valued at $5.9 million. Milton Associations, represented by Drew Fleming of Shane Investments, sold the retail property.
ATLANTA — Paul Kenworthy with Los Angeles-based Charles Dunn Co. has brokered the sale of a Sonic Drive-In in Atlanta for $1.59 million. The deal featured a cap rate of 7.8 percent. Los Angeles-based Khougaz Trust acquired the property, located at 2380 Sheriff Rd., from SS Fast Food.
ATLANTA — Paul Kenworthy with Los Angeles-based Charles Dunn Co. has brokered the sale of a Sonic Drive-In in Atlanta for $1.59 million. The deal featured a cap rate of 7.8 percent. Los Angeles-based Khougaz Trust acquired the property, located at 2380 Sheriff Rd., from SS Fast Food.