VIRGINIA BEACH, VA. — Lowe’s Home Centers has acquired Giant Square Shopping Center in Virginia Beach, a 155,130-square-foot property, from Giant Square Shopping Center Corp. for an undisclosed amount. The owner plans a new Lowe’s Home Improvement Store, situated on 12.15 acres at 717 Independence Blvd. Gerald Divaris, Alex Divaris and Jason Oliver of Virginia Beach-based Divaris Real Estate represented the buyer in the transaction.
Retail
HENRICO COUNTY, VA. — Lee Warfield and Pete Waldbauer of Thalhimer, a member of the Cushman & Wakefield Alliance, have represented Sam’s Club in its purchase of 16.3 acres of land at the intersection of Interstate 64 and Laburnum Avenue in Henrico County. Sam’s East purchased the acreage from Laburnum Associates for $3 million for the development of a Sam’s Club within White Oak Village.
PORT CHARLOTTE, FLA. — Owen-Ames-Kimball Co. has completed construction of Phase I of the Harbor Nissan car dealership building in Port Charlotte. The 36,000-square-foot project includes a showroom with offices and a vehicle service area with 20 work bays. The project is being completed in two phases, which allows the dealership to remain open during construction. Phase II will begin soon and include the demolition of the old building.
WINSTON-SALEM, N.C. — DBR & Associates has represented DIM Vastgoed, N.V., a Dutch publicly traded real estate fund, in the $12.8 million acquisition of Whitaker Shopping Center in Winston-Salem. Anchored by a 51,890-square-foot Harris Teeter grocery store, the 82,741-square-foot Whitaker Shopping Center is 100 percent occupied. Whitwood, LLC, represented by Berkeley Capital Advisors, sold the retail property. DBR will manage the property for DIM Vastgoed, N.V.
LOS ANGELES COUNTY, CALIF. — Cincinnati-based The Kroger Co. has signed a 30-year lease to occupy Birtcher Distribution Center at Paramount, a planned 551,897-square-foot facility located in Los Angeles County, for $207 million. Upon completion, Ralphs and Food 4 Less, two Kroger Co. supermarkets, will utilize the state-of-the-art, dry-good facility to service stores in Southern California. Construction is slated to begin in early 2008. A partnership between Birtcher Development & Investments and Cornerstone Real Estate Advisors owns the property. David Norrie and Art Rasmussen of CB Richard Ellis represented The Kroger Co. in the transaction; Bob Crenshaw and Steve Sprenger of Grubb & Ellis represented Birtcher Development & Investments.
DEER PARK, N.Y. — Blumenfeld Development Group, in a joint venture with Tanger Factory Outlet Centers and Apollo Real Estate Advisors, is developing the Tanger Outlet Center at the Arches, a $360 million retail center in Deer Park. Featuring an Italian-style design, the 800,000-square-foot outdoor pedestrian center will contain a variety of retail brands, restaurants and entertainment. Tenants, which include Neiman Marcus Last Call, Anne Klein, Banana Republic, BCBG, Christmas Tree Shops, Disney, Eddie Bauer, Reebok and New York Sports Club, will be situated on landscaped sidewalks and courtyards with fountains and benches. The center will also include a 71,000-square-foot Regal Cinemas, a seasonal ice skating rink and The Collection at the Arches, a separate 120,000-square-foot wing that will sell only luxury-brand items. Located at the corner of Grand Boulevard and Commack Road and adjacent to a Home Depot, Kohl’s and Stop & Shop, the center will be in close proximity to the Sagtikos and Southern State parkways and the Long Island Expressway, as well as 2 miles from the Long Island Railroad Deer Park train station. The center will also be 45 minutes from Manhattan, New York City, and the Hamptons. Completion is scheduled for summer 2008.
HAWTHORNE, CALIF. — Orange County, Calif.-based West 120th – Hawthorne LLC has acquired Hawthorne Exchange, a 60,472-square-foot regional shopping center located at 2831-2909 W. 120th St. in Hawthorne, for $25.25 million. Built in 2006, the property is 97 percent leased to a variety of tenants, including 24 Hour Fitness Magic Johnson Sport, Starbucks Coffee, Sprint/Nextel, The UPS Store, Quiznos, Juice It Up, Countrywide Home Loans and Wescom. Richard Walter and Dennis Vaccaro of Irvine, Calif.-based Faris Lee Investments represented the seller, Orange County-based Ironwood Hawthorne LLC, in the transaction. Douglas Nye of Manco Development represented the buyer, which completed the transaction as part of a 1031 exchange.
CENTER POINT, ALA. — Bruno’s Centre, a 119,172-square-foot shopping center in Center Point has been sold for $6.17 million. In-Rel Management, a Florida-based private investor, acquired the property from Center Point Associates. The property, located at 1671-1691 Center Point Pkwy., is 89 percent leased and tenants include Bruno’s Supermarket, Dollar General, H&R Block, Wells Fargo Financial and Sally Beauty Supply. Mark Shellabarger and Matthew Baldwin of CB Richard Ellis’ Tampa office, and Craig Taylor of CB Richard Ellis’ Atlanta office represented the seller. Dan Anderson and Stephen Butler of Birmingham, Ala.-based Engel Realty served as local market advisors.
RENTON, WASH. — Paul Sleeth of Colliers International brokered the two-part sale of North Benson Center, which is located in Renton, for a total consideration of approximately $49.7 million. The seller, Petro Benson LLC, contracted to sell the entire property to Trimark Property Group LLC; however, Cincinnatti-based bargain department store Fred Meyer exercised its first right of refusal. The store, which is owned by Kroger Co., was interested in owning the building and land that it occupies at the center – approximately 200,00 square feet. After contracting to acquire the entire center, Fred Meyer contracted to sell a 76,998-square-foot portion to Trimark for $17 million. The two transactions were simultaneously closed.
SAN JOSE, CALIF. — Pedro Arroyo and Vincent Aicale of Arroyo & Coates represented Tully Corners Associates LP in the disposition of Tully Corners Shopping Center, a 115,992-square-foot shopping center located at the corner of Tully and Quimby roads in San Jose, to WR Tully LP, an affiliate of Weingarten Realty Investors, and a private investment group as tenants-in-common. Built in 1988, the center is anchored by a Food Maxx grocery store, and contains national tenants such as Petco, Payless Shoe Source and Party America. The acquisition price was not disclosed.