LAKE GENEVA, WIS. — Target and Best Buy have signed as anchors at Lake Geneva Commons, a shopping center located near the intersection of Route 12 and Highway 50 in Lake Geneva. The approximately 125,000-square-foot Target is currently under construction and expected to be complete by the end of the month. After completion of the Target, construction will begin for an approximately 30,000-square-foot Best Buy. The store is scheduled to be complete in spring 2008. Lake Geneva Commons will also include 14,000 square feet of in-line retail space, as well as two outlots available for sale or lease.
Retail
CINCINNATI — Columbus, Ohio-based CASTO has held the grand opening for a 114,000-square-foot JC Penney department store located at 9365 Fields Ertel Rd. in Cincinnati. The store was designed in the company’s off-mall format, and is located inside Governor’s Plaza, a 339,157-square-foot shopping center. JC Penney will join Kohl’s, Linens ‘N Things and Office Max as anchor tenants at the center.
WELLESLEY, MASS. —Federal Realty Investment Trust has announced nine new tenants at Linden Square, a lifestyle center in Wellesley. Beacon Hill Athletic Club; Bella Sante Day Spa; Blue Tulip, a national specialty gift store; The Cottage, an upscale, family owned restaurant; CVS/pharmacy; French Lessons, an intimate apparel boutique; Magic Beans, a children’s store; National Jean Co.; and Starbucks have opened or will open in Linden Square throughout September, October and November. The new retailers join tenants including Fitness for Women, Smatterings and L&M Lock/Boston Decorative Hardware. Future retailers Roche Bros., a locally based grocery store; Head Games, a retailer specializing in women’s hats and accessories; Cold Stone Creamery; Qdoba, a fast-casual Mexican restaurant; and California Pizza Kitchen are all slated to open in 2008. Linden Square will also include approximately 21,000 square feet of office space and four residential units once the next redevelopment phase is completed. Four townhouse-style apartments will be designed with the objective of receiving LEED certification and will be targeted at low- and moderate-income residents.
HOUSTON — BMC Capital recently provided $1.7 million in financing for the acquisition of 4240 Highway 6 Retail, a retail property in Houston. The six-unit multi-tenant development is located at 4240 Highway 6. Keith van Arsdale of BMC Capital’s Houston office arranged the fixed-rate loan.
POST FALLS, IDAHO — Phillips Edison Development Co. has acquired a 50-acre land site, which is located at the northeast corner of State Highway 41 and Prairie Avenue in Post Falls, from Vision First LLC. The company plans to develop a 465,000-square-foot community shopping center on the site. The center will feature a grocery component and other large-box anchors, as well as restaurants and in-line specialty stores. Additionally, the center will anchor Vision First’s Prairie Crossing, a 184-acre planned mixed-use development. The acquisition price was not disclosed.
WEST HOLLYWOOD, CALIF. — Jonathan Ahron and David Aschkenasy of Charles Dunn Company, a partner of GVA Worldwide, represented both parties in the sale of a three-building, 9,270-square-foot retail portfolio, which is located at 624-630 N. La Cienega Blvd. in West Hollywood. A private investor purchased the portfolio from Nolaci Investments for $13.9 million. The building is occupied by Train West Hollywood, Los Angeles’ largest private gym.
SAN DIEGO — Torrey Highlands Plaza LLC has purchased Torrey Highlands Plaza, a 14,042-square-foot retail center located at 13350 Camino Del Sur in San Diego, from TH Retail Associates for $8.4 million. The two-building center is 100 percent leased to tenants including Subway, Supercuts, It’s a Grind Coffee, RE/MAX and Bank of America. Reg Kobzi, Joel Wilson, Carrie Bobb and Matt Shope of CB Richard Ellis represented the seller; Packard Realty represented the buyer in the transaction.
TARRYTOWN, N.Y. — Tarrytown-based DLC Management Corp., a national owner and operator of open-air shopping centers, has acquired a portfolio consisting of seven shopping centers throughout the Southeast. The acquisition includes Brookwood Village, located at the intersection of Peachtree and Brighton roads in Atlanta; Cobb Center, located near Cumberland Mall in Smyrna, Ga.; Greystone Village in Raleigh, N.C.; Highland Square in Jacksonville, Fla.; North Pointe in Columbia, S.C.; Peachtree Parkway Plaza in Norcross, Ga.; and Poplar Springs Plaza in Duncan, S.C.
DULLES, VA. — The retail portion of Dulles 28 Centre, a 300-acre master-planned development located at the interchange of Virginia Route 28 and Waxpool Road (Route 265) at Pacific Boulevard in Dulles, is opening in November. Lerner Enterprises and The Tower Companies, both of North Bethesda, Md., developed the lifestyle retail center portion. Target and Wegmans will anchor the retail portion.
SHELBY TOWNSHIP, MICH. — The Boise, Idaho, acquisition office of DDRS has purchased Lifestyle Center, an approximately 41,622-square-foot retail center located at 45835-45883 and 45905-45983 Hayes Rd. in Shelby Township. The property was acquired by DDRS for an undisclosed amount from an undisclosed seller.