Fort Myers, Fla. — Beall’s Department Store broke ground on a new 75,000-square-foot facility at Merchant’s Crossing shopping center in Fort Myers. Located along Highway 41, the department store is expanding its presence at Merchant’s Crossing, where it previously occupied a 30,000-square-foot space. Owned and managed by Noble Properties, the property’s tenants include Sears, Home Depot, AMC Theatre, Beall’s Department Store and Beall’s Outlet and Jo-Ann Fabrics.
BIG RAPIDS, MICH. — Agree Realty Corp. has announced plans to partially redevelop Rapids Plaza, a community shopping center located in Big Rapids. The former Roundy’s supermarket on the property will be remodeled and re-tenanted with a 25,000-square-foot MC Sporting Goods and a 15,000-square-foot Peebles department store. The project is expected to be complete in the third quarter of the year. Rapids Plaza is fully occupied by tenants including Kmart, Fashion Bug, Dollar Tree, Rent-A-Center and Payless Shoe Source.
CEDAR RAPIDS, IOWA — Cohen Financial has secured $12 million in debt financing for the acquisition of Collins Road Square, a 168,563-square-foot retail center located at 1400 Twixt Town Rd. in Cedar Rapids. The non-recourse, interest-only loan is for a term of 3 years with extension options, as well as leasing, tenant improvement and capital expenditure reserves. The loan was financed with a 75 percent loan-to-value ratio at 3 percent over the 30-day LIBOR rate. The borrower is a joint venture between San Francisco-based Trinity Property Group and Baltimore-based Alex Brown Realty.
JACKSONVILLE, FLA. — Tampa-based Plaza Advisors’ Jim Michalak negotiated the $26.6 million sale of the contiguous Point Meadows and West Point Meadows Shopping Centers to Konover South from Point Meadows, Inc. The 130,000-square-foot shopping center is located at the intersection of Interstate 295 and Baymeadows Road. Tenants include Steinmart, Winn Dixie, Household Finance, Jenny Craig, and Carvel Ice Cream; outparcel tenants include Walgreens, Bank of America and Wendy’s.
FLORENCE, KY. — Colliers Turley Martin Tucker (CTMT) has brokered the sale of Houston Lakes Retail Center, a 73,145-square-foot shopping center, located at 77-87 Spiral Dr. in the Cincinnati suburb of Florence, for $5.4 million. The center is shadow-anchored by The Home Depot and Kohl’s, and consists of a 23,500-square-foot Haverty’s furniture store, as well as 49,645 square feet of vacant space formerly occupied by Media Play. Rob Taylor of CTMT represented the seller, Chicago-based 189 Madison Partnership. The buyer was undisclosed.
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FORT WORTH, TEXAS — NAI Huff Partners has completed the sale of a multi-tenant property located at 2830 N. Beach St. in Fort Worth. The 24,072-square-foot property, purchased by Thai Mai, includes 11,172 square feet of retail and industrial space. Frank Jester and Jeff Givens of NAI Huff Partners represented the seller, Dale Baer, in the transaction.
CORAL SPRINGS, FLA. — Deerfield Beach-based Sikon Construction broke ground on a 185,000-square-foot SuperTarget at U.S. 441 and Wiles Road and has completed a new 135,000-square-foot Target, as well as a 30,000-square-foot Ross Dress for Less and 10,500 square feet of of additional retail space in Coral Springs. SuperTarget is slated for completion in July 2008.
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ST. LOUIS — St. Louis-based Walton Construction is advancing construction for three Wal-Mart Supercenter projects in Missouri and Illinois. The firm began construction of a 180,954-square-foot Wal-Mart, located in Harrisburg, Ill., in November 2007, and is expecting completion by August. The firm is also building a Wal-Mart Supercenter in Jacksonville, Ill., which is scheduled for completion in February. Finally, the firm is expanding an existing Wal-Mart located in Chesterfield, Mo., into a 190,617-square-foot Supercenter. The project began this past fall and is scheduled to be complete in October. Wichita, Kan.-based Law/Kingdom is providing design services for the Chesterfield and Harrisburg projects, while The Benham Group is designing the Jacksonville project.