ARLINGTON, VA. — Lidl US plans to open 25 grocery stores on the East Coast by spring 2020. The 25 stores will be located in Virginia, South Carolina, North Carolina, Maryland, New Jersey, Pennsylvania and New York, including the first four in Long Island. Openings for the individual stores were not released. In conjunction with the openings, Lidl US also plans to close two stores in Rockingham and Kinston, N.C. this summer. Lidl operates 10,500 grocery stores in 29 countries. Lidl established its U.S. headquarters in Arlington in June 2015.
CORPUS CHRISTI, TEXAS — National fitness chain Crunch will open a $2.5 million, 25,000-square-foot gym in Corpus Christi. The facility will be located within the Carmel Village Shopping Center and will be open 24 hours a day beginning in fall 2019. The gym will offer more than 70 classes per week, a training area with indoor turf and tanning beds. Crunch also plans to open 21 more gyms throughout Central Texas over the next five years.
FAIRFIELD, CALIF. — Capital Rivers Commercial has brokered the sale of Oakmont Plaza, a shopping center in Fairfield. San Diego-based The Niki Group acquired the property from a Fairfield-based private investor for $11.2 million. FoodMaxx anchors the 105,000-square-foot retail center, which also includes a freestanding Chase Bank and O’Reilly Auto Parts in addition to 35,000 square feet of in-line space. Additional tenants include Mountain Mikes Pizza and Check to Cash. Greg Aguirre and Frank Kozlowski of Capital Rivers Commercial represented the seller, while Brandon Norton of John Cumbelich & Associates represented the buyer in the deal.
HOUSTON — Fort Worth-based Trademark Property Co. has been tapped by MetroNational, the owner of Memorial City Mall in Houston, to redevelop the 1.7 million-square-foot shopping center. Redevelopment plans include reimagining the south side of the mall, which recently saw its anchor tenant Sears close its doors, as well as creating additional public spaces and adding more entertainment uses. The mall is located along the Interstate 10 corridor, just inside Beltway 8, and is part of the 265-acre Memorial City mixed-use development. A timeline for construction has not yet been established.
DALLAS — HFF has negotiated the sale of several office and retail buildings totaling 421,617 square feet within Victory Park, a 75-acre mixed-use development in Dallas. Ryan Shore, Barry Brown and Chris Gerard of HFF represented the seller, Orlando-based investment firm Estein USA. Charlotte-based Asana Partners purchased the properties for an undisclosed price in an off-market transaction. The Victory Park area, located where Uptown and downtown Dallas converge, houses approximately 3,500 apartments, 1.5 million square feet of office space, the W Dallas Hotel and American Airlines Center, home of the Dallas Mavericks and Stars.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of a 4,885-square-foot commercial property net-leased to QuikTrip in Austin. Anthony Pucciarello and Vincent Knipp of Marcus & Millichap had the exclusive listing to market the property on a sale-leaseback basis. Derrick Dougherty, also with Marcus & Millichap, represented the buyer, which acquired the property via a 1031 exchange.
COLUMBUS, OHIO — Casto is underway on construction of the first retail phase of Hamilton Quarter in Columbus. This phase includes a 250,000-square-foot shopping center anchored by Target and Hobby Lobby. Both the 125,000-square-foot Target and the 55,000-square-foot Hobby Lobby are slated to open in October. Other planned tenants include Five Below, Aqua Tots Swim School, Beerhead Bar & Eatery, The Nail Boutique, Clean Juice, Sprint and Great Clips. The 40-acre retail site is immediately adjacent to The Ohio State University Wexner Medical Center’s planned medical campus. Hamilton Quarter is a 200-acre mixed-use development slated to include 600,000 square feet of office and hotel space and 1 million square feet of retail, restaurant and entertainment space.
SACRAMENTO, CALIF. — Cronheim Mortgage has arranged a $17.4 million bridge loan for the acquisition of an existing retail and self-storage facility, located on 16.8 acres outside of Sacramento. DealPoint Merrill is the borrower and property owner. At the time of financing, the property was fully operational and stabilized. The financing includes future funding for the renovation and stabilization of the adjoining parcel. The three-year loan features two one-year extensions and an interest rate of 30-day LIBOR plus 375 basis points. When renovated, the asset will provide mixed-use retail and self-storage space with a total of 1,616 self-storage units and 46,904 square feet of retail space. The existing structures were built in 1991; a portion was renovated in 2014, and the remaining portion is being started with the funding of this loan. The existing self-storage facility totals 51,825 square feet and has 685 climate-controlled storage units. The property was built in 1980 as a retail building and converted to self-storage space in 2015. CubeSmart operates the facility.
ALBUQUERQUE — Heslin Holdings has completed the redevelopment of West Central Plaza, a retail center located at 4208 Central Ave. SW in Albuquerque. Retailers at the property are now open for business. The company originally acquired the 150,000-square-foot retail property in 2015 with a large, vacant, single-tenant space. The multi-million-dollar renovation included the division of the largest freestanding building at the property, formerly occupied by Kmart, into two anchor tenant spaces now occupied by Burlington and Conn’s Home Plus. Heslin Holdings also added 17,000 square feet of floor space adjacent to Burlington. Dollar Tree now occupies a portion of the new space. Additionally, the redevelopment included the conversion of a multi-shop building at the southwest portion of the property into a single-tenant facility, which Harbor Freight Tools now occupies. A multi-tenant drive-thru pad site was also constructed on the corner of Artisco Drive SW and Central Avenue. Panda Express and T-Mobile are tenants at the pad site. Dunkin Donuts is also constructing a new pad building in the shopping center along Central Avenue.
CERRITOS, CALIF. — Avison Young has arranged the sale of a retail property, located at 11355 South St. in Cerritos. A private investor from Southern California sold the property for $6.5 million. Built in 1974, the 5,225-square-foot property features of 1,200 square feet of mezzanine space. Comerica Bank occupies the building on an absolute triple-net leased basis. Brian Hennessey and Armand Aghadjanians of Avison Young represented the seller, while Brian Russell of Kinnery’s Brokerage and The Primemark Group represented the buyer, a Southern California-based private investor, in the deal.