EL PASO, TEXAS — Locally based shopping center developer River Oaks Properties has broken ground on Eastlake Marketplace, a 252,000-square-foot retail power center that will be located at the corner of Interstate 10 and Eastlake Boulevard in El Paso. The opening is scheduled for late 2020.
LOS ANGELES — CalBay Development has purchased the fee interest in a premier retail box in Porter Ranch Town Center in the Porter Ranch/Northridge neighborhood of Los Angeles. A private partnership led by Raider Hill sold the property for an undisclosed price. Situated on four acres, the asset is a 47,000-square-foot space formerly occupied and owned by Toys R Us. Spirit Halloween currently occupies the property on a short-term lease. The asset sits as its own fee parcel within the 560,000-square-foot Porter Ranch Town Center anchored by Walmart, Ralphs, CVS/pharmacy, Best Buy and others.
CODY, WYOMING — Marcus & Millichap has directed the sale of a retail property located at 324 Yellowstone Ave. in Cody. An undisclosed buyer acquired the asset for $4.8 million. The 22,064-square-foot property was constructed as a build-to-suit in 2014 for Tractor Supply, which occupies the building on a net-leased basis. Brett Winger and Dominic Sulo of Marcus & Millichap’s Chicago Oak Brook, Ill., office represented the seller, a private investor. Neville Rustomjee, also of Marcus & Millichap, served as the broker of record in Wyoming.
ORLAND PARK, ILL. — Marcus & Millichap has arranged the sale of Concordia Commons in Orland Park for $2.2 million. The 23,125-square-foot retail strip center is located on the corner of La Grange Road and 147th Street. US Bank anchors the property, which is home to service-oriented tenants. Mitchell Kiven, Michael Volini, James Ziegler and Keith Zelenika of Marcus & Millichap marketed the property on behalf of the seller.
NEWARK, N.J. — Cronheim Mortgage has arranged a $10 million financing loan for Ferry Plaza, a retail center in Newark. One America provided the loan, which carried a10-year term and a 22-year amortization schedule. Seabra Supermarket anchors the 63,433-square-foot retail center, which also houses a post office, bank and several other retailers and restaurants. Cronheim arranged the loan on behalf of the borrower, an entity affiliated with Urstadt Biddle Properties Inc.
HOUSTON — CBRE has negotiated the sale of Northbrook Shopping Center, a 174,181-square-foot retail property located along U.S. Highway 290 in Houston. El Rancho Supermarket anchors the center, which was approximately 97 percent occupied at the time of sale. Mark Witcher, Chris Cozby, Jim Batjer and Blaine Dozier of CBRE represented the seller, Weingarten Realty, in the transaction. Wu Family Trust purchased the asset for an undisclosed price.
WICHITA, KAN. — WS Development has formed a joint venture with Laham Development to acquire Bradley Fair in Wichita. The purchase price was not disclosed. Built in 1990, the 280,000-square-foot shopping center is home to more than 50 stores and restaurants, including Barnes & Noble, Sephora, Pottery Barn, Gap and soon-to-open Trader Joe’s. The property also features a lake, walking paths, gardens and community events. The seller was not disclosed.
CHANDLER, ARIZ. — Newmark Knight Frank has negotiated the sale of Alma Elliot Square, a shopping center in Chandler. TriGate Capital sold the asset to Orange County, Calif.-based Investment Concepts for $9.6 million. At the time of sale, the 62,164-square-foot asset was 62 percent leased to a mix of national and regional tenants, including Starbucks Coffee, O’Reilly Auto Parts, AT&T, Great Clips and Pizza Hut. Fry’s Food and Drug and IHOP also shadow-anchor the property. CJ Osbrink, David Guido, Joe Doucett, Joseph Hoye and Ryan Moroney of Newmark Knight Frank represented the seller in the deal.
HANOVER, MASS. — PREP Property Group has unveiled plans to redevelop Hanover Mall in Hanover, approximately 22 miles southeast of downtown Boston. The project costs are estimated at $250 million. PREP will rebrand the mall as Hanover Crossing, an open-air, mixed-use project that will feature 297 multifamily units and will be anchored by an 80,000-square-foot Market Basket Supermarket. Market Basket will feature Market’s Kitchen and Café, a prepared foods department offering a variety of freshly made meals, sandwiches, salads, subs, brick oven pizza and Niji sushi. The location will also provide café seating, complimentary Wi-Fi and large screen TVs. Market Basket expects to hire about 400 employees for the new store. “We’ve seen tremendous potential in this landmark property since day one and believe the transformation to mixed-use provides unlimited potential,” says Lloyd Sova, PREP vice president of development. “Hanover Crossing will be an exciting location combining an open-air retail experience that is rich in amenities with high-end apartments to provide a sought-after ‘live, work, play’ environment.” The retail component of Hanover Crossing will be 150,000 square feet smaller than the current Hanover Mall, which was built in 1971. Hanover Crossing will offer 30,000 square feet of green space. “We’ve …
NEW YORK CITY — Madison International Realty has signed multiple new leases and lease renewals with several food and beverage tenants in preparation for the opening of a new 1,500-square-foot food court at Queens Place Mall, located in the Elmhurst neighborhood of Queens. Dunkin Donuts and Mrs. Fields have both renewed leases at the 440,000-square-foot mall. In separate negotiations with three new tenants, Chipotle has leased 2,532 square feet, Teriyaki One has leased 1,134 square feet and TeaCups has leased 400 square feet. Diana Boutross, Alan Schmerzler, Ian Lerner and Brandon Singer of Cushman & Wakefield represented Madison International in the negotiations. Boutross and Lerner represented Chipotle, Dunkin Donuts, Mrs. Fields and TeaCups. Peter Yoon of Ripco represented Teriyaki One. Construction is slated for completion by summer 2020.