CLINTON TOWNSHIP, PA. — Bennett Williams Realty Inc. has arranged the sale of a retail property located at 2020 State Route 54 in Clinton Township. SRI Gopal Properties LLC purchased the 9,100-square-foot property from MDC Development LP for $1.4 million. Chad Stine, Brad Rohrbaugh and Adam Hagerman of Bennett Williams Realty represented the seller in the transaction.
CHARLOTTE, N.C. — Developers Crosland Southeast and Childress Klein have added two new retailers to the 90-acre Waverly development located near the intersection of Providence and Ardrey Kell roads in south Charlotte. CycleBar, an indoor cycling fitness studio, will lease 3,246 square feet, and PetPeople, a pet foods and supplies retailer, will lease 4,900 square feet. CycleBar plans to reach 100 locations by the end of 2016, with eight planned for the Charlotte metro area. In addition to the Waverly location, PetPeople, which currently operates 28 stores in the Midwest, is adding a location in Cornelius, N.C. Whole Foods Market will anchor Waverly’s 250,000-square-foot retail portion. The development will also feature the 375-unit Solis Waverly apartment community and 150 single-family homes and townhomes.
DES PLAINES, ILL. — Associated Bank has completed a $19.3 million loan for the land acquisition and construction of a Mariano’s Fresh Market grocery store in Des Plaines, approximately 20 miles northwest of Chicago. Golf Road Ventures LLC, a joint venture of Abbott Land and Investment Corp. and WBS Equities, is the borrowing entity. When complete, the 73,317-square-foot store will be located at 10 E. Golf Road. Construction will begin this spring and completion is slated for the spring of 2017. Working with the Illinois Department of Transportation, Golf Road Ventures is funding over $1 million in improvements to the traffic intersection, including the addition of a turn lane and traffic signals. Working with the Des Plaines Park District, the developer is also contributing approximately $750,000 toward road, parking and field improvements for nearby Blackhawk Park.
The retail market for Louisville has continued to improve over the past year. New ground-up developments, which have been virtually nonexistent the past five years, are now open for business. Vacancy rates are falling, new tenants are entering the market, and retail investment sales continue to be in high demand. The $2.5 billion Louisville- Southern Indiana Ohio River bridges project is on track for a 2016 opening. New developments in downtown and northeast Louisville, as well as Southern Indiana, are looking to capitalize on the new infrastructure. GBT Realty is looking to expand its presence in the market with a proposed 220,000-square-foot joint venture project across the river in Jeffersonville, Ind. The site is located within in the 170-acre master-planned Jefferson Town Center on Veterans Parkway. Menards is opening a new 200,000-square-foot property this fall across the street from GBT’s proposed development. In addition to GBT Realty’s newly opened Middletown Commons and Jefferson Commons in Louisville, the three projects are from developments that were planned before the Great Recession and now have new life. The Outlet Shoppes of the Bluegrass, located in Simpsonville, Ky., has been a major success since opening in late 2014. After just six months, an expansion …
Louisville’s retail market continues to experience a shortage of space in high-demand markets in spite of several new developments opening over the past year. During this period, two major retail developments have been completed with several smaller projects under construction or in the planning stages. Second-generation big box vacancy is virtually non-existent and finding quality shop space is becoming equally challenging. As a result, rents have escalated to historic highs. The most notable additions to the Louisville market are two neighborhood centers developed by Brentwood, Tenn.-based GBT Realty Corp. Nestled amongst a rapidly expanding residential community and PGA’s notable Valhalla Golf Club in eastern Louisville, the 240,000-square-foot Middletown Commons is anchored by Hobby Lobby, Academy Sports + Outdoor, Ross Dress for Less and Liquor Barn. Jefferson Commons, located in south Louisville, is anchored by Academy Sports + Outdoor, Hancock Fabrics, HH Gregg, Michael’s, Liquor Barn and several fast-casual restaurant concepts. In western Louisville, BC Wood Properties added Hobby Lobby and Goody’s stores at the 350,000-square foot Dixie Manor Shopping Center. Southwest of the city’s central business district, the redevelopment of Dixie Valley Shopping Center expanded its footprint to include additional soft goods retailers such as Marshalls, Ross Dress for Less, …
CHATTANOOGA, TENN. — Preferred Apartment Communities Inc. (PAC) has acquired The Overlook at Hamilton Place, a 213,000-square-foot grocery-anchored shopping center in Chattanooga. The center is located at the intersection of Gunbarrel and Shallowford roads across the street from Hamilton Place, the primary super regional mall in the Chattanooga MSA. The Overlook at Hamilton Place is currently 99 percent leased and is anchored by The Fresh Market, Hobby Lobby, Best Buy and Petco. PAC acquired this asset through its wholly-owned subsidiary, New Market Properties LLC. PAC financed the acquisition utilizing a 10-year, 4.19 percent first mortgage loan from Transamerica Life Insurance Co.
SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Club Business Park, a 51,010-square-foot retail property located at 164-194 W. Club Center Drive and 2211 S. Hunt in San Bernardino. The asset sold for $2.8 million. Drew Wetherholt of Marcus & Millichap represented the seller and the buyer in the transaction.
DANVILLE, CALIF. — ROIC, a publicly traded REIT, has acquired Iron Horse Plaza, a grocery-anchored shopping center located at 345 Railroad Ave. in Danville. Alamo Group Iron Horse LLC sold the property for $44.5 million. The 62,000-square-foot property is occupied by Lunardi’s, Jos. A. Banks, Peet’s, Chow, Panda Express, Supercuts and Verizon. Pedro Arroyo and David Kram of Arroyo procured the buyer and represented the seller in the transaction.
SAN BERNARDINO, CALIF. — CBRE Group Inc. has brokered the sale of San Bernardino Marketplace at 263-275 E. Ninth St. in San Bernardino. A Los Angeles-based 1031 exchange buyer acquired the 58,740-square-foot neighborhood shopping center from an undisclosed Orange County, Calif.-based family partnership for $12.3 million. Built in 1983, the property was 96 percent occupied and anchored by El Super, a specialty grocer, at the time of sale. Arthur Flores of CBRE Group Inc. represented the seller and buyer in the transaction.
VICTORVILLE, CALIF. — Faris Lee Investments has brokered the sale of The Shops at Bear Valley in Victorville. A Beverly Hills, Calif.-based investment company purchased the property from Santa Barbara-based Invest West Financial for $9.8 million. Situated on 5.81 acres, the 32,023-square-foot four-building property was 95 percent occupied at the time of sale. Tenants include McDonald’s, Fitness 19, Schools First Credit Union, KinderCare and others. Shaun Riley of Faris Lee Investments represented the buyer and seller in the transaction.