MEMPHIS, TENN. — The Shopping Center Group is the leasing agent for a new retail center under construction at 6450 Poplar Ave. in east Memphis. Crown Centre LLC, an affiliate of Fogelman Investment Co., is developing the 29,000-square-foot retail center, which is adjacent to International Paper’s world headquarters. The building shell is expected to be complete in April.
CAMDEN, S.C. — ProVest Properties LLC has purchased Springdale Plaza, a 179,000-square-foot shopping center located in Camden, for $11.8 million. The property was 94 percent leased at the time of sale to tenants such as Belk, Burke’s, Farmer’s Home Furniture, Goodwill, Dollar Tree, Gamestop, Rue 21 and Hibbett Sports. Marc Birnbaum, Esq. represented Charles Vita of ProVest Properties in the negotiations.
CHARLESTON, S.C. — NAI Avant has secured retail tenants for all five available suites in The Grand at Midtown, a mixed-use apartment community located at the corner of Meeting and Spring streets in downtown Charleston. King of Pops, a gourmet popsicle company, and an unnamed retailer will join existing retailers Edward Jones, Bull Street Market and CHS Revolution at the property, which was formerly known as Elan Midtown. Phillipa Ward of Arthur Ravenel Commercial Realty represented King of Pops in the 615-square-foot lease transaction. Amanda Reeves of Lee & Associates represented the unnamed retailer in the 1,575-square-foot lease deal. Scott Peevy and Ruth Marie Embler of NAI Avant represented the landlord, Meeting Street Realty Co., in the lease negotiations.
MASHPEE, MASS. — Dividend Capital has acquired South Cape Village, a retail center in Mashpee, from Mashpee Investors LLC for $35.5 million. The 143,477-square-foot lifestyle center features a variety of tenants, including Roche Brothers, Marshalls, Walgreens, Olympia Sports and Santander Bank. Robert Griffin, Geoffrey Millerd and Justin Smith of Cushman & Wakefield negotiated the transaction on behalf of Mashpee Investors LLC.
CHICAGO — Mid-America Real Estate Corp. has brokered the sale of a former funeral home in the Lakeview neighborhood of Chicago. Stonestreet Partners LLC purchased the 12,500-square-foot building and 0.33 acres of land. The subject property is located at the northeast corner of Lincoln, Southport, and Wellington avenues. Stonestreet plans to redevelop the former funeral home into a space that will include retail and residential property. Paul Bryant and Andrew Becker of Mid-America represented the seller, a private family and land trust. Kevin Boyd of SRS Real Estate represented the buyer.
NEW YORK CITY — CPEX has arranged the sale of a retail property located at 2038-2050 Flatbush Ave. in Brooklyn. The 15,000-square-foot property sold for $4.5 million, or $300 per square foot. The four-unit property was 76 percent occupied at the time of sale. Current tenants are Telco Stores and Sports Physical Therapy of NY. Andre Sigourney and Harrison Balisky of CPEX’s retail sales team represented the seller and buyer in the transaction. The names of the seller and buyer were not released.
MISSION VIEJO, CALIF. – La Paz Gateway, a 6,000-square-foot retail center in the Orange County submarket of Mission Viejo, has sold to an unnamed buyer for $5.5 million. The Class A center is located at the intersection of Muirlands Boulevard and La Paz Road, off Interstate 5. It is fully occupied by three tenants, including Roberto’s Taco Shop, Ortho Mattress and Beach Hut Deli. La Paz Gateway was built in 2007. Both the buyer and seller were represented by Scott Hook of Hook Retail Advisors/Coldwell Banker Commercial (CBC) Alliance Orange County.
TUSTIN, CALIF. – Kettlebar restaurant has opened at Union Market Tustin. The Southern seafood offering will be located within the 22,000-square-foot artisanal center, which contains a mix of independent gourmet food, fashion and lifestyle micro-tenants. Union Market Tustin is situated within The District at Tustin Legacy, a regional shopping center. The District was developed by Vestar/Kimco and is operated by Vestar.
THE WOODLANDS, TEXAS — Cyclone Anaya’s Mexican Kitchen and Nick’s Fish Dive & Oyster Bar will open at 20 Waterway Ave. in The Woodlands. Cyclone Anaya’s Mexican Kitchen has leased 4,222 square feet for a Mexican food restaurant with an expected opening date set for the beginning of April. Nick’s Fish Dive & Oyster Bar has leased 3,568 square feet for its new restaurant. Nick’s is anticipated to open in April. The corporate offices of Cyclone Anaya represented the restaurant in the transaction, while AM Restaurant Inc. and Claudia Leonardo represented Nick’s Fish Dive & Oyster Bar. Rip Reynolds of The Howard Hughes Corp., represented The Woodlands Development Co. in both leases.
BROOKFIELD, WIS. — Land assembly at The Corners of Brookfield mixed-use development in Brookfield is now complete. Brookfield Corners LLC, a joint venture between IM Properties, Bradford Real Estate and The Marcus Corporation, is developing the $200 million project. The development, which is bordered by West Bluemound Road, North Barker Road and I-94 in Brookfield, will serve as a destination for luxury shopping, dining and entertainment. Plans call for 400,000 square feet of retail and restaurant space anchored by Wisconsin’s first ever Von Maur Department Store, as well as 235 luxury apartments that will be managed by Milwaukee-based Mandel Group. With the entire 19-acre site now under ownership of Brookfield Corners LLC, the project will move toward a groundbreaking, which is set for mid-April. Demolition of the former Menards buildings and the former Marcus Theater is complete, with demolition of the adjoining strip mall also near completion.
