STATE COLLEGE AND HANOVER, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed the sale of Nittany and North Hanover malls for a total of $32.3 million. Located in State College, the 534,000-square-foot Nittany Mall has sales of $243 per square foot and non-anchor occupancy of 70 percent as of June 2014. The 452,000-square-foot North Hanover Mall in Hanover has sales of $275 per square foot and non-anchor occupancy of 72.8 percent as of June 2014. Details of the transaction were not released.
Retail
WATERBURY, CONN. — HFF represented New Hyde Park, N.Y.-based Kimco Realty Corp. in the disposition of Waterbury Plaza, a grocery-anchored retail center in Waterbury. Toronto, Canada-based Slate Properties Inc. purchased the 141,443-square-foot center for $27.2 million. Located at 410 Reidville Dr., the fully leased center is anchored by Stop & Shop and Raymour & Flanigan. Jim Koury led the HFF investment sales team that arranged the transaction.
CHICAGO — NelsonHill has arranged the sale of 2601 S. LaSalle St. in Chicago’s South Loop area to U-Haul International for $3.2 million. The 165,674-square-foot site features a 25,920-square-foot mezzanine level, 6,794-square-foot office space with eight- and 16-foot clear heights, four exterior docks, four drive-in doors and three freight elevators. The property is located near I-55 and Interstates 90/94. Mark Nelson and Michael Nelson of NelsonHill represented the seller Economy Folding Box, which had owned the property for 60 years, in the transaction. U-Haul was self-represented.
MINNEAPOLIS — Minneapolis-based Mid-America Real Estate – Minnesota LLC has arranged three retail leases signed for shopping centers in Minnesota. Nordstrom Rack signed a lease for 33,000 square feet at Shops of Knollwood located in St. Louis Park; Rue 21 signed a lease for 6,085 square feet at Woodbury Village in Woodbury; and Starbucks Coffee signed a lease for 2,160 square feet at Dakota Retail Center in Chanhassen. Mid-America represented the tenant in the Nordstrom Rack lease, both the tenant and undisclosed landlord in the Rue 21 lease, and the tenant in the Starbucks lease.
CORAL GABLES, FLA. — Marcus & Millichap has brokered the $17.4 million sale of Santona Corner, a 37,130-square-foot retail property in Coral Gables. The property is located at 1430 S. Dixie Highway, across the street from the University of Miami campus. Douglas Mandel and Benjamin Silver of Marcus & Millichap procured an unnamed buyer on behalf of the seller.
WHEATON, ILL. — Meridian Design Build has completed the construction of an 81,543-square-foot self-storage facility in Wheaton. The Lock Up is located adjacent to the Main Street Marketplace shopping center at the northwest corner of Main Street and Geneva Road. The four-story facility offers climate controlled and drive-up units and features covered loading bays with secure access. Partners in Design Architects provided architectural services for the project and Watermark Engineering Resources Ltd. provided civil engineering work.
DALLAS — Shipley Do-Nuts has signed a development agreement with Adkins Development Corp. to accelerate expansion in the Dallas/Fort Worth market. The agreement requires Adkins to open a minimum of 60 stores over a 15-year period. Phil Adkins, president of Adkins Development Corp, has owned Shipley Do-Nuts franchises for 18 years. The company currently has 11 stores in the Metroplex.
LENOIR CITY, TENN. — Halpern Enterprises has purchased Franklin Centre, a 31,153-square-foot shopping center, for roughly $4 million. The property is located at 913 Highway 321 North in Lenoir City, about 20 miles outside of Knoxville, Tenn. Franklin Centre is 95 percent leased to tenants such as Dollar Tree, Sally Beauty Supply and Shoe Show. Joe Montgomery and Tony DeAmbrosio of Colliers International’s Atlanta office brokered the transaction. Ziff Properties was the seller.
NORTH HANOVER TOWNSHIP, N.J. — CBRE has arranged the $1.4 million sale of a newly constructed Dollar General property in North Hanover Township. The retail store is located at 189 Jacobstown New Egypt Road. The property has a 10-year net-lease in place with two five-year options, with 10 percent escalations in both option periods. The store is located at a signalized intersection and includes ample on-site parking.
SAN FRANCISCO – The Bay Area will receive the first new TargetExpress stores to open nationwide. The condensed outpost from the big box giant will open three locations in the region, including two in San Francisco and one in Berkeley. These TargetExpress stores will contain 20,000 square feet or less. A 20,000-square-foot store is set to open at 225 Bush Street, next to the Montgomery BART station in San Francisco’s financial district. A 17,000-square-foot store will debut at 1830 Ocean Ave. in southwest San Francisco, while another 12,355-square-foot TargetExpress will open at 2187 Shattuck Ave. in Berkeley. The Bush and Shattuck stores are scheduled to open next spring. The Ocean store is still in the planning stages. No opening date has been set. The test store for the TargetExpress concept opened in the retailer’s hometown of Minneapolis this July. All three Bay Area TargetExpress transactions were executed by Matt Kircher of Terranomics Retail Services.