GERMANTOWN, TENN. — Trademark Property Co. has begun the overhaul and expansion of Saddle Creek, its lifestyle center located in the affluent Memphis suburb of Germantown. General contractor Linkous has begun the demolition of 20,000 square feet of space on the southwest side of Poplar Avenue and West Street. Construction will begin soon on 40,000 square feet of new retail space. The expansion, expected to deliver in spring 2015, will bring Saddle Creek to a total of 168,000 square feet. Trademark will also upgrade Saddle Creek’s lighting, signage, plazas and landscaping. Saddle Creek’s tenant roster includes Anthropologie, Apple, Banana Republic, Brooks Brothers, Chico’s, Coach, Free People, J. Crew, kate spade new york and Madewell. Trademark has managed and leased the property since 2011.
Retail
HERNDON, VA. — Rappaport has closed on a $65 million first mortgage loan to refinance Worldgate Centre, its 230,000-square-foot retail center located at the intersection of Dulles Toll Road and Elden Street in Herndon. Rappaport purchased the asset in 2000. Worldgate Sport & Health anchors the property, and other tenants include a nine-screen AMC Theatre, Starbucks Coffee, TGI Friday’s, Subway, Qdoba Mexican Grill, Cold Stone Creamery and FedEx Kinko’s. The Ackman-Ziff Real Estate Group arranged the 10-year non-recourse loan through a CMBS lender on behalf of Rappaport.
ROMULUS, MICH. — New England Development will develop a 325,000-square-foot outlet center in Romulus, approximately 25 miles southwest of Detroit. Outlets of Michigan will be located near I-94 and the Detroit Metro Airport. The new open-air outlet center, which is scheduled to open in 2016, will feature 75 retailers. New England Development’s portfolio of retail projects now includes a mix of outlet centers in markets nationally. New outlet centers include the recently opened Palm Beach Outlets in West Palm Beach, Fla.; Asheville Outlets in Asheville, N.C.; Outlets at Little Rock in Little Rock, Ark., opening in 2015; and Des Moines Outlets in Altoona, Iowa, opening in 2016.
NEW YORK CITY — American Realty Capital New York City REIT’s operating partnership has entered into an agreement to acquire a 12,327-square-foot commercial condominium unit at The Hit Factory in Manhattan’s Midtown West neighborhood. Sagamore 54th Avenue St. Investments LLC and Sagamore Arizona LLC are selling the property for $7.3 million, exclusive of closing costs. The property is currently 100 percent leased to Gibson Guitar Corp.
COLLEYVILLE, TEXAS — Whole Foods Market will open a new 40,000-square-foot store at the Colleyville Downs Center in Colleyville on Tuesday, July 8. The property is located at 4801 Colleyville Blvd. at the southeast quadrant of Glade Road and Highway 26. “We are so proud to open a store in Colleyville,” says Dennis Berryman, team leader of the new Whole Foods store. “We love being able to partner with neighbors who share our passion for good food and strong community.”
SALT LAKE CITY — Gold’s Gym Express and ULTA Beauty and Cosmetics have signed on as tenants at Brickyard Plaza in Salt Lake City. Brickyard Plaza is a 306,000-square-foot community shopping center at the corner of 1300 East and 3300 South. Gold’s Gym Express will occupy a 23,000-square-foot space that will open this September. ULTA will absorb a 10,000-square-foot space that was formerly occupied by Shoe Carnival. They will join other notable tenants at Brickyard Plaza, including TJ Maxx, Home Goods, Kohl’s, Ross, Office Max, Dress Barn, Rue 21, Sally Beauty and Tuesday Morning. The landlord, Yacoel Properties LLC, was represented by Chris Hatch and Joe Mills of Mountain West Retail-Investment and Newmark Grubb ACRES.
SANFORD, FLA. — CBRE has arranged the sale of Boulevard Plaza, a 107,117-square-foot shopping center located at 300 W. Lake Mary Blvd. in Sanford. Branch Properties purchased the asset from The Sandefur Cos. for $12.2 million. The property is leased to CVS/pharmacy, Burger King, Papa John’s, Qdoba, H&R Block and Trustco Bank. Albertson’s, Boulevard Plaza’s anchor tenant that ceased operations in 2010, continues to pay its rent obligations. Cliff Taylor and Daniel Baker of CBRE represented The Sandefur Cos. in the transaction.
WESLEY CHAPEL, FLA. — Franklin Street Real Estate Services has brokered the $2.4 million sale of a Tuffy Auto Center and Dairy Queen at 27329 Wesley Chapel Blvd. in Wesley Chapel. The sale represents the second half of a 1031 tax-deferred exchange for the buyer, a Kentucky-based corporation. Rafeal Wright and Jonathan Graber of Franklin Street represented the seller, J&J Wesley Chapel LLC, an Illinois-based company. Franklin Street also procured the buyer.
INDIANAPOLIS — Lee & Associates has arranged the lease of a 9,260-square-foot retail space for Michigan-based brewery HopCat in Indianapolis. Hopcat Broad Ripple will occupy space in the Broad Ripple Garage located at 6280 College Ave. The Indianapolis brewery will be Hopcat’s first location outside of Michigan. The new brewery is set to open in August with 130 taps. Ben Andrews of Sperry Van Ness represented the tenant in the transaction. Bart Jackson and Scot Courtney of Lee & Associates represented the landlord, 6280 LLC, an entity of Keystone Realty Group.
MERRIMACK, N.H. — Calkain Companies has arranged the sale of a two-building, net-leased multi-tenant property in Merrimack. A private buyer acquired the property for $5.3 million. The property is an outparcel to Merrimack Premium Outlets and located near Fidelity Investments’ corporate campus. Tenants of the newly constructed four-tenant center include Starbucks Coffee, Digital Federal Credit Union and Qdoba Mexican Grille. Stanley Wyrwicz of Calkain’s Boston office represented the undisclosed seller in the transaction.