CUMMING, GA. — Marcus & Millichap has brokered the $10.5 million sale of Lanier Crossing, an 111,000-square-foot retail center located on Atlanta Road in Cumming. The sales price for the Hobby Lobby-anchored property equates to $96 per square foot. Hobby Lobby is in the middle of its first five-year lease, with one five-year option remaining. The property was built in 1964 and most recently renovated in 1989. During the past 10 years, the center has had an average occupancy rate of more than 90 percent. Other tenants at Lanier Crossing include Subway, Sally Beauty Supply, Weight Watchers and Cici's Pizza. Howard Bregman and Brandon Rex, both with Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, Infinity Property Fund, as well as the Northeast-based buyer.
MONROEVILLE, ALA. — Timber Development, in a joint venture with Bright Interest Inc., is developing the approximately 40,000-square-foot Monroeville Marketplace Shopping Center. The $4.5 million center is located adjacent to a Walmart Supercenter on Alabama Avenue in Monroeville, about 90 miles northeast of Mobile. The project, which will open in the summer of 2013, will feature tenants Dollar Tree, Cato and Verizon Wireless. Other tenants will include a Mexican restaurant, china buffet and beauty supply store.
NOKOMIS, FLA. — The Sembler Co. is redeveloping the Nokomis Village Shopping Center, located at 1091 Tamiami Trail in Nokomis, about 50 miles south of St. Petersburg, Fla. The redevelopment of the 143,697-square-foot center will include improvements to the entire property from landscaping to building facade upgrades. Publix, which anchors the shopping center, will be torn down and rebuilt. Other tenants include Anthony’s ladies apparel, Village Pharmacy, Ophelia’s Pasta restaurant and Saltwater Café.
MIAMI — Continental Real Estate Cos. (CREC) has been selected as the leasing agent for eight shopping centers in South Florida totaling 629,060 square feet. The retail properties include El Mercado in Hialeah Gardens; Clewiston Town Center in Clewiston; Polo Grounds Mall in West Palm Beach; #1 Marketplace, Tropical Plaza and The Shops of Bird Road in Miami; and Gables Grand Plaza and Red Road Commons in Coral Gables. The firm will also manage El Mercado and Clewiston Town Center. Carlos Guzman, Steven Henenfeld, Mitchell Boxer and Ruben Suarez of CREC will lead the retail leasing team.
KANSAS CITY, MO. — The Hospital Hill Economic Development Corp. and Truman Medical Centers have plans to build an $11.5 million, 35,000-square-foot grocery store. The grocery store, which will be located at 27th Street and Troost Avenue, will offer produce, meats and dairy items as well as specific ethnic foods. The store will partner with the community to employ a local-first approach that will include products from local businesses, urban farmers and community gardens.
CHESTERFIELD COUNTY, VA. — ACHS LLC has acquired a former Hollywood Video property at 11420 Huguenot Road in Chesterfield County for $1 million. South River Pharmacy will occupy most of the 7,421-square-foot property, with Great Clips remaining as a tenant. Richard Thalhimer of Cushman & Wakefield represented the seller, The Salvation Army, in the transaction.
EVANSTON, ILL. — Walgreens has plans to build what the company believes will be the nation’s first net-zero energy retail store, which engineers predict will produce energy equal to or greater than it consumes. Walgreens plans to achieve a net-zero energy building by utilizing solar panels, wind turbines, geothermal technology, energy-efficient building materials, LED lighting and ultra-high-efficiency refrigeration. The store will be located in Evanston, at the intersection of Chicago Avenue and Keeney Street, where demolition of an existing Walgreens store now is under way. The Chicago-area location allows easy access for Walgreens engineers based at the company’s headquarters in Deerfield, to measure the store’s performance for an entire year to determine if the store reaches its goal of net-zero energy use.
HOUSTON — CBRE has arranged the sale of three shopping centers in the Greater Houston area totaling 313,344 square feet. The properties include Northwest Village in Houston, Fairway Centre III in Pasadena and The Plazas at Grand Parkway in Katy. Northwest Village is a 189,968-square-foot community center that is 90 percent leased. Houston-based Gordon Partners purchased the center from Denver-based Baceline Investments. Fairway Centre III is a 103,876-square-foot power center fully leased by Sports Authority, Conn's and Office Depot. Fidelis Realty Partners purchased the center from Trammell Crow Co. David Aaronson and Jeff Stein of CBRE secured the equity and debt for the transaction through a life insurance company lender. The Plazas at Grand Parkway totals 19,5000 square feet and is 83 percent leased. Houston-based Vista Equities Group purchased the center from Wellesley Hills, Mass.-based Sun Life Assurance Co. Kevin Holland, Chris Cozby and Chris Gerard of CBRE's National Retail Investment Group represented the sellers in the three transactions.
ARLINGTON, TEXAS — Venture Commercial has secured a second location for antique mall owners Chris Sheidler and Betsy Sheidler. The 53,000-square-foot Cooper Street Antique Mall has opened for business at 4905 S. Cooper St. in Arlington. Christopher Gibbons, Ken Reimer and Katie Vance of Venture Commercial represented the Sheidlers in the lease transaction. John Zikos and Chris Booras, also of Venture, represented the landlord, Sams Dice Arlington LP.
WOODLAND, CALIF. – Walmart has announced plans to open a new Walmart Neighborhood Market in Woodland. The smaller-format store will occupy a 62,000-square-foot building at 1250 E. Gibson Road about 15 miles northwest of Sacramento. The building was previously occupied by Mervyn’s at the County Fair Fashion Mall. The mall is owned by County Fair Fashion Mall, LLC and managed by Primero Management. Scott Sterlekar serves as the mall’s director of real estate and leasing.