MIAMI BEACH, FLA. — Miami Beach-based Savitar Realty Advisors has converted South Beach’s Lincoln Theatre from a historic movie theater and symphony hall into a 35,000-square-foot retail property. It is scheduled to open in November and will house Swedish retailer H&M’s 30,000-square-foot flagship store as well as smaller tenants like Swatch; Sabon; 4D Gelato; and 100 Montaditos, a Spanish tapas and sandwich style restaurant. Savitar Realty Advisors and a group of investors acquired Lincoln Theatre for $21.5 million in February 2010. The historic building was designed and built in 1935 by cinema architect Thomas Lamb in classic art deco style.
HOUSTON — UCR Investment Sales has arranged the sale of The Shops at Copper Crossing, a 19,949-square-foot REO shopping center located at FM 529 and Highway 6 in west Houston. The property is shadow-anchored by a Hobby Lobby and Walmart Supercenter. Cooper Crossing is fully leased to tenants such as Payless Shoes, Ace Cash Express, Cricket Wireless and Home Smart. Tommy Tucker of UCR represented the seller in the transaction.
CHULA VISTA, CALIF. — A 15,000-square-foot retail property in Chula Vista that is occupied by CVS has sold to JWCI Chula Vista, LLC for $6.7 million. It is located at 16 3rd Ave. Extension. The buyer was represented by Cushman & Wakefield. The seller, Butte Properties, was represented by Ryan Litrich of Lee & Associates’ North San Diego County office.
ROCHESTER, N.H. — Grossman Development Group has started site work for the 330,000-square-foot Granite Ridge Marketplace, a 57-acre shopping center development in Rochester. The center will feature a mix of anchor retail, junior anchor retail, restaurants and entertainment. The project is located on Route 11, the gateway to the Lake Region of New Hampshire and close to the Maine border. The project is slated for completion in the spring of 2014.
GARLAND — Marcus & Millichap has arranged the sale of a 6,500-square-foot El Chico Cafe, located at 1902 Eastgate Drive in Garland. Jason Vitorino and Nicholas Farris of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction. Vitorino and Farris also represented the buyer, a local private investor.
LOS ANGELES – Three new culinary concepts have signed onto FIGat7th in Downtown Los Angeles. They include Sprinkles Cupcakes, Mendocino Farms and THE MELT. They will join fellow restaurants such as Juicy Lucy, Loteria Grill, Oleego, Morton’s The Steakhouse, California Pizza Kitchen and Starbucks at the shopping and dining establishment. All three concepts are scheduled to open in December. FIGat7th is owned by Brookfield Office Properties. The company was represented by Kevin Dee and Ted Slaught, the center’s exclusive retail-leasing agents.
CHICAGO — Summit Design + Build has been selected as the general contractor for the redevelopment of parcels at 70-104 E. Oak St., immediately east of the firm's ongoing renovation of the old Esquire Theater site in Chicago's Gold Coast neighborhood. The existing building will be demolished to make way for a new 14,200-square-foot retail building, designed for high-end retail and entertainment use. Upon completion of the Esquire renovation and the 70-104 W. Oak St. building, the projects will provide more than 17,000 square feet of ground-level retail space. Booth Hansen is providing architectural services for the project. Completion is scheduled for the first quarter of 2013.
CAMBRIDGE, MASS. — Shire Realty Corp. has acquired a retail property at 122-128 Cambridge St., located near Massachusetts General Hospital, for $3.2 million. The two-story building is known for Clear Channel's rooftop Apple billboard, which can be seen from Standard Street. The property houses a convenience store and yoga studio. Sean Ryan of NAI Hunneman represented the seller, Ozzy Properties, in the transaction. He also procured the buyer.
PORT ARTHUR — NAI Wheeler has brokered the sale of a 86,680-square-foot retail property once leased to Sutherlands, located at the intersection of Highway 69 and Highway 365 in Port Arthur. Lee Wheeler of NAI Wheeler represented the seller, Sutherlands, in the transaction. The buyer, a developer, plans to convert the location into a multi-tenanted retail site.
LOS ANGELES – Three new culinary concepts have signed onto FIGat7th in Downtown Los Angeles. They include Sprinkles Cupcakes, Mendocino Farms and THE MELT. They will join fellow restaurants such as Juicy Lucy, Loteria Grill, Oleego, Morton’s The Steakhouse, California Pizza Kitchen and Starbucks at the shopping and dining establishment. All three concepts are scheduled to open in December. FIGat7th is owned by Brookfield Office Properties. The company was represented by Kevin Dee and Ted Slaught, the center’s exclusive retail-leasing agents.