NEW ORLEANS — The Howard Hughes Corporation plans to invest $70 million for the redevelopment of the 200,000-square-foot Riverwalk Marketplace, a shopping center located in New Orleans. The project will convert the property into The Outlet Collection at Riverwalk and will add nearly 50,000 square feet of established outlet stores, local retail, dining and entertainment options. Construction is scheduled to begin by year's end, with the property expected to reopen in late 2013.
Retail
MARSHALL AND PASADENA — Meridian Capital Group has arranged an $11.7 million CMBS refinancing package for four triple-net leased retail properties, including two 15,120-square-foot Walgreens located on East End Boulevard in Marshall and South Richey Street in Pasadena. The other properties are located in Arkansas and Florida. Ronnie Levine and Jack Coopersmith of Meridian Capital's New York City office arranged the 10-year CMBS financing package through Citigroup Global Markets on behalf of the borrower, Gary Solomon & Co.
TEMPE, ARIZ. — A 35,490-square-foot retail building at Broadway Plaza in Tempe has sold to the Tarazi Family Trust for $2.6 million. The property was built in 1981 on the southwest corner of Broadway Road and McClintock Drive. Cam Stanton and Joseph Miller of CBRE’s Phoenix office represented the seller, Do We Group LLC & BP La Sierra LLC, in this transaction. The duo also structured the sale.
CROSSVILLE, TENN. — Broad Reach Retail Partners has sold the 180,767-square-foot Highland Square Shopping Center, located at the corner of Elmore Road and West Avenue in Crossville, for $12.25 million. Kroger, Dunham's Sporting Goods, Tractor Supply and Goody's anchor the center, which is 93 percent leased.
CORDELE, GA. — Cassidy Turley has arranged the $4.4 million sale of the 120,868-square-foot Cordele Corners, a shopping center located near Interstate 75 in Cordele. Tractor Supply, Bealls and Dollar Tree anchor the center, which is 70 percent leased. Mark Joines and Drew Fleming of Cassidy Turley represented RCG Ventures, the seller, in the transaction. The buyer was a Florida-based private equity group.
MIDDLEBURG HEIGHTS, OHIO — The Soutland South Shopping Center at 13367 Smith Road in Middleburg Heights has sold for $770,000. Anchor tenants at the 56,170-square-foot retail center include Giant Eagle Grocery, Burlington Coat Factory and Petco. The property is situated approximately 16 miles southwest of downtown Cleveland. Bob Havasi of Cooper Commercial Group represented the seller, an institutional entity from New York. He also secured the buyer, a private investor from Cleveland.
NEW YORK CITY — Express Inc. has signed a 15-year lease to establish a flagship store in Times Square. The national apparel retailer will occupy 30,000 square feet at 1552-1560 Broadway. The store will feature three levels and 9,000 square feet of LED signage. It is expected to open in the fall of 2013. SL Green and its joint venture partner, Jeff Sutton, acquired the property last year.
LOS ANGELES – A 4,672-square-foot Chase Bank property in the Los Angeles submarket of Eagle Rock has been redeveloped and subsequently sold to May Lilly LLC for $4.14 million. It is located at 2175 Colorado Ave. The property, which was acquired by Heslin Holdings in 2007, was formerly a Blockbuster Video. Heslin secured a 15-year, triple-net lease with Chase in 2011 before renovating the space to meet the bank’s needs.May Lilly was represented by Steven Schechter of Marcus & Millichap. The seller, Colorado Avenue Land Partners LLC, was represented by Dennis Vaccaro and Nicholas Coo of Faris Lee Investments.
SAN JOSE, CALIF. — A new Walmart Neighborhood Market will soon reside at Evergreen Village Square in San Jose. Walmart will occupy a 40,950-square-foot retail site that has been vacant since 2007. The company has signed a 10-year lease at the center. The landlord, Shapell Properties, was represented by Mike Messinger and Josh Gispan of Meacham/Oppenheimer CORFAC International.
FREMONT, CALIF. – A 2,386-square-foot property that is triple-net leased to Jack in the Box through 2032 has sold to an individual/personal trust for $2,135,000. The Class A building is located at 34701 Ardenwood Blvd. It was originally built in 1992 and renovated in 2010. The buyer was represented by David Ching of Marcus & Millichap’s Oakland office.