FALLS CHURCH, VA. — Regency Centers has completed work on a 55,000-square-foot Safeway grocery store at the Willston Centre II shopping center in Falls Church. The original 42,491-square-foot store was demolished early this year. Regency Centers has also completed a renovation of the entire property. The 127,449-square-foot center, which was built in 1986, is located at 6118 Arlington Road.
MANCHESTER, MO. —Cole Real Estate Investments has acquired a major portion of Manchester Highlands, a retail center located at the intersection of Manchester Road and Missouri Highway 141 in Manchester. Pace Properties sold the assets for $48.5 million. The acquired portion includes a 29-acre site, which is occupied by a Walmart Supercenter, and a 136,000-square-foot group of junior anchor and in-line space. The acquired property is 98 percent occupied. Pace retains ownerships of two new retail buildings offering a combined 12,000 square feet and two undeveloped out-lots totaling 3 acres. Year-to-date, Cole has acquired more than $1 billion of high-quality commercial real estate, including retail, office and industrial properties across the United States. Scott Holmes of Mid-America Real Estate Corp. represented the buyer; Ben Wineman, also of Mid-America, represented Pace Properties in the transaction.
GLENVIEW, ILL. — Regency Centers has acquired Glen Oak Plaza, a 62,443-square-foot retail center located at Lake Avenue and Waukegan Road in Glenview, for $18 million. The Class A shopping center is anchored by an 11,944-square-foot Trader Joe’s and a 15,754-square-foot Walgreens. Additional tenants include NorthShore University HealthSystem, FirstMerit Bank, Einstein Bros. Bagels, Starbucks and Boston Market. Regency acquired the property from the Adinamis family, a Chicago-area family real estate partnership. Joe Girardi of Mid-America Real Estate Corp. represented the buyer in the transaction.
SAN ANTONIO — Inland Western REIT has borrowed a $39 million loan from Nationwide Insurance Co. for the Huebner Oaks shopping center. The 287,000-square-foot property is located on 30 acres at 11745 Interstate 10 West in San Antonio. Huebner Oaks is 95 percent leased to tenants including Borders, Ross Dress for Less, Old Navy and Banana Republic. Kevin MacKenzie of Holliday Fenoglio Fowler secured the 5-year loan.
MANDEVILLE, LA. — Prudential Commercial Mortgage has funded a $20.3 million permanent loan for the 295,000-square-foot Premier Centre shopping center. The grocery-anchored property is located near U.S. Highway 190 and North Causeway Boulevard in Mandeville. Jeff Marshall of Stirling Properties closed the loan.
NEW YORK CITY — Forest City Enterprises has procured an $85 million loan for the refinancing of its 42nd Street entertainment retail property, which is located in the heart of Times Square. Tenants at the 312,000-square-foot property include AMC Theatres, Madame Tussaud's Wax Museum, Modell's, and Dave and Buster's. The loan carries a 10-year term and a fixed interest rate that is more than 325 basis points lower than the loan it replaces.
FRESNO — Investors of Golden Jubilee Group has purchased the 20,000-square-foot Teal Run Village Shopping Center from a private party for an undisclosed amount. The property is located at the corner of Highway 6 and Teal Bend Boulevard in Fresno. Huntington Properties' Philip Mullet and Sandy Aron represented the seller.
RICHMOND, VA. — AmCap Richmond has borrowed a $20.5 million acquisition loan for the 85,720-square-foot Short Pump Station shopping center. Aviva Investors funded the 10-year loan. Kevin Phelan and Jeffrey Black of Colliers Meredith & Grew arranged the financing.
BALTIMORE COUNTY, MD. — Grand Lodge of Maryland Independent Order of Oddfellows has purchased a 25,500-square-foot retail building from St. John Properties for $1 million. The property, which is located in the 160,000-square-foot North Point shopping center in Baltimore County, has formerly housed a roller rink, a bingo hall and a flea market. The tenant will occupy the building during the first quarter of next year after a renovation.
CLEVELAND — Developers Diversified Realty Corp. is adding and expanding retail offerings at Macedonia Commons, a 543,987-square-foot community shopping center in Cleveland. Walmart is expanding to a 167,000-square-foot facility, which will feature a full line of groceries; and rue21 is expanding to 4,900 square feet. Additionally, Hobby Lobby recently opened a 54,000-square-foot location at the center and Five Below opened an 8,000-square-foot store at the property. Also, Dots, an affordable woman’s clothing retailer, is expected to open a 5,000-square-foot store in early 2011. Current tenants of the 97 percent-leased center include Home Depot, Kohl’s, Cinemark, PetSmart and Champs Sports.