NEW JERSEY — Summit Realty has been appointed the exclusive New Jersey broker for Sarku Japan’s new street development program. The national Japanese QSR chain is looking for 1,600- to 2,000-square-foot locations in Northern and Central New Jersey’s top trade areas. Demographic requirements include 35,000 people within 2 miles, and at least 10,000 daytime workers. The restaurant currently serves more than 20 million customers annually at over 200 restaurants nationwide, offering made to order teriyaki and sushi.
Retail
SPRING, TEXAS — The J. Beard Real Estate Company has brokered the purchase of a 31,799-square-foot land parcel, located at the intersection of Sawdust and Grogan’s Mill roads in Spring. The buyer, Gera Investments, plans to build a Burger King on the property. Zach Armstrong of J. Beard represented the seller, Woodforest National Bank. The acquisition price was not disclosed.
SOUTH CAROLINA AND NORTH CAROLINA — Developers Diversified Realty has borrowed $16.9 million in financing for two Wal-Mart Supercenters located in Greenville, S.C., and Winston-Salem, N.C. An undisclosed life insurance company financed the two mortgages. Richard Williams and Alex Yates of Medalist Capital’s Charlotte, N.C., office secured the loan.
MADISON, WIS. — Chattanooga, Tenn.-based CBL & Associates Properties has leased two junior anchor spaces at two of its Madison malls. At East Towne Mall, an 840,000-square-foot shopping center located at the intersection of East Washington Avenue, Zeier Road and Lein Road, Forever 21 will open a 37,000-square-foot location this fall. At West Towne Mall, a 915,000-square-foot center located at West Madison Beltline and Gammon Road, Steinhafels Furniture will open a 29,000-square-foot location this week. Both spaces were formerly occupied by Steve & Barry’s, which went out of business earlier this year.
WILLIAMSBURG, VA. — GATS has purchased a 4,780-square-foot Applebee’s restaurant from DBAPPLE for $1.87 million. The property, which was purchased as an investment, is located at 1640 Richmond Rd. in Williamsburg. Thomas Dana of Thalhimer’s Virginia Beach, Va., office brokered the sale.
GARDEN CITY, KAN. — NAI Brannen Goddard has brokered the sale of Garden City Plaza in Garden City for $7 million. Located at 2214 E. Kansas Ave., the 102,648-square-foot shopping center is anchored by Sears and JC Penney. It was 98 percent leased at the time of closing. Ty Underwood and Fain Hicks of NAI Brannen Goddard’s Atlanta office facilitated the transaction. The seller was Centro GA CMBS TI HL LLC, and the buyer was Garden City Plaza LLC.
SPRINGFIELD, N.J. — No Body Denied Health Club has signed a 21,500-square-foot lease to anchor the 66,000-square-foot Echo Plaza shopping center, located at the intersection of Mountain Avenue and U.S. Route 22. Adding No Body Denied is part of a renovation that the owner, Larken Associates, is completing. Ethan Goldsmith of Levin Management Corp. facilitated the transaction for the owner. Joseph D’Agostino of Lance Bram Commercial Brokerage represented No Body Denied.
SAN DIEGO — Stadium View LLC has purchased a 3,772-square-foot lot, which is located at 650 11th Ave. in downtown San Diego, for $1.5 million. The property includes a 9,270-square-foot three-story building that is occupied by Volunteers of America. The land is currently zoned for residential and retail use. Cotton-Ritchie Realtors represented the buyer; Doug Matheson of CB Richard Ellis represented the seller, 650 11th Avenue LLC, in the transaction.
ZEPHYRHILLS, FLA. — Primerica Group One has completed the development of its 104,477-square-foot Zephyr Commons Shopping Center. The $7.5 million property is located on Highway 301 in Zephyrhills. Publix anchors the shopping center, which was constructed by Tampa Bay, Fla.-based Hawkins Construction.
OLDSMAR, FLA. — Hawkins Construction of Tampa, Fla., has completed a 25,000-square-foot Goodwill Superstore at 3929 Tampa Rd. in Oldsmar. The $3 million property was built for Goodwill Industries-Suncoast. St. Petersburg, Fla.-based The Sembler Company will manage the development, and Lyman Davidson Dooley of Tampa designed the property.