PITTSBURGH — Five Below, a value retailer geared toward teens and pre-teens, has signed a lease for its 100th store and its first in the Pittsburgh market. The new store, which will be located in the Waterworks Shopping Center on Freeport Road, is slated to open in November. The retailer also has plans to open three more locations in Butler, Cranberry and Altoona, Pennsylvania, next year. With the signing of the lease for its 100th store, Five Below will operate in nine states on the East Coast, from New Hampshire to Virginia. The company plans to open 10 to 15 additional stores in the Pittsburgh market and grow to more than 200 total locations over the next 2 years. In addition, Five Below is evaluating new markets from New York, Ohio and North Carolina, among others, for entry.
HAMMOND, LA. — Target has opened a 127,380-square-foot store at the Hammond Square development on U.S. 51 Business in Hammond. The store features Target’s new P-Fresh concept, which highlights produce, meat and bakery offerings. Also included in the property are a pharmacy and a Starbucks Coffee. When complete, the 860,000-square-foot Hammond Square power center will also include JC Penney, Dillard’s, Sears, AMC Theatre, Best Buy, Books-A-Million and Rite Aid, among other national tenants.
MIAMI AND ORLANDO, FLA. — Fort Lauderdale, Fla.-based Morgan Property Group has completed construction of two Walgreens stores in Florida. One store is located at the intersection of Bird Road and Hibiscus Street in Miami, and the other new property is located at the intersection of Semoran Boulevard and Auvers Boulevard in Orlando. Both developments are relocations of nearby stores.
SILVER SPRING, MD. — U.S. Retail Partners has borrowed a $7.5 million loan for its 65,000-square-foot Woodmoor Shopping Center. Tenants in the property, which is located on Colesville Road in Silver Spring, include CVS/pharmacy, Tuesday Morning, Bank of America, Starbucks Coffee and Subway. RiverSource Life Insurance Co. financed the 10-year loan, which carries a 25-year amortization schedule. Christopher Feeley and Jason Smith of NorthMarq Capital’s Washington, D.C., office and Joel Coykendall of the firm’s Jacksonville, Fla., office arranged the loan.
PHILADELPHIA — Target has opened five new stores in the Philadelphia area totaling more than 650,000 square feet of retail space. The stores are located Cheltenham Square in Cheltenham; Upland Shopping Center in Pottstown; Exeter Commons in Exeter; Lower Nazareth in Easton; and Airport Plaza in Allentown. Each of the new stores will feature expanded grocery sections, a Starbucks Coffee and a Target Pharmacy. Steve Niggeman, Tom Londres and Mark Gerlach of Metro Commercial Real Estate negotiated the leases for all five locations.
DEDHAM, MASS. — The grand opening has been held for a new L.L. Bean retail location at Legacy Place in Dedham. The two-level store totals 30,000 square feet and has received LEED-Gold certification. Legacy Place is a 675,000-square-foot shopping center that officially opens at the end of August. Additional tenants at the center include Whole Foods Market, Showcase Cinema de Lux, Borders, and more. The project is being developed by Chestnut Hill, Mass.-based WS Development.
BEL AIR, MD. — SECU has purchased land for a 4,500-square-foot bank branch from Park Centre/Plumtree LLC for $1.85 million. The branch will be built in the Park Centre development, which is located at the intersection of Plumtree Road and Route 24 in Bel Air. The new bank branch will open early next year. Chris Bennett of Columbia, Md.-based Manekin represented SECU, and the firm’s Joe Bradley represented the seller.
INDIANAPOLIS — An 11-acre parcel of land, on which stands a 16,814-square-foot shopping center, has been sold in southeast Indianapolis. The shopping center, located at 6040 Thompson Rd., is anchored by Dollar General. Also included as part of the sale was a 1-acre outlot situated in front of a WalMart Supercenter at 4150 Commerce Rd. in Lafayette, Ind. Chris Hake of locally based development and construction firm Thompson Thrift has represented Old National Bank, while Felicia Hogue represented Thomas A. Grant Inc.
LOS ANGELES — Dallas-based 7-Eleven Inc. is planning an aggressive growth plan for Southern California. The company plans to open more than 100 stores across the region in the next 3 years. The expansion will span seven counties: Los Angeles, Orange, Riverside, San Bernardino, San Diego, Ventura and Santa Barbara. The expansion investment for 2009 is approximately $50 million and expected to be more than $60 million for 2010. The company has hired CB Richard Ellis to serve as its exclusive brokerage firm in Southern California.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a single-story retail building, located at 76-07/23 Jamaica Ave. in New York City, for $1.1 million. The property, which is located in the Woodhaven neighborhood of Queens, totals approximately 4,298 square feet and contains three tenant spaces. The building was fully occupied at the time of closing. Massey Knakal’s Stephen Preuss and Brian Sarath negotiated the transaction. Both parties were undisclosed, but the buyer was participating in a 1031 exchange.