LAKELAND, FLA. — A private partnership has sold the 32,000-square-foot Northside Plaza to an undisclosed buyer for $1.7 million. Located at 2435 US Highway 98 North, the property is nearly 100 percent occupied. Ron Shultz of Marcus & Millichap's Tampa, Fla., office represented the seller.
Retail
DEERFIELD TOWNSHIP, OHIO — Encore Retail, a subsidiary of Dallas-based Encore Enterprises, has acquired Governor’s Point, a retail complex located on Mason-Montgomery Road in Deerfield. The 360,000-square-foot center consists of the 161,061-square-foot Governor’s Point North and the 198,940-square-foot Governor’s Point South. Tenants include Lowe’s Home Improvement Warehouse, Bigg’s Supervalu supermarket, Staples, Mattress Warehouse, Chipotle, UPS and T-Mobile. The property was built by owner/developer, Duke Realty Corp., in 1998. Encore Opportunity Fund, a $150 million equity fund in which Encore Equities is a partner, is funding the acquisition. Encore Equities is also a subsidiary of Encore Enterprises. The acquisition price was not disclosed.
HONOLULU — TNP Strategic Retail Trust Inc. has received board authorization to purchase the 170,275-square-foot Waianae Mall, a multi-tenant retail center in Honolulu. An affiliate of Thompson National Properties LLC, the company’s sponsor, has entered into a purchase agreement to acquire the 11-building mall property for approximately $25.7 million. The property is anchored by a Longs Drugs store and features national retailers such as Starbucks Coffee, Pizza Hut, Subway, RadioShack, Payless ShoeSource, Jamba Juice, Goodyear and Fantastic Sams.
HARBOR CITY, CALIF. — Watt Commercial Properties has broken ground on a $14 million redevelopment effort at the 107,682-square-foot Palo Woods shopping center in Harbor City. Redevelopment plans include converting the existing Kmart building into two separate retail spaces and creating two new 3,000-square-foot retail pads to front Sepulveda Boulevard. Ross Dress for Less and L.A. Fitness have already secured the spaces in the old Kmart building, both under 10-year leases. Watt expects the entire 9-acre project to be complete in third quarter.
PFLUGERVILLE AND WILLIS, TEXAS — Ross Dress for Less will hold the grand opening for its newest location in the coming weeks. The apparel retailer will join the tenant roster at Stone Hill Town Center, a 196-acre, master-planned development in Pflugerville that is owned by NewQuest Properties. Other retailers opening at the center this year include Office Depot and 24 Hour Fitness. In addition to 1 million square feet of retail space, Stone Hill Town Center will contain 325 multifamily units, a hotel and professional office space. In addition, a new Kroger Marketplace has been announced for Sam Houston Town Center, a NewQuest retail development located in Willis. The 123,000-square-foot grocery store will anchor the retail center, which is located at the interchange of Interstate 45 and FM 1097. Sam Hill Town Center will also include 25,000 square feet of small-shop retail space and six pad sites. Groundbreaking for The Kroger Marketplace will occur in March, with the grand opening planned for 2011.
TUSTIN, CALIF. — Hanley Investment Group Real Estate Advisors has handled the nearly $3 million sale of a 9,597-square-foot retail property located at 13842 Newport Ave. in Tustin. Built in 1986 and 100 percent occupied at the time of sale, Walnut Newport Center is a four-tenant strip center anchored by Blockbuster Video. Hanley Investment Group’s Edward Hanley and Eric Wohl represented the seller, Westwood Financial of Los Angeles, in the all-cash transaction, and Chuck Hathoot of Prudential California Realty represented the Orange County, Calif.-based buyer, Lee Family Trust.
WARNER ROBBINS, GA. — Atlanta-based Benning Construction Co. will build a 30,000-square-foot movie theater for the Georgia Theatre Co. in Warner Robbins. The 10-screen Houston Lakes Stadium Cinemas will seat 2,000 people. Benning is expected to complete the project in May.
HALLANDALE BEACH, FLA. — Forest City has opened The Village at Gulfstream Park, a 500,000-square-foot mixed-use property in Hallandale Beach. The development, which consists of 410,000 square feet of retail space and 90,000 square feet of office space, has been built around the Gulfstream Park Racetrack and Casino. The center is currently 80 percent leased. Tenants include Crate & Barrel, Pottery Barn, Williams-Sonoma and Lilly McKay.
SANDUSKY, OHIO — Plano, Texas-based Cinemark Holdings is developing a 12-screen, stadium-seated movie theatre at Sandusky Mall Complex in Sandusky. The formal ground breaking is scheduled for March 1, with completion slated for December. The Cinemark Sandusky Theatre will offer digital and 3-D capabilities, stadium seating, online print-at-home ticketing and a self-serve concession stand.
PHILADELPHIA — Weather permitting, Tower Investments will break ground Tuesday on the 100,000-square-foot Shops at Schmidts at the intersection of 2nd Street and Girard Avenue in Philadelphia. Centered around a 50,000-square-foot Pathmark supermarket, the property is an anchor for Liberties Walk and The Piazza at Schmidts, two of Tower's other developments. Shops at Schmidts is slated for a completion late this year. Tower is also planning to break ground on The Residences at Schmidts, a 600-unit multifamily complex.