NASSAU BAY, TEXAS — Griffin Partners has broken ground for the first retail component of Nassau Bay Town Square, a 31-acre mixed-use project located across from Johnson Space Center in Nassau Bay. The first retail phase consists of 24,000 square feet located at the corner of Space Park Drive and Saturn Lane. It will be shell-ready by the end of May. Last month, Martin Fein Interests opened the first phase of Voyager Apartments at the Space Center, the multifamily component of the project. At full-build-out, the community will feature 313 luxury units as well as a fitness center, a business center and a resort-style pool. In addition to the multifamily community, Nassau Bay Town Square will include three office buildings totaling up to 600,000 square feet of space, a 176-room Marriott hotel, a total of 73,000 square feet of retail space, a 27,000-square-foot conference center and the new Nassau Bay City Hall.
Retail
HIGHLAND, CALIF. — Marcus & Millichap has brokered the more than $9.2 million sale of a 45,000-square-foot LA Fitness in Highland. The store is one of the anchor tenants, along with Lowe's Home Improvement Warehouse and Staples, in Highland Crossroads, Regency Centers’ new 8.5-acre retail development. Marcus & Millichap’s Chris Maling and David Maling represented both the seller, a real estate investment trust, and the buyer, an Arizona-based opportunity fund, in the transaction.
FRENCHTOWN TOWNSHIP, MICH. — The Hinman Company and Kerr Real Estate have partnered to acquire a 131,000-square-foot former Walmart property in Frenchtown Township. The partnership plans to redevelop the property with new tenants, including a 55,000-square-foot Hobby Lobby and a 40,000-square-foot Dunham’s Sporting Goods store. Upon completion in late spring, the property will feature more than 140,000 square feet of retail space.
SANDUSKY, OHIO — Plano, Texas-based Cinemark Holdings is set to open the 12-screen Cinemark Sandusky Theatre at the Sandusky Mall Complex in Sandusky. A formal groundbreaking is scheduled for March 1, with completion for the venue slated for before the 2010 holiday season. An existing theater already located on the property will be redeveloped for new retail and restaurant uses. The Cinemark Sandusky Theatre will offer stadium seating, digital and 3-D capabilities and a self-serve concession stand. Located at 4314 Milan Road, Sandusky Mall Complex is owned by The Cafaro Company.
DRIPPING SPRINGS, TEXAS — Marcus & Millichap Real Estate Investment Services has sold a 13,650-square-foot Walgreens located at 27495 Ranch Road 12 in Dripping Springs for $5.3 million. Marcus & Millichap's Alvin Mansour of the firm's San Diego office had the listing to market the property on behalf of the seller, a developer. Chris Gomes and Tim Speck of the firm's Dallas office assisted in closing the transaction.
ARLINGTON, MASS. — Bierbrier Development is nearing completion for a 9,000-square-foot, freestanding addition to the Arlington Village Shops retail center in Arlington. Upon completion, the addition will bring the total amount of space within the center to 25,000 square feet. The project is applying for LEED certification. Petco and Hair Cuttery have already signed leases for a total of 6,375 square feet within the new addition. The Meat House also signed a lease for 3,300 square feet within the original shopping center. Adam Cirel of Atlantic Realty Properties, Jonathan Lapat of Strategic Retail Advisors and Casey Piche of Bierbrier Development negotiated the leases.
SPRINGFIELD, PA. — Conshohocken, Pa.-based Equity Retail Brokers has completed the sale of an approximately 2-acre development site located at 537 Baltimore Pike in Springfield. The buyer, Beneficial Mutual Savings Bank, plans to demolish the building presently occupying the site and construct a 4,500-square-foot bank branch with three drive-thru lanes. The branch will open this summer. Lee Cooper and Ed Ginn of Equity Retail Brokers represented the buyer. The seller was Illinois-based Insite Springfield LLC.
HAYWARD, CALIF. — Roessler Investment Group has handled the $2.25 million sale of The Aldengate Stores, a freestanding 7-Eleven, a post office and a car wash located at 2151-2175 Aldengate Way in Hayward. Jim Roessler represented the sellers of the properties, which total 6,336 square feet, and the buyer was represented by ERA East West Realty’s Agnes Han and Stella Son.
CHANDLER, ARIZ. — Marcus & Millichap has brokered the $1.62 million sale of a 2,780-square-foot Taco Bell located at 2930 S. Alma School Rd. in Chandler. Marcus & Millichap’s Mark Ruble and Jamie Medress represented the seller, Pono LLC, in the transaction involving the fast-food restaurant property, which is an out-parcel to a Target-anchored center.
GARDENA, CALIF. — Marcus & Millichap has negotiated the nearly $1.5 million sale of a 2,752-square-foot Burger King located at 14311 S. Western Ave. in Gardena. Marcus & Millichap’s Dennis Weisberg, Peter Deltondo and Tyler Leeson represented the seller, a partnership, of the net-leased property.