ST. TAMMANY, LA. — Gulf States Real Estate Services has commenced the development of Copperstill Marketplace, a 60,000-square-foot neighborhood shopping center in St. Tammany, located across Lake Pontchartrain from New Orleans. A 35,000-square-foot Ralph’s Market will anchor the center, located at the southeast corner of Highway 1077 and Highway 1085. Gulf States is developing the center in conjunction with MMABE LLC. The development will include 9,000 square feet of specialty shops and two outparcels for a bank or restaurant. Austin, Texas-based Stone 6 Group is designing the Ralph’s, and Mobile, Ala.-based Zito Architects is designing the shops. The project team includes civil engineer Scalfano Engineering and landscape architect Reich & Associates. The development is expected to open in early fall 2014.
EDEN PRAIRIE, MINN. — Cypress Equities has acquired Eden Prairie Center, a 1.1-million-square-foot retail property in Eden Prairie, a suburb of Minneapolis. General Growth Properties listed the property for $99 million, according to the Minneapolis Star Tribune. Eden Prairie Center is a two-level, enclosed shopping center that has served the southwest suburbs of the Twin Cities since its opening in 1976. The mall features more than 100 shops and restaurants and boasts annual shopper visits exceeding 12 million. Completely renovated and expanded in 2001, the mall is anchored by Von Maur, Target, Kohl’s, Sears and JC Penney. The property also features an 18-screen AMC Theatres, Barnes & Noble Booksellers, Wildfire Steaks, Chops & Seafood, Biaggi’s Ristorante Italiano, Panera Bread and the new Prairie Tap House. Matthew Friday, senior vice president and market leader for SRS Real Estate Partners in Minneapolis, assisted Cypress Equities with the acquisition.
ST. LOUIS, MO. — BMC Capital has arranged $3.9 million in acquisition financing for a single-tenant property in St. Louis. Patrick Short of BMC Capital’s Austin, Texas office arranged the financing for an out-of-state buyer. The 10-year loan includes a 5 percent fixed interest rate with a 25-year amortization schedule. QuikTrip fully occupies the building located at 8583 St. Charles Rock Road.
McALLEN, TEXAS — The Boulder Group has brokered the sale of a net-leased Walgreens property in McAllen for $2.3 million. The property, built at the northwest corner of Pecan Boulevard and North 23rd Street in 1993, totals 13,029 square feet. Five years remain on Walgreens’ original 25-year lease term, and the tenant also has five renewal options of five years each. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an East Coast-based institution, in the transaction. The buyer is a Midwest-based investor.
WEST HOLLYWOOD, CALIF. — Hollywest Promenade, a 120,173-square-foot retail center in West Hollywood, has received $27 million in financing. The promenade is located at the intersection of Hollywood Boulevard and Western Avenue just west of Highway 101. It is 95 percent leased to tenants like Ross Dress for Less, Ralph’s, Quizno’s Subs and Jamba Juice. The 15-year, fixed-rate loan was arranged for Shooshani Developers, LLC by HFF’s Brad Black and Jeff Sause. It was placed with Aegon USA Realty Advisors, LLC, the commercial real estate investment and management arm of the AEGON Asset Management companies. Shooshani was represented by managing member Tony Shooshani.
PANORAMA CITY, CALIF. — Festival Development Corporation has purchased the leased-fee interest under The Windsor Center, a multi-tenant retail property in Panorama City. The purchase price was not disclosed. The 22,500-square-foot land parcel is located at 13750-13758 Roscoe Blvd. Both the buyer, a Festival affiliate, and the seller, an individual/personal trust, were represented by Steven Schechter and Brandon Michaels of Marcus & Millichap’s Encino office.
VIRGINIA BEACH, VA. — Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has acquired a freestanding retail property in Virginia Beach for $1.4 million. Wheeler purchased the 5,600-square-foot property from Fairfield Investors LLC. The retail property is fully leased to Starbucks Coffee and Verizon Wireless. Starbucks’ lease will expire in 2023 and Verizon’s lease will expire in 2022, both with three five-year options to renew. The property is located at the intersection of Providence and Kempsville roads.
GLENVIEW, ILL. — Regency Centers Corp. has begun development on Glen Gate, a 102,876-square-foot retail center located in Glenview, a northern suburb of Chicago. A 75,564-square-foot Mariano’s Fresh Market, slated to open in fall 2014, will anchor the shopping center. The project will also include one outlot with an additional 24,000 square feet for retail and restaurants. Glen Gate will be located on two land parcels totaling 21 acres, 7.6 of which were sold by Regency to Atlantic Realty Partners, Focus Development and The Carlyle Group, which plan to build 238 luxury apartments north of the shopping center. Situated at the northeast corner of Waukegan and Golf roads, Glen Gate is surrounded by a population of approximately 140,000 within a three-mile radius. Regency currently has more than 300,000 square feet of retail shopping centers under construction in metro Chicago.
SAN ANTONIO — A joint venture between an affiliate of the USAA Real Estate Co. and Cencor Realty Services has acquired an investment stake in Culebra Market, a 232,126-square-foot grocery-anchored retail center in San Antonio. The property is currently 100 percent occupied by 29 tenants, including the 81,027-square-foot HEB, as well as Hobby Lobby, Chase Bank and Whataburger. Located at the corner of Culebra Road and Loop 1604, the center is approximately 15 miles northwest of the city’s downtown area. Cencor, which is the property management and development affiliate of The Weitzman Group, developed the property and will continue to operate it under the new agreement.
CHATTANOOGA, TENN. — The Cooper Commercial Investment Group has arranged the $1.9 million sale of a 6,515-square-foot retail center located on Gunbarrel Road in Chattanooga. The center is anchored by FedEx Office and includes other tenants such as T-Mobile, Gigi’s Cupcakes and CPR Cell Phone Repair. Bob Havasi of Cooper Commercial represented the seller, a private investor based in Chattanooga, in the transaction. The buyer was a private investment group based in Chicago.