POWAY, CALIF. — A 3,500-square-foot In-N-Out Burger restaurant in Poway has sold to Delta Gateway for $3 million at a 5 percent cap rate. The famous West Coast burger chain holds a 20-year, triple-net ground lease on the property with more than 19 years remaining on its initial term. Delta Gateway was represented by Ryan Barr and Ryan Bennett of Lee & Associates’ Net Leased Group in Carlsbad, Calif. The sellerrepresented himself.
ST. PETERSBURG, FLA. — Colliers International has negotiated the sale of the 74,500-square-foot BayWalk, a shopping center located at 2nd Ave. N. in St. Petersburg, for an undisclosed price. Michael Milano of Colliers International's Tampa Bay, Fla., office represented CW Capital, the seller, in the transaction. Bill Edwards, a Tampa Bay-based entrepreneur, purchased the center.
ST. LOUIS — Jones Lang LaSalle has negotiated the sale of the 482,000-square-foot Plaza Frontenac, located at 1701 S. Lindbergh Blvd. in St. Louis. The center is one of nine in the world to be anchored by Neiman Marcus and Saks Fifth Avenue. Kris Cooper and Margaret Caldwell of Jones Lang LaSalle's Atlanta office, along with Dave Doupé of Jones Lang LaSalle's Los Angeles office, represented Davis Street Properties, the seller, in the transaction. The buyer was a joint venture between Chicago-based General Growth Properties and Toronto-based Canada Pension Plan Investment Board.
TERRELL — Dallas-based The MGHerring Group and the City of Terrell have finalized plans for a $30 million economic development agreement for Eighty Twenty, a new 225-acre, open-air shopping center located at the intersection of Interstate 20 and U.S. Highway 80 in Terrell. The first phase of the project will include 600,000 square feet of retail space and is slated for an early 2012 groundbreaking, with a spring 2013 opening. The agreement is for Terrell, the city's Tax Increment Financing District No. 1 and the Terrell Economic Development Corp. to reimburse MGHerring the cost over a 25-year period, based on sales and property taxes generated by the center. The agreement also allocates funds to the improvements to Highway 80 and FM 148.
SAN JOSE, CALIF. — Bay Area Family Fitness Centers has leased 38,133 square feet at Gould Shopping Center in San Jose. The space, located at 1035 E. Capitol Expressway, is the fitness center’s second location. It is anticipated to open by the end of the year. The company also plans to open one more Bay Area location in 2011. Robin Newton of Grubb & Ellis’ Retail Group represented Bay Area Family Fitness Centers in the lease transaction. The landlord, H.K.N. IV LLC, was represented by Todd Oliver of Terranomics Retail Services.
LAUDERHILL, FLA. — Deerfield Beach, Fla.-based SIKON Construction has broken ground on the $2.5 million renovation of the 40,000-square-foot Shoppes of Inverrary, located at West Oakland Park and Inverrary boulevards in Lauderhill. The project includes the addition of a 2,500-square-foot building, parking lot improvements and new storefronts and facades. Completion is slated for November 2011.
POMPANO BEACH, FLA. — The 20,521-square-foot Waverly Shopping Center, located at 437 E. Atlantic Blvd. in Pompano Beach, has been sold for $1.6 million. David Donnellan of CB Richard Ellis' Boca Raton, Fla., office, along with Todd Weintraub of CBRE's Miami, Fla., office represented JR Enterprises, the seller, in the transaction. Gene Snyder Co. represented Waverly Pompano Center, LLC.
BROOKLYN, MINN. — Kraus-Anderson Construction Co. and Gatlin Development Co. have broken ground for a $100 million, 682,000-square-foot renovation of the former Brookdale Center, located at the corner of Xerxes Avenue North and Country Road 10 in Brooklyn Center. The renovation will include a new 182,000-square-foot Wal-Mart and 500,000 square feet of additional retail space. Current tenants Sears, Kohl's and Applebee's will remain open during construction. Richard Kauffman, senior project manager for Gatlin Development Co., says the project is anticipated to take 2 years for completion, depending on leasing.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc., through its sponsor, has entered into a purchase and sale agreement to acquire four retail condominiums, totaling approximately 7,080 square feet, located at 122 Greenwich Ave. in New York City's Greenwich Village, and a free-standing Duane Reade pharmacy, located at 163-30 Cross Bay Blvd. in Queens' Howard Beach neighborhood, for a combined $36.5 million. The Greenwich Village properties consist of two units leased to TD Bank, one leased to Starbucks and the other vacant. The properties are 78 percent occupied. The acquisition of these properties is slated to be complete in November. The Duane Reed pharmacy is 100 percent leased to Duane Reed and consists of approximately 9,767 square feet. The acquisition of this property is slated to close in late September.
HOUSTON — Last Call Studio by Neiman Marcus has signed an 18,000-square-foot lease to open its fourth U.S. store at the 200,000-square-foot Post Oaks Shopping Center, a retail development located at the intersection of Post Oak Boulevard and Westheimer Road in Houston that is currently 100 percent leased. The store is slated to open in the second half of 2012. Other tenants in Post Oaks include Gallery Furniture, DSW, The Container Store, Whole Earth Provision Co., Starbucks, Maggiano's and Sports Authority.