Retail

REGENCY PURCHASES WHOLE FOODS-ANCHORED CENTER FOR $21M

by admin July 7, 2011

MINNEAPOLIS — Regency Centers has purchased Calhoun Commons, a 66,150-square-foot neighborhood retail center located in Minneapolis, for $21 million. The property was acquired in an off-market deal from Doran Companies, the center's original developer. Constructed in 1999, the fully leased center is anchored by Whole Foods Market. Additional tenants include Chipotle Mexican Grill, Caribou Coffee, Ben & Jerry's, and Noodles & Company. More than 94 percent of the gross leasable area is is occupied by first-generation tenants. Regency currently owns four retail centers in the Minneapolis market totaling more than 550,000 square feet and has a fifth center under contract.

July 7, 2011

TNP ACQUIRES DEBT TO ILL. RETAIL CENTER

by admin July 7, 2011

NORMAL, ILL. — Thompson National Properties has acquired the debt secured by Constitution Trail Centre, a retail center located in Normal. Constructed in 2007, the property consists of 197,739 square feet as well as 28.74 acres of land available for future expansion. Occupancy was 65 percent at the time of closing. The center's anchors include Schnucks Market and Starplex Cinemas. Other tenants include Dollar Tree, Subway, H&R Block, Great Clips and Wendy's. The tenant leases have staggered expirations between 2012 and 2029. Thompson purchased the debt on behalf of TNP Strategic Retail Trust, the company's non-traded REIT that invests in grocery- and pharmacy-anchored necessity retail properties.

July 7, 2011

Midwest Retail

RAINIER/N3 JV DEVELOPING TWO TIRES PLUS STORES IN WIS.

by admin July 7, 2011

WAUKESHA AND MIDDLETON, WIS. — Net Lease Retail Investors, a joint venture between Dallas-based Rainier Capital and Southlake, Texas-based N3 Real Estate, is developing two new locations for Tires Plus Total Car Care in Wisconsin. The two stores will be located in Waukesha and Middleton. Completion is slated for this fall. The projects come on the heels of a Bridgestone Firestone Complete Auto Care Center that was developed by the joint venture in Milwaukee and sold in May. Rainier is currently raising $50 million in equity to provide national retailers fast track expansion opportunities. N3 has the capacity to develop and acquire approximately $400 million in retail real estate over the next two years.

July 7, 2011

Retail Southeast

COLE ACQUIRES THREE RETAIL PROPERTIES FOR $48.5 MILLION

by admin July 6, 2011

SPRING HILL, VERO BEACH & ST. AUGUSTINE, FLA. — Phoenix-based Cole Real Estate Investments has acquired three retail properties in Florida in separate transactions totaling $48.5 million. The properties include: the 226,000-square-foot Nature Coast Commons in Spring Hill for $29 million; the 107,000-square-foot Century Town Center in Vero Beach for $14.8 million; and a 57,000-square-foot Hobby Lobby and a 5,000-square-foot Color Wheel in Riverside Center in St. Augustine for $4.7 million.

July 6, 2011

Retail Southeast

COSTCO BREAKS GROUND ON 142,000-SQUARE-FOOT STORE

by admin July 6, 2011

AUGUSTA, GA. — Dallas-based The MGHerring Group has broken ground on a new 142,000-square-foot Costco at the Village at Riverwatch, a shopping center under development at the intersection of Interstate 20 and River Watch Parkway in Augusta. The store will anchor the first phase of the center and is set to open in late 2011.

July 6, 2011

Midwest Retail

PAMIDA TRADES FOR $2.65 MILLION IN MINN.

by admin July 6, 2011

ELY, MINN. — The Boulder Group has brokered the sale of a 32,100-square-foot retail property located at 1500 E. Sheridan St. in Ely for $2.65 million. Constructed in 2008, the building is leased to grocer Pamida on a triple-net basis for the next 17 years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Minneapolis-based partnership, as well as the buyer, a 1031 exchange investor.

July 6, 2011

Northeast Retail

RKF COMPLETES $11.05M RETAIL SALE

by admin July 6, 2011

NEW YORK CITY — RKF Investment Sales & Advisory Services has brokered the $11.05 million sale of a 2,928-square-foot retail condominium, located at 123 Third Ave. in New York City. The property is fully leased to Capital One Bank. Jeff Fishman, Ariel Schuster, Brian Segall and Jonathan Butwin of the firm's New York City office represented the seller, 123 Third Ave. Partners, and procured the buyer, a private investment group.

July 6, 2011

Northeast Retail

MANSFIELD MARKETPLACE SELLS FOR $10.37M

by admin July 6, 2011

MANSFIELD, MASS. — Marcus & Millichap has negotiated the $10.37 million sale of the 23,840-square-foot Mansfield Marketplace, located at 295 School St. in Mansfield. The property consists of eight tenants in two buildings. Robert Horvath and Todd Tremblay of the firm's Waltham, Mass., office represented the seller, Hecht Development, and procured the buyer, the Davos Family Trust.

July 6, 2011

Retail Texas

$1 DISCOUNT WORLD TO OPEN SIX NORTH TEXAS LOCATIONS

by admin July 6, 2011

DENTON — J&J Discount Outlets, d/b/a $1 Discount World, has recently signed a lease for its first North Texas location in Denton Center, a retail property located at the northwest corner of University Drive and North Carroll Boulevard in Denton. $1 Discount World plans to lease another five locations in the North Texas area through 2013. The discount store requires approximately 5,000 to 7,000 square feet of space for each location. Henry S. Miller Brokerage’s Daniel Harris is representing $1 Discount World in its expansion efforts.

July 6, 2011

Retail Western

MITSUWA MARKETPLACE JOINS IRVINE'S HERITAGE PLAZA

by admin July 6, 2011

IRVINE, CALIF. – Mitsuwa Marketplace, the nation’s largest Japanese supermarket, has leased 13,853 square feet at Heritage Plaza in Irvine. The supermarket's addition to the plaza is part of a $10-million renovation underway at the 233,000-square-foot neighborhood center. The renovation is scheduled for completion in November. Mitsuwa Marketplace is a California-based retailer that also has six other locations throughout the state. The Irvine outpost is set to open in the fourth quarter of 2011. The retailer was represented by Carl Swanberg of Highland Partners. Heritage Plaza is owned and operated by Regency Partners.

July 6, 2011

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