MISSION VIEJO, CALIF. — Representing both parties, Grubb & Ellis has handled the $22 million sale of the 220,000-square-foot Kaleidoscope Retail Center located at 27741 Crown Valley Pkwy. in Mission Viejo. Westport Capital Partners LLC purchased the three-story lifestyle and entertainment center from C-III Asset Management LLC, the special servicer of the property formerly known as Centerline, in an all-cash transaction. Grubb & Ellis’ Dixie Walker represented both sides in the Kaleidoscope deal. Constructed in 2000, the property is 62 percent leased to tenants such as Regal Cinemas, Buffalo Wild Wings, Islands Restaurant, Riptide Restaurant, The Derby Restaurant and Piano Bar, and Laser Quest.
LENEXA, KAN. — Kansas Sampler (9750 Quivira LLC) has purchased a 40,000-square-foot retail space at Broadway Plaza Shopping Center in Lenexa. Located at 9750 Quivira Road, the former Feist Furniture property sold for an undisclosed price. Kansas Sampler’s new location is scheduled to open this summer. David Ye of Block & Company Realtors represented the seller, Feist Inc., in the transaction.
HAMILTON, N.J. — Levin Management Corp. has begun the renovation and expansion of Hamilton Plaza, a 184,272-square-foot shopping center located on Route 33 in Hamilton. The renovation will expand the center's current anchor, ShopRite, to 86,000 square feet. A portion of the building's front will be removed to add parking space, and additional square footage will be added in the building's rear. In addition, a 10,000-square-foot endcap space will be constructed. This expansion, when combined with two adjacent vacant parcels of 7,000 and 11,000 square feet, could create up to 28,000 continuous square feet for potential tenants. Two new pad sites will be added, ideally for a bank branch and a restaurant. Finally, several cosmetic improvements will be made, including new signage, a modernization of the building façade, redesigned landscaping and reconfigured parking.
LIMERICK, PA. — Costco has acquired 14 acres at Limerick's Gateway at Saratoga retail development project for the construction of a new location. Costco will anchor the 450,000-square-foot Phase I of the project, which is located along Route 422. Also being constructed as part of Phase I is 76,500 square feet of retail and restaurant space. Completion is expected in spring 2011. Phase II, which will open in fall 2011, will consist of approximately 190,000 square feet of retail, restaurant and hotel space.
NEW YORK CITY — Robert K. Futterman (RKF) & Associates has completed the sale of a retail condominium for $2.67 million. The condo is located at 8 W. 19th St. in Manhattan's Flatiron District. Its occupant is Food Works. RKF's Brian Segall, David Alani and Jonathan Butwin represented the buyer, 8 West 19 Retail LLC, and the seller, Bennco Properties.
HOUSTON — NorthMarq Capital has arranged a $7.2 million loan for the 113,988-square-foot Jewelry Exchange Building in Houston. Ladder Capital Finance provided the debt. NorthMarq's Jim Adams secured the financing.
WESTMINSTER, COLO. — Marcus & Millichap has brokered the $14.5 million sale of the 118,673-square-foot Mission Commons Shopping Center located at 7615-7689 West 88th Ave. and 8895 Wadsworth Blvd. in Westminster. Anchored by a Sears’ outlet store, Bally Total Fitness and Big 5 Sports, the property comprises two inline strip buildings and a freestanding Long John Silver’s pad site. Marcus & Millichap’s Garrette Matlock and Jon Hendrickson represented the seller in the transaction.
GAINESVILLE, GA. — V&V Real Estate has sold a 123,948-square-foot Lowe's Home Improvement Center and 12.96 acres of land to a private buyer for $7.2 million. The property is located at 1514 Skelton Road in Gainesville. Tim Giambrone of Marcus and Millichap's Atlanta office brokered the sale.
CALIFORNIA — Developers Diversified Realty Corp. has sold three former Mervyn's locations in California — a 75,207-square-foot property at Southland Plaza Shopping Center in San Diego, an 88,223-square-foot property at Westfield Solano Shopping Center in Fairfield and a 79,808-square-foot location at Westfield Eastland Shopping Center in West Covina. Terms of the deals were not disclosed.
ORLANDO, FLA. — 129 West Church Street LLC has purchased the former Rosie O'Grady's restaurant in downtown Orlando from a private party for $2.2 million. The buyer will turn the 11,296-square-foot property, located at 129 West Church Street, into MoJo, a New Orleans-style restaurant. Jamie Barati of Colliers International Central Florida represented the buyer.