Retail

MARCUS & MILLICHAP BROKERS TWO STATEN ISLAND WALGREENS SALES

by admin March 31, 2010

NEW YORK CITY — Marcus & Millichap has brokered the sale of a Walgreens pharmacy located on New York City's Staten Island for $9.5 million. The recently built, 7,264-square-foot property is located at 2191 Richmond Ave. Walgreens occupies the building under a 75-year lease with the option to terminate after year 25. Steven Siegel and Scott Plasky of Marcus & Millichap's Manhattan office represented the seller, a Walgreens preferred developer. The property traded at a 7.25 percent cap rate. In addition, Plasky procured the buyer, a New York-based limited liability company, in the acquisition of another newly constructed Walgreens, which is also located in Staten Island at 570 Tompkins Ave. The property traded for $8.85 million at a 7.43 percent cap rate. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, New Jersey-based EDEN Hylan Tompkins LLC.

March 31, 2010

STARPLEX CINEMAS COMING TO NEW BRAUNFELS

by admin March 31, 2010

NEW BRAUNFELS, TEXAS — A 14-screen Starplex Cinemas will open late this year at the 400-acre New Braunfels Town Center at Creekside, according to NewQuest Properties. The property will be located in the interchange of Interstate 35 and Loop 306 in New Braunfels. Cinema features include Real D 3-D digital projection, stadium seating and a full concession area.

March 31, 2010

Retail Western

NEWMARK HANDLES $41.25 MILLION PURCHASE OF SOUTH S.F. BAY RETAIL CENTER

by admin March 31, 2010

MOUNTAIN VIEW, CALIF. — Newmark Realty Capital has arranged the $41.25 million purchase of San Antonio Shopping Center located at 445 San Antonio Road in Mountain View. Merlone Geier Partners, the buyer, plans to redevelop the 180,000-square-foot shopping center, which is anchored by Sears. Newmark’s Eric Von Berg represented the private investment firm in the acquisition.

March 31, 2010

Midwest Retail

TITAN COMMERCIAL CLOSES TWO LEASES IN ILLINOIS

by admin March 30, 2010

ST. CHARLES AND CHICAGO, ILL. — Titan Commercial, an affiliate of Magellan Development Group, has completed two lease transactions totaling $2.17 million in Illinois. In the first transaction, CPD Feather Rock purchased a 4,083-square-foot building, located at 2710 E. Main St. in St. Charles, for $1.96 million. T-Mobile and Qdoba currently occupy the two-unit retail property. The sellers were Shiner Group and Hilco Real Estate. Ben Rosenfield of Titan Commercial represented the buyer. In the second transaction, Avenir Publishing signed a lease for 3,941 square feet of space at 180 N. Wabash in Chicago. The landlord is Marc Realty. Rosenfield represented Avenir in the transaction. Additional terms of the transaction were not released.

March 30, 2010

Northeast Retail

NEW SHOP RITE TO OPEN IN CONNECTICUT

by admin March 30, 2010

SOUTHINGTON, CONN. — Wakefern Food Corp. plans to open a new Shop Rite in Southington. The new grocery store will occupy 60,000 square feet within Southington Plaza Shopping Center, which is located at 750 Queen St. The previous tenant was a SuperValu grocery store, which closed 2 years ago. The new Shop Rite will open as soon as renovations to the space are complete.

March 30, 2010

Retail Texas

$50 MILLION CORPUS CHRISTI MALL RENOVATION ALMOST DONE

by admin March 30, 2010

CORPUS CHRISTI, TEXAS — Trademark Property is nearing the completion of a $50 million renovation to La Palmera, a 40-year-old mall in Corpus Christi. The work includes a 600-seat food court, the upgraded Outdoor Lifestyle Court and a new Center Court. The renovation began in July 2008, and since that time, 19 new leases and 29 lease renewals have been signed. The newest tenants include Ulta, which will occupy a 9,800-square-foot store, and a 700-square-foot Wendy's, which will operate in the food court.

March 30, 2010

Retail Western

EVERGREEN DEVELOPMENT COMPLETES WALGREENS IN VENTURA COUNTY

by admin March 30, 2010

SIMI VALLEY, CALIF. — Evergreen Development Co. has completed the design, development and construction of a 10,000-square-foot Walgreens at the intersection of Sycamore Drive and Cochran St. in Simi Valley. Situated in the Sycamore Village shopping center, the first Walgreens in the city will be open 24 hours a day and will also feature a drive-through pharmacy.

March 30, 2010

Retail Southeast

BEST BUYS TO MOVE INTO VIRGINIA SHOPPING CENTER

by admin March 29, 2010

HARRISONBURG, VA. — Best Buy has signed a lease with THF Harrisonburg Crossing LLC to occupy 32,958 square feet of space at Harrisonburg Crossing in Harrisonburg. The shopping center also houses The Home Depot, Ross Dress for Less, Walmart, Barnes & Noble Booksellers and Staples. Gerald Divaris and Debbie Wake of Divaris Real Estate represented the landlord.

March 29, 2010

Midwest Retail

BURLINGTON COAT FACTORY OPENS NEW LOCATION IN ILLINOIS

by admin March 29, 2010

CRESTWOOD, ILL. — Burlington, N.J.-based Burlington Coat Factory has signed a lease to occupy 70,000 square feet of space at the corner of Cicero Avenue and Calumet Sag Road in Crestwood. The new store is expected to open in August and will co-anchor Mid-America Asset Management’s 175,427-square-foot retail center at the site. Mary Beth Menelli and Richard Spinell provided in-house representation for Mid-America; Brad Gershman of Gershman, Brown & Crowley represented the tenant in the transaction. Terms of the lease were not released.

March 29, 2010

Northeast Retail

13,640-SQUARE-FOOT FITNESS CLUB TO OPEN IN MIDTOWN MANHATTAN

by admin March 29, 2010

NEW YORK CITY — Complete Body & Spa is opening a 13,640-square-foot fitness club at 301 E. 57th St. in midtown Manhattan. The physical fitness and wellness center will feature a 2,464-square-foot sundeck, an indoor swimming pool with a retractable roof, personal training, fitness classes, massage therapy, acupuncture, nutritional counseling, spray tanning, a sauna, laundry service and a juice bar. The club is expected to open in April.

March 29, 2010

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