Retail

CBRE NEW ENGLAND BROKERS SALE OF TWO NEW HAMPSHIRE CIRCUIT CITY LOCATIONS

by admin November 12, 2009

MANCHESTER AND PORTSMOUTH, N.H. — CB Richard Ellis/New England (CBRE) has brokered the $7 million sale of two former Circuit City locations in New Hampshire. The first property is a 33,110-square-foot building located at 1100 S. Willow St. in Manchester and the second is a 34,960-square-foot building located at 1700 Woodbury Ave. in Portsmouth. Roger Dieker of CBRE's Manchester office represented the seller in both transactions, Dicker-Warmington Properties, with Kent White of CBRE's Portsmouth office assisting in the Portsmouth transaction. Dieker also procured the buyer of the Manchester property, Quirk Automotive Group. The buyer of the Portsmouth property was Ocean State Job Lot of Portsmouth LLC.

November 12, 2009

KROGER MARKETPLACE COMING TO FORT WORTH'S ALLIANCE TOWN CENTER

by admin November 12, 2009

FORT WORTH, TEXAS — A new Kroger Marketplace will open this quarter at Alliance Town Center in Fort Worth. The 123,000-square-foot supermarket will be situated at the corner of Heritage Trace Parkway and Riverside Drive. It will feature expanded grocery and deli sections, a fuel center, a Nature's Market natural foods section, a drive-through pharmacy, a Fred Meyer Jeweler store and a home furnishing section featuring Ashley furniture. The new Kroger Marketplace is the fourth in Texas and the first in Tarrant County. Alliance Town Center is a 300-acre mixed-use development that is part of the AllianceTexas master-planned development, which is being developed jointly by Trademark Property Co. and Hillwood.

November 12, 2009

Retail Texas

WEINGARTEN DISPOSES OF AMARILLO SHOPPING CENTER

by admin November 12, 2009

AMARILLO, TEXAS — Houston-based Weingarten Realty Investors has disposed of Wolflin Village, a 159,502-square-foot community retail center located in Amarillo. Situated on approximately 10 acres at the intersection of Wolflin Avenue and Georgia Street, the property is currently 92 percent leased to a tenant roster that includes Office Depot, Talbots, Starbucks Coffee, GNC and Cold Stone Creamery. Weingarten was represented by Doug Hazelbaker, Jim Batjer and Ryan Shore of Holliday Fenoglio Fowler. Dunhill Partners was the buyer and purchased the property for an undisclosed amount free and clear of debt.

November 12, 2009

Midwest Retail

SALE OF OWNERSHIP INTEREST IN RETAIL PROPERTY COMPLETE

by admin November 10, 2009

CINCINNATI — The Cooper Commercial Investment Group of Cleveland has brokered the ownership interest sale of a Dollar Tree/Deal$ ($5 and Less), which is located at 4224 Glenway Ave. in Cincinnati. The 15,925-square-foot property is situated within a retail corridor and receives additional rent for a parking lot lease with U-Haul. The asset sold for $2.08 million with an 8.94 percent CAP rate. Dan Cooper and Floyd Trillis III represented the owners, Cincinnati-based BDTR Properties, in the transaction.

November 10, 2009

Retail Western

CBRE HANDLES $13.2 MILLION SALE OF COMMUNITY SHOPPING CENTER

by admin November 10, 2009

GILBERT, ARIZ. – CB Richard Ellis (CBRE) has negotiated the $13.2 million sale of Val Vista Towne Center, a 93,372-square-foot community shopping center located at the intersection of Val Vista Drive and Warner Road in Gilbert. Built in 2000, Val Vista Towne Center was 96 percent leased at the time of sale and includes tenants such as Target, Ross Dress for Less, Staples and Petco. CBRE’s Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham represented the seller, Houston-based Weingarten Realty Investors, in the transaction. The buyer was North American Development Group.

November 10, 2009

Retail Western

COACTION GROUP BREAKS GROUND ON MEDICAL/PROFESSIONAL CENTER

by admin November 10, 2009

CHANDLER, ARIZ. — Coaction Group has broken ground on the first phase of the $8 million Dobson and Pecos Village, a 30,000-square-foot medical and professional center located at the intersection of Dobson and Pecos roads in Chandler. Slated for completion in April 2010, the project features 25,000 square feet of professional medical offices; a bank is anticipated to join the mix in Phase II.

November 10, 2009

Northeast Restaurant

MARCUS & MILLICHAP BROKERS SALE OF MCDONALD'S GROUND LEASE

by admin November 10, 2009

MILLSBORO, DEL. — Marcus & Millichap has brokered the sale of a McDonald's restaurant ground lease located in Millsboro. The McDonald's is situated on the outparcel to Bayshore Plaza, a 39,744-square-foot shopping center. The property is subject to a 20-year absolute net ground lease with structured rent increased every 5 years; approximately 18 years remained on the lease at the time of closing. Mark Taylor and Dean Zang of Marcus & Millichap represented the seller, Bayshore Plaza Associates LLC. The end purchaser was McDonald's USA LLC, which acted on its first right of refusal under the lease. The property traded for approximately $1 million at a 6.67 percent cap rate. Taylor & Zang also brokered the sale of Bayshore Plaza earlier this year.

November 10, 2009

Retail Southeast

DESIGN WORK TO START SOON ON PUBLIX-ANCHORED SHOPPING CENTER

by admin November 9, 2009

NEPTUNE BEACH, FLA. — Orlando-based Cuhaci & Peterson Architects will soon start design work on a 62,350-square-foot Publix-anchored shopping center. The property, to be developed by Jacksonville, Fla.-based Regency Centers, will be located on Atlantic Boulevard in Neptune Beach. In addition to the Publix, the property will contain 15,000 square feet of shop space.

November 9, 2009

Northeast Retail

THE SHOPPES AT CROSSROADS OPENS

by admin November 9, 2009

BARTONSVILLE, PA. — The grand opening has been held for The Shoppes at Crossroads, a 140,000-square-foot regional shopping center located in Bartonsville. Situated at the intersection of routes 611 and 33, the center is anchored by a 76,000-square-foot Giant supermarket. Additional tenants include AT&T and Red Lobster. The project was developed by a joint venture between Tristate State Ventures and Cedar Shopping Centers. Fameco Real Estate leases and manages the property.

November 9, 2009

Retail Southeast

JAMESTOWN AND WEINGARTEN REALTY FORM JOINT VENTURE

by admin November 6, 2009

ATLANTA — Atlanta-based Jamestown has formed the Southeast Retail Joint Venture with Weingarten Realty Investors to invest in six grocery-anchored projects worth a total of $160 million. The developments are located in infill areas throughout the Southeast. Four of the deals, worth a total of $114 million, have already closed, and the two remaining projects will close when loans are secured. Jamestown’s net equity investment for 80 percent ownership of the developments is $53 million.

November 6, 2009

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