EASTON, PA. — Philadelphia-based Colliers Lanard & Axilbund (CLA) has completed the sale of the former Lincoln Textile site, located at the corner of Old Philadelphia Pike and St. John Street in Easton. One of the buyers, NIDI Group, plans to demolish the site and redevelop it into an 8,000-square-foot retail strip center. At the same location, CVS/pharmacy purchased a 12,900-square-foot pad site and plans to develop a new store that will anchor the retail development. Demolition has already begun and construction is expected to be complete in the fall. Derek Zerfass of CLA represented the seller, Philadelphia Road Development, as well as the two buyers.
Retail
HOUSTON — Grubb & Ellis has brokered the sale of a 13,500-square-foot retail property located in Houston. The freestanding building is situated at 5920 Telephone Rd. Gus Lagos with Grubb & Ellis’ Houston office represented the local buyer, 5920 Telephone LLC, as well as the seller, The Grocers Supply Co., in the transaction. The acquisition price was not disclosed.
LOS ANGELES — Los Angeles-based BH Properties has received a loan for $59 million for the financing of a 12-property portfolio. The properties, which consist of retail, warehouse and office, are located in Oregon, Florida, Georgia, Utah, Virginia, Texas, Kansas and California. Funded by Wells Fargo’s Real Estate Banking Group, the loan features a 2-year term with a 1-year extension option.
D’IBERVILLE, MISS. — ULTA, Dress Barn, Mattress Direct, Mystic Salon & Spa, Five Guys Burgers & Fries, GNC, Ice Cream & More and Splendor Salon are slated to move into The Promenade in D’Iberville when the center starts opening this fall. The 700,000-square-foot power center is being developed by Chattanooga, Tenn.-based CBL & Associates Properties and Atlanta-based Forum Development Group. The Promenade’s anchors will include Target, Kohl’s, Best Buy and PetSmart.
COLUMBUS AND CINCINNATI, OHIO — Retailer hhgregg is opening two new locations in Ohio. The first location will be in the space formerly occupied by Circuit City at Tanglewood Plaza, a 250,000-square-foot shopping center located on Hilliard-Rome Road in Columbus. The second location will be at King’s Mall, a 186,909-square-foot center located at the interchange of Interstate 71 and Fields Ertel Road in Cincinnati. The Tanglewood Plaza location will open this summer and the King’s Mall location will open this fall. Both retail centers are owned by Columbus-based CASTO.
MANSFIELD AND CANTON, OHIO — McKinley has be appointed receiver for two Ohio properties. The first is a two-building, 20,216-square-foot shopping center located at 2010-2016 August Dr. and 68 Briggs Dr. in Mansfield. The second property is a 22,480-square-foot office building located at 4368 Dressler Rd. in Canton. The property contains a mix of office and medical tenants. The appointments were made by the Court of Common Please for Richland County and Stark County, respectively.
BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of Beaumont Fountain Plaza, a 23,524-square-foot retail strip center located in Beaumont. Situated at 3050 Dowlen Rd., the property is anchored by Pei Wei Chinese Restaurant. Occupancy was 100 percent at the time of closing. Alvin Mansour and Philip Sambazis of Marcus & Millichap’s San Diego office listed the property on behalf of the seller, a Texas-based limited liability company. Al Silva and Jason Heard of Marcus & Millichap’s Fort Worth, Texas, office represented the buyer, an out-of-state limited liability company participating in a 1031 exchange.
KAPOLEI, HAWAII — CNL Lifestyle Properties has acquired Hawaiian Waters Adventure Park, located in Kapolei on Oahu, as part of a sale-leaseback transaction. CNL will lease the property to its previous owner, Melbourne, Australia-based Village Roadshow Limited, under a long-term agreement. First opened in 1999, the water park covers 29 acres and can accommodate 6,000 guests. It is Hawaii’s only water park and was acquired by Village Roadshow in 2008. This summer, the Village Roadshow plans to rename the theme park Wet ‘n’ Wild Hawaii. It will also open a second location for the brand in Phoenix.
KEY WEST AND TAVERNIER, FLA. — Orlando-based Cuhaci & Peterson Architects has started design work on two Winn Dixie renovations in Florida. A 54,000-square-foot store, located at 2778 N. Roosevelt Blvd. in Key West, and a 45,598-square-foot store, located at 92100 Oversees Hwy. in Tavernier, will receive upgrades.
NEW JERSEY — The Goldstein Group has completed nine leases in New Jersey on behalf of convenience store chain 7-Eleven. The leased locations range in size from 2,400 to 3,200 square feet. The addresses of the new stores are 11-13 Tenafly Rd. in Englewood, Route 17 and Essex Street in Lodi, 150 Main St. in Lodi, 114 Bloomfield Ave. in Montclair, 287 Bloomfield Ave. in Verona, 533 Sayre Ave. in Perth Amboy, 6004 Bergenline Ave. in West New York, 17 Franklin Turnpike in Mahwah, and 158 Woodbury Rd. in Hicksville. The leases are part of an aggressive expansion campaign 7-Eleven has launched in New Jersey.