MEMPHIS, TENN. — The Sports Authority has signed a 41,587-square-foot lease for space at the 335,000-square-foot Ridgeway Trace Center. The shopping center is located at the interchange of Popular Avenue and Interstate 240 in Memphis. The Sports Authority will serve as co-anchor along with a 30,000-square-foot Best Buy; Target is the lead tenant. The Sports Authority is slated to deliver in spring 2010.
LA GRANGE, GA. — M&I Bank has provided a $17 million loan for the construction of Woodland Trail, a 236-unit apartment complex in La Grange. The site is being developed by the Woodland Trail Associates Joint Venture; the Kalikow Group, a member of the joint venture, has already invested $3.03 million in the project. Woodland Trail will serve as housing for workers at the planned $1.2 billion Kia Motors plant, which will open in late 2009.
CALIFORNIA, MD. — Bryn Mawr, Pa.-based WP Realty has sold the 264,199-square-foot San Souci Plaza to Port Washington, N.Y.-based Cedar Shopping Centers for an undisclosed amount. The 22-year-old property is located at the intersection of Route 235 and MacArthur Boulevard in California and has been renovated twice. San Souci is anchored by a 61,466-square-foot Shoppers Food Warehouse and a 27,000-square-foot Marshalls. The center is 96 percent occupied by tenants including Jo-Ann Fabrics & Crafts, Maximum Health and Fitness, Dollar Tree and Fashion Bug.
ST. JOHNS COUNTY, FLA. — Fort Lauderdale, Fla.-based Stiles Corp. and Hallmark Partners have completed the development of the 77,580-square-foot Shoppes at Murabella, located at the intersection of State Route 16 and Pacetti Road in St. Johns County. The center, which sits adjacent to the Murabella master-planned community, is anchored by a 54,340-square-foot Publix, the brand’s 1,000th location. CVS/pharmacy has purchased an outparcel at the site, and officials are targeting restaurants, healthcare providers and service-oriented retailers for the rest of the property’s space.
JACKSONVILLE, N.C. — Indianapolis-based Riser Retail Group has represented a private seller in the sale of the 68,386-square-foot Western Plaza to an undisclosed investor for $8.58 million. The center, which is located at the intersection of Western Boulevard and Highway 17 in Jacksonville, is anchored by Wal-Mart Supercenter. The fully occupied property also houses OfficeMax, Dollar Tree, GameStop, RadioShack and Sally Beauty.
WASHINGTON, D.C. — Cadbridge Investors has borrowed an undisclosed amount of money from a German bank to refinance its 415-room Fairmont hotel. The 24-year-old property, which was designed by architect Vlastimil Koubeck, is located in Washington’s Dupont Circle. Property amenities include 29,000 square feet of meeting space, restaurants, a fitness facility and an indoor pool. The loan was arranged by New York City-based Cushman & Wakefield Sonnenblick Goldman’s U.S. Hotel Group.
BLUFFTON, S.C. — Atlanta-based The Sembler Co. is gearing up for a fall groundbreaking of its 1.7 million-square-foot Okatie Crossings shopping center. The property will be located at the interchange of Highways 170 and 278 in Bluffton. A variety of restaurants and retailers will form the development’s tenant base.
ATLANTA — Atlanta-based Coro Realty Advisors has finished construction on Tremont, a mixed-use development encompassing 78 residences and street-level retail. The property is located at 15 Habersham Rd. in Atlanta. The building’s residential component includes 44 condominium units and 34 units to rent, all of which have been constructed to EarthCraft Home environmental standards. Amenities include a fitness center and a community room equipped with flat-screen televisions. No retail tenants have been announced.
TAMPA, FLA. — Urban America of New York has sold the 131,278-square-foot Tampa Festival Centre to Tampa-based Forge Capital Partners for $6.62 million. Spanning 19 acres of land, the shopping center is 93 percent leased and is located at 2525 E. Hillsborough Ave. in Tampa. Save Rite, Family Dollar, Citi Trends and Simply Fashions anchor the center, which also includes a Burger King and two pad sites. Michelle Seifert and Josh Tarkow of Orlando, Fla.-based Grubb & Ellis|Commercial Florida represented the seller.
CARTHAGE, TENN. — RCG Ventures of Atlanta has sold a 39,300-square-foot retail property to a California-based company for $2.31 million. The building, located in Carthage, is 100 percent occupied by Tractor Supply Co. The Goodlick Co.’s Dan Merritt represented the buyer, and Scott Tarbet served as in-house representation for RCG.