TYLER, TEXAS — Stan Johnson Co. has brokered the sale of a 14,820-square-foot Walgreens pharmacy located in Tyler. Gil Warner, Rod Pickney and Chad Byerly of Stan Johnson represented the seller, a retail developer. The property was acquired by an undisclosed investor for $6.28 million.
Retail
WESTMINSTER, COLO. — Woodland Hills, Calif.-based NewMark Merrill Mountain has completed the disposition of Summit Square, a retail center located at 8410-8472 N. Federal Way in Westminster. AZG Westminster LLC purchased the property for $9.5 million. The 96,153-square-foot center is tenanted by Safeway, Adams County Department of Motor Vehicles, Baskin Robbins, World Savings, H&R Block, Wells Fargo, Panda Buffet and Taco Bell. Gene Pride and Patrick Devereuax of Cushman & Wakefield of Colorado Inc. brokered the transaction.
PLYMOUTH MEETING, PA. — Plymouth Meeting-based RAS Brokerage has arranged three Pennsylvania leases for Plaza Azteca Restaurantes Mexicanos. The restaurant chain will open a 6,921-square-foot location in a freestanding building near the intersection of Plymouth Road and Germantown Pike in Plymouth Meeting, as well as another freestanding, 6,400-square-foot location in Wyomissing across from Berkshire Mall. Finally, the chain will open a 4,600-square-foot location for its high-end concept, Salsa’s Mexican Grill, in front of Montgomeryville Mall in Montgomeryville. Marc Mandel of RAS Brokerage represented the tenant in each of the lease transactions. Plaza Azteca is based out of Virginia Beach, Va., and plans to expand into the New England area, specifically, Pennsylvania, New Jersey and Delaware, over the course of the coming year.
PHILADELPHIA — The Falcone Group has signed Philadelphia restaurant Rae to 11,000 square feet at The Residences at Two Liberty Place in Philadelphia. The restaurant will relocate from its previous spot in Philadelphia’s Cira Centre to the 37th floor of the Two Liberty Place building — making it the highest restaurant in the region. The restaurant, which is run by executive chef David Stern, will share the floor with The Residences’ 10,000-square-foot Owner’s Club. In addition to serving the general public, Rae will provide preferred seating for residents of the tower, as well as room service. The Residences at Two Liberty Place comprises the top 20 floors of the Two Liberty Place Tower. It consists of 90 units that span from the 40th to the 57th floor of the building. First occupancies began in March, and full occupancy is expected in 2009.
TALLAHASSEE, FLA. — Feldman Mall Properties has arranged with the first mortgage lender of the company’s Tallahassee Mall to place the property into a receivership. This action releases Feldman from further obligations associated with the 966,000-square-foot mall. On June 30, Feldman recorded a $45.7 million impairment charge on the property, which is located at 2415 N. Monroe St. in Tallahassee, and the mall carries a non-recourse first mortgage of $44.2 million. The receiver will operate the property on the lender’s behalf.
BATON ROUGE, LA. — Inland Real Estate Acquisitions has purchased the 156,228-square-foot Siegen Plaza in Baton Rouge from Weingarten Realty Investors for an undisclosed amount. The center, which is shadow-anchored by Super Target, is 98 percent leased. Tenants include Ross Dress For Less, Petco, Rack Room Shoes, Olive Garden and Chick-fil-A.
CHICAGO — Oakbrook Terrace, Ill.-based Mid-America Asset Management has secured five new tenants for Marshfield Plaza, a 454,000-square-foot power center currently underway in Chicago. Chili’s has leased 6,300 square feet; CJ Beauty Supply has leased 4,000 square feet; T-Mobile has leased 3,000 square feet; Subway has leased 1,200 square feet; and Panda Express has leased 2,200 square feet within the center. All of the tenants will open in the spring. Richard Spinell, Paul Bryant and Mary Beth Menelli of Mid-America represented the landlord, Primestor Development of Chicago, in all of the leases. Steve Frishman of Mid-America represented Chili’s; Jim Sakanich of CB Richard Ellis represented CJ Beauty Supply; Meredith Oliver of Metro Commercial Real Estate represented T-Mobile; and Kim McGuire of CB Richard Ellis represented Panda Express in negotiations. The initial phase of the two-phase project was completed in October, and includes a 127,000-square-foot Target store. Upon completion of Phase II in the spring, Marshfield Plaza will include a PETCO, a Jewel-Osco, a Staples and a Marshalls. Located at W. 119th Street and S. Marshfield Ave., the center also features seven outlots, including a bank pad and two multi-tenant buildings.
ELGIN, ILL. — Burlington Coat Factory has leased 70,000 square feet within the Otter Creek Shopping Center located at the intersection of Randall Road and Lake Street in Elgin. The property, which is situated adjacent to a Target store, is a redeveloped Dominick’s grocery store. Additional tenants at the 362,305-square-foot power center include Office Max, Hobby Lobby and Fashion Bug. Burlington Coat Factory is scheduled to open in March. Matt Smetana of Edgemark Commercial Real Estate Services represented the landlord, Otter Creek LLC, in the transaction; Brad Gershman of Gershman, Brown, Crowley Inc. represented Burlington Coat Factory in lease negotiations. Terms of the lease were not disclosed.
BRUNSWICK, OHIO — The Cooper Commercial Investment Group of NAI Daus in Cleveland has brokered the sale of a retail center located at 55-67 Pearl Rd. in Brunswick. The 19,200-square-foot Forest Hills Plaza shopping center was 81 percent leased at the time of the sale. Winbury Group Ltd. has purchased the property from an undisclosed local seller for $1.2 million. Dan Cooper and Bob Havasi of NAI Daus represented the seller in the transaction.
GRAND PRAIRIE, TEXAS — Baltimore, Md.-based Prime Retail has completed leases for 20 new retailers at Prime Outlets – Grand Prairie, a $100 million, 485,000-square-foot outlet retail center owned and operated by the company in Grand Prairie. New tenants at the center, which is located at the interchange of Interstate 20 and State Highway 360, include: Aeropostale, adidas Outlet Store, Bass Outlet, BCBGMAXAZRIA Factory Store, Brooks Brothers Factory Store, Columbia Sportswear, Dooney & Bourke, Easy Spirit Outlet, GUESS, IZOD, Jones New York, Nike Factory Store, Nine West Outlet, Oakley, Perry Ellis, Reebok Outlet Store, Samsonite, Tommy Hilfiger, Totes/Sunglass World and Van Heusen. The new tenants will join previously announced anchors Neiman Marcus Last Call and Saks Fifth Avenue OFF 5TH when the project opens in time for the 2009 holiday season.