Retail

NAI CRAVEY BROKERS SALE OF FORMER H-E-B FOR REDEVELOPMENT

by admin November 21, 2008

CORPUS CHRISTI, TEXAS — Corpus Christi-based NAI Cravey Real Estate Services has brokered the sale of a 66,135-square-foot former H-E-B grocery store located at 4737 Saratoga Blvd. in Corpus Christi. The vacant property is located on 7.68 acres at the corner of Saratoga Boulevard and Everhart Road. NAI Cravey brokered the sale between the buyer, Saratoga Village Partners LLC, and the seller, San Antonio-based H-E-B Grocery Co. The buyer plans to redevelop the property into a retail project known as LaPrimera Market. The acquisition price was not disclosed.

November 21, 2008

31 REDBRICK PIZZA CAFES PLANNED IN ALABAMA AND FLORIDA

by admin November 20, 2008

ALABAMA AND FLORIDA — Developer Triple JM has partnered with Southern California-based RedBrick Pizza Worldwide to develop 31 RedBrick Cafes in Northwest Florida and Southern Alabama. Franchises are planned in Destin, Ft. Walton Beach, Pensacola and Tallahassee, Fla., as well as Montgomery and Mobile, Ala. The developments are still in the planning stages.

November 20, 2008

Midwest Retail

EDGEMARK COMMERCIAL REAL ESTATE BROKERS RETAIL TRANSACTION

by admin November 20, 2008

Bolingbrook, Ill. — Jeffrey Kowal of Edgemark Commercial Real Estate Services has represented both parties in the sale of Two Rivers Plaza, a shadow-anchored retail center located at the southeast corner of Boughton and Naper boulevards in Bolingbrook. The 25,900-square-foot center is situated on more than 2 acres, and is shadow-anchored by Jewel/Osco, Target and Kohls. The property includes a freestanding multi-tenant building on an out lot, as well as in-line spaces next to Jewel/Osco. The acquisition price for the fully leased property was not disclosed.

November 20, 2008

Northeast Retail

QUEENS CENTER RECEIVES $130 MILLION REFINANCING

by admin November 20, 2008

NEW YORK CITY — The Macerich Company has reached an agreement for a $130 million loan that will be used to refinance a portion of Queens Center in New York City. The loan is expected to close in early 2009, and it features a 7.5 percent fixed interest rate. It is co-terminus with a $214 million loan for expanded portions of the property that will mature in 2013. Upon closing of the new loan, an existing $89 million loan with a 7.11 percent effective interest rate will be paid off. The lenders are relationship life insurance companies and a pension fund.

November 20, 2008

Northeast Retail

GLEN TERRACE COMMONS BREAKS GROUND

by admin November 20, 2008

HAMDEN, CONN. — Groundbreaking has occurred for Glen Terrace Commons, an 11,750-square-foot office building located at 1960-1978 Whitney Ave. in Hamden. Developed by Ken Ginsburg, the project will consist of multiple units that can be subdivided from 1,175 square feet to 9,400 square feet. Omnivision Eye Associates has already signed a lease to occupy 2,350 square feet of the new center. Omnivision is currently located in a building in front of the proposed new construction, which will bedemolished to make way for additional parking for Glen Terrace Commons. Completion is scheduled for spring 2009. Space in the center, which can accommodate retail, medical or office tenants, is leasing for $22 per square foot triple net. Locally based Press/Cuozzo Commercial Services is handling leasing at the center.

November 20, 2008

Retail Texas

NEW RETAILERS OPEN AT VINTAGE PARK

by admin November 20, 2008

HOUSTON — The grand openings have been held for six new tenants at Vintage Park, an approximately 500,000-square-foot lifestyle center located in Houston. Situated on 84 acres at the intersection of Louetta Road and Highway 249, the center’s new tenants include BRIX Wine Cellars, The Castleberry Center for Aesthetic Dentistry, Fish City Grill, Post Net, Signature Home Theater and Shogun Japanese Grill & Sushi. Many of the openings occurred when the center held its grand opening ceremonies in October. Tenants already open at Vintage Park include Cheeburger Cheeburger, H-E-B Vintage Market, LandAmerica Commonwealth Title, Pepper-Lawson Construction, Potbelly Sandwich Works, Starbucks Coffee, and Vintage Wellness & Aesthetic Center. Tenants opening soon at the center include Freshberry Frozen Yogurt, Mia Bella, Peli Peli, Pizza Fusion, Salaa & Trio Prime Steakhouse and Bar, Bank of Texas, Compass Bank, Heritage Texas Properties and Kickerillio Cos. Vintage Park is owned by Houston-based The Interfin Companies. It is the retail component of The Vintage, a 630-acre master planned community.

November 20, 2008

Retail Texas

ACADIANA CENTRE REFINANCED

by admin November 20, 2008

FRIENDSWOOD, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged the refinancing of Acadiana Centre, a 39,463-square-foot retail center located at 400 West Parkwood in Friendswood. Constructed in 1997 and renovated in 2007, the multi-tenant center was 96 percent occupied at the time of closing. It is shadow-anchored by H-E-B. Tucker Knight and Brad Ballard of HFF arranged the loan on behalf of Commerce Equities through Enterprise Bank. Proceeds from the loan were used to retire existing debt.

November 20, 2008

Retail Western

MACERICH CLOSES $250 MILLION REFINANCING LOAN FOR RETAIL CENTER

by admin November 20, 2008

PORTLAND, ORE. — The Macerich Company has agreed upon a $250 million loan for the refinancing of Washington Square Mall in Portland. The 7-year, fixed-rate loan is slated to close in December 2008 and the interest has been locked at 6 percent. The company’s current $128 million loan for the property is expected to mature in February 2009.

November 20, 2008

Retail Western

5,000-SQUARE-FOOT RETAIL CENTER FETCHES $2.5 MILLION

by admin November 20, 2008

LAS VEGAS — Lane Jacobs of Marcus & Millichap’s Las Vegas office represented the undisclosed buyer in the acquisition of a 5,000-square-foot retail strip center in Las Vegas. Located at 3805 E. Flamingo Rd., the two-tenant property sold for $2.5 million. The asset is currently long-term leased to Starbucks Coffee and Moneytree. The seller was not disclosed.

November 20, 2008

Retail Southeast

FIRST PHASE OF MARKET AT TOWN CREEK COMPLETE

by admin November 19, 2008

LENOIR CITY, TENN. — Mimms Enterprises has completed development of the 57,000-square-foot first phase of Market at Town Creek, located at 300 Market Dr. in Lenoir City. The shopping center is anchored by a 44,000-square-foot Food City, and leases have been signed with AT&T, Bojangles’, Sports Clips, Regions Bank and TVA Credit Union. The property is currently 90 percent occupied. The second phase of Market at Town Creek, which will encompass 150,000 square feet of retail space, is still in the planning stages.

November 19, 2008

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