ST. PETERS, MO. — Bruce Harris and Christopher Pollnow in the St. Louis office of Marcus & Millichap have brokered the sale of Walgreens Summit Point located at 499 Salt Lick Rd. in St. Peters. The 14,740-square-foot store is net leased to Walgreens. A regional developer sold the building to a private investor for $4.55 million. Kevin Turner in the Oakland, Calif., office of Marcus & Millichap represented the buyer in the transaction.
MILFORD, CONN. — Cohen and Co., Inc. Real Estate has arranged the sale of Milford Plaza Shopping Center, a 180,101-square-foot shopping center located at 155-213 Cherry St. in Milford. The property is anchored by ShopRite Supermarket and Bob’s Stores; additional tenants include UPS, Blockbuster Video and Payless Shoe Source. The property was 88 percent occupied at the time of closing, with three contiguous vacancies totaling approximately 28,000 square feet. Helen Putterman and Michael Cleeman of Cohen & Co. represented the seller, a Connecticut-based, family-owned developer, as well as the buyer, a New York City-based investment and acquisitions company. The sale price was not disclosed.
PEARLAND, TEXAS — Houston-based Greatland Investment has broken ground for the development of Shadow Creek Village, a 29,000-square-foot retail project located in Pearland within the Shadow Creek Ranch master-planned community. Situated on 3 acres at the corner of FM 518 and Kirby Drive near Pearland Town Center, Shadow Creek Village is seeking to attract fine dining restaurants, dry cleaners, salons/spas and other consumer service-related tenants. The project also contains a pad site for a bank. The $6 million project is scheduled for completion in February 2009. Greatland Investment is developing the project, with construction management services being provided by Houston-based EDWEA. It will be managed by CSL Leasing & Management.
BOISE, IDAHO — Wells Fargo has closed an approximately $37 million mini-permanent loan for Hawkins Companies for retail properties in Montana, Oregon, Arizona, Idaho and South Carolina. The portfolio of retail properties includes three Walgreens in Billings and Hamilton, Mont., and Warrenton, Ore.; two retail buildings totaling 42,122 square feet in Marana, Ariz.; a three-story, 80,535-square-foot office/retail building, which serves as Hawkins Companies’ headquarters in Boise Sportman’s Warehouse in Columbia, S.C. Susan Jones of Wells Fargo Middle Market Real Estate office in Boise handled the transaction.
CLOVER, S.C. — Lowe’s Home Improvement Warehouse will open a new store at 5288 Highway 557 in Clover on November 20. The 117,000-square-foot store will be complimented by a 40,000-square-foot garden center adjacent to the main building. The $18.5 million store is expected to employ 175 workers.
HIALEAH, FLA. — Orlando, Fla.-based Tilt-Con Corp. has completed a 108,392-square-foot Kohl’s at 700 W 49th St. in Hialeah. The two-story project was built under the company’s contract with Longwood, Fla.-based J. Raymond Construction Corp. Tulsa, Okla.-based Christopher B. Goble designed the project.
GRAND RAPIDS TOWNSHIP, MICH. — Von Maur will serve as the primary anchor within The Village of Orchard Hills development located at the corner of Three Mile Road and East Beltline Avenue in Grand Rapids Township. Birmingham, Mich.-based Robert B. Aikens & Associates is developing the 400,000-square-foot mixed-use lifestyle center. Von Maur will occupy 120,000 square feet at the center, and will use the location to enter the Western Michigan market. The Village of Orchard Hills will feature a mix of retail uses, as well as 156 residential condos. Construction is scheduled to begin on the project in early 2010, with completion scheduled for fall 2011.
MIAMI — Perrine Food Retail Corp. has sold the 42,300-square-foot Perrine Food Shopping Center to 11800 N.W. 10th Ave. LLC for $5.25 million. Located at the intersection of 119th Street and 10th Avenue in Miami, the center is anchored by a 22,292-square-foot Food City supermarket and is 100 percent occupied. Harry Blyden and Alan Esquenazi of Coral Gables, Fla.-based Continental Real Estate Cos. negotiated the disposition on behalf of the seller.
INDEPENDENCE, MO. — Developers Diversified Realty Corp. (NYSE: DDR) has formed a joint venture with Cole Real Estate Investments for the ownership of Independence Commons, a 386,066-square-foot shopping center located in Independence. Cole Real Estate Investments will own 85.5 percent, and Developers Diversified will own 14.5 percent of the $62 million joint venture. Independence Commons was previously owned by Developers Diversified through its joint venture with Macquarie DDR Trust. Based on Macquarie DDR Trust’s 85.5 percent interest in the center, the company will receive proceeds of more than $20 million as a result of the sale. Terms of the joint venture agreement call for Developers Diversified to receive leasing and property management fees at the development.
MALVERN, PA. — King Of Prussia, Pa.-based O’Neill Properties Group has announced the final anchor for the retail portion of Uptown Worthington, a 2 million-square-foot, mixed-use redevelopment project located in the Philadelphia suburb of Malvern. Target will open a 137,000-square-foot location, joining previously announced anchors L.L. Bean, Muvico and Wegmans Food Market. Scheduled for completion in fall 2009, Uptown Worthington will contain 745,000 square feet of retail, restaurants and entertainment, along with office, hotel and residential space. The project consists of the redevelopment of the 100-acre former Worthington Steel Factory property.