PROSPER, TEXAS — Addison, Texas-based CROSS Development is developing Prosper Plaza, a 355,000-square-foot retail center located along the Highway 380 Corridor in Prosper. The project marks the first big-box retail center in the city, and is located directly across from a 207,000-square-foot Wal-Mart Supercenter. The site is also surrounded by existing and future master-planned residential communities. While no tenants have been formerly announced, Dallas-based United Commercial Realty, which is handling marketing and leasing of the property, says that an anchor tenant has been signed and an announcement will be made later this fall. Negotiations are also underway for the project’s six available pad sites. The construction timetable was not released.
FREDERICKSBURG, VA. — As part of a $100 million renovation to the 1.3 million-square-foot Spotsylvania Towne Centre, built in 1981 in Fredericksburg, the newly-created Village at Towne Centre will usher in a host of new tenants starting in November. Fink’s Jewelers, Firebirds, Sephora, Coldwater Creek, The Pub, Cache, Bravo Cucina Italiana and Saxon Shoes will all open in the center by spring 2009. In addition, Muvico Entertainment is developing a 12-screen movie theater on the site, and Splitsville will help bring a bowling alley and arcade to the area.
MARYLAND, VIRGINIA AND WEST VIRGINIA — NPC International has acquired 99 Pizza Hut stores located in Maryland, Virginia and West Virginia from Colonial Foods for $81.8 million. The 50 dine-in restaurants, three Pizza Hut/Yum! brand stores and 46 delivery units are located primarily in Virginia. NPC funded the purchase by borrowing against its $75 million revolving credit facility and utilizing $5 million in cash reserves. NPC is the world’s largest Pizza Hut franchisee.
MT. JULIET, SMYRNA AND HIXSON, TENN. — Watkins Retail Group is planning to open three new Publix supermarkets in Tennessee. This month, a 90,640-square-foot store will open in Mt. Juliet Village in Mt. Juliet, and a 73,850-square-foot Publix will also deliver in The Shops at Lee Village in Smyrna. A Publix is set to anchor the 78,490-square-foot Creek Plantation Village, located at the intersection of Hixson Pike and Cassandra Smith Road in Hixson. The Publix, which is slated for delivery on Oct. 8, will be joined by BiBa’s Italian Restaurant, Chloe Salon, Great Clips and other regional and national tenants.
WAUKEGAN, ILL. — Bannockburn, Ill.-based Principle Construction Corp., as design/builder, has completed a 40,000-square-foot retail and office building located at the former site of the Academy Theatre in Waukegan. Revolution Academy Square was developed by LaGrange, Ill.-based Revolution Investment Partners, and was financed by Harris Bank. The two-story facility, which is situated on Genesee and Clayton streets, houses a restaurant, a real estate brokerage office, an interior design company and a deli. Harris Architects provided architectural services; Frank Buchberger acted as project manager for Principle Construction Corp. at the site.
ST. JOHN, IND. — Edgemark Commercial Real Estate Services has arranged the sale of a 2.29-acre outlot within St. John Square, which is located on the southeast corner of 101st and Wicker avenues in St. John. Aldi grocery store has acquired the property in order to expand its business into the area. Additional tenants at the 10-acre St. John Square shopping center include People’s Bank, Tractor Supply Co., Wine Styles, Starbucks Coffee, Jimmy John’s and Verizon. Edgemark’s Tyson Fraser represented the seller, Paul Hemmer Cos.; Rick Johnson of Rick Johnson Associates represented Aldi in the transaction. The acquisition price was not disclosed.
MESQUITE, TEXAS — Groundbreaking has occurred for Peachtree Towne Center, a 60-acre mixed-use development located at the intersection of Interstate 635, Gross and Peachtree roads in Mesquite. Developed by Lang & Co. LLC, the project is being developed in four phases. Phase I consists of the extension of the existing access road for I-635 and Gross Road, as well as the creation of a vehicle and pedestrian bridge that will create circular access to the entire site. Completion is expected in spring 2009. Additional construction will include a full-service hotel with a minimum of 250 rooms, a conference center and an adjacent restaurant. Construction would tentatively begin in 2009, with completion in 2010. Lang will also develop a medical/wellness facility with hiking trails along the creek bed, a multi-story office building, and a multi-use component with residential lofts over ground-floor retail. Completion of the entire project could come as early as 2012.
CUMMING, GA. — Sean Leahy of Phoenix-based Tradition Realty Advisors has represented an undisclosed buyer in the sale of a 14,820-square-foot Walgreens, located at 2595 Peachtree Parkway in Cumming, for $4.95 million. Marcus & Millichap represented the undisclosed seller.
OVERLAND PARK, KAN. — The developer of Cherokee South Plaza, a 118,000-square-foot shopping center located at the intersection of 95th Street and Antioch Road in Overland Park, recently signed Walgreens to a lease for a freestanding store within the property. The $23 million shopping center redevelopment, which is being handled by Westchester, Ill.-based developer Tri-Land Properties, includes the complete demolition of one building, the construction of three new retail buildings and the addition of new tenants. The property’s current tenants will remain open during the redevelopment endeavor, which is expected to begin this fall.
CHICAGO — Chicago-based NAI Hiffman has brokered the sale of an approximately 11,000-square-foot tract of land located at 3019 Peterson Ave. in Chicago. The property is leased on a long-term basis to Bank of America, which will be constructing a retail bank branch building with drive-thru lanes at the site. Chad Firsel of NAI Hiffman’s Investment Services Group represented Interra-Vision Development Partners of Chicago in the disposition of the property for approximately $4.45 million.