BROOMFIELD, COLO. — Regency Centers is developing Shops at Quail Creek, a shopping center located at West 136th Ave. and Zuni St. in Broomfield. The center will feature approximately 152,000-square-foot of upscale retailers, banks and restaurants, including a 100,870-square-foot King Soopers. Additionally, the project will feature town center aesthetics, including pedestrian-friendly crosswalks, large sidewalks, distinctive architectural storefronts, large outdoor gathering areas and connectivity to a city-adopted regional trail. Ground broke this month with completion slated for April 2009.
GREENSBORO, N.C. — Hal Kern of North Carolina-based Brown Investment Properties has brokered R.L. Kern Properties and Kern Properties’ purchase of the 94,000-square-foot New Garden Crossing from CBL Properties for $19.5 million. The shopping center, located on New Garden Road in Greensboro, houses the tenants Lowes Foods, Office Depot, Bank of Oak Ridge and Chili’s Grill & Bar. Kevin Kemp of Triad Commercial Properties represented the seller.
LAKE SAINT LOUIS, MO. — Chicago-based Davis Street Land Co., acting as owner, manager and leasing agent, recently held the opening of the first phase of The Meadows at Lake Saint Louis, which is located at Lake Saint Louis Boulevard and Interstate 64 in Lake Saint Louis. Phase I of the development features four retail buildings totaling more than 200,000 square feet. Each building houses 10 to 15 retailers including Banana Republic, Chico’s, Coldwater Creek, New Balance St. Louis, Salon Kashmir and Talbots. Additionally, three retailers will open their first Missouri locations at the project, including Bachrach and Backwoods, which will open in early 2009, as well as Von Maur, which will open a two-story, 126,000-square-foot store in the fall of 2010. St. Louis-based Brinkmann Constructors served as the general contractors; St. Louis-based M + H Architects acted as designers for the project. The estimated cost of completion was not disclosed.
SAGINAW, MICH. — Centro Properties Group has reached the midpoint of construction of The Kroger Company’s new building within Green Acres Shopping Center, which is located at the intersection of State Highway 58 and Hemmeter Road in Saginaw. The grocery retailer will occupy its 72,000-square-foot facility late this year or in early 2009. Kroger will join the 12,090-square-foot Powerhouse Gym and a 14,564-square-foot Rite Aid as the third major retailer in the center. Additional tenants at the development, which is being renovated by the owner, Centro Properties Group, include 1st Wok Buffet, Bambi’s Java Days, Binder’s Hallmark, Good Times Pizza, Graceful Styles and H&R Block. Wolgast is acting as general contractor for the Kroger facility.
NEW MILFORD, CONN. — Greenwich, Conn.-based Urstadt Biddle Properties has acquired Veteran’s Plaza Shopping Center, located in New Milford, for $10.3 million. The fully occupied property totals 78,609 square feet, and is anchored by a 50,650-square-foot Big Y Supermarket. Additional tenants include Rite Aid, Blockbuster Video and Danbury Savings Bank. Urstadt Biddle purchase the property from a family-owned investment fund. The company also assumed an existing $3.6 million first mortgage in conjunction with the purchase.
TEXAS — Marcus & Millichap has completed the sale of a 24-property Dollar General portfolio for $20 million. The portfolio includes 22 stores located in San Antonio, Houston and south Texas, with the remaining two stores located in Leeds and Madison, Ala. At the time of closing, the portfolio already had non-recourse debt in place with an 80 percent loan-to-value ratio. Douglas Passon of Marcus & Millichap’s Detroit office, along with Brandon Duff of the firm’s Chicago office, represented the undisclosed buyer. Tim Speck of Marcus & Millichap’s Dallas office and Andrew Clark of the firm’s Birmingham, Ala., office assisted in the transaction. The seller was also not disclosed.
HOLLYWOOD AND DAVIE, FLA. — Hollywood Palms LLC has sold its 210,864-square-foot Hollywood Palms Shopping Center, located at the intersection of Taft Street and North 68th Avenue, to Hollywood Commons LLC for an undisclosed amount. Mark Gilbert and Adam Feinstein of Cushman & Wakefield’s Miami office represented the seller. Cushman & Wakefield also represented Baer’s Furniture in the sale of its 32,340-square-foot retail space to Kerv Investments for an undisclosed amount. Sale of the property, located at 4690 S. University Dr. in Davie, was brokered by Chris Drew, Chris Metzger, Rick Etner and Christopher Thomson.
OXFORD, MISS. — Germantown, Tenn.-based Trezevant Realty Corp., in partnership with Olive Branch, Miss.-based Utley Properties, has completed the 158,000-square-foot Oxford Galleria, located at the intersection of West Jackson Avenue and Home Depot Drive in Oxford. The Belk-anchored shopping center includes the tenants Rack Room Shoes, Mimosa Flowers & Gifts, The Home Depot and Office Depot, and it will be 100 percent occupied by this fall. Chick-fil-A will open on one of three outparcels next year.
ST. JOSEPH, MO. — The Kansas City division of Walton Construction Co. has been awarded the contract to remodel the East Hills shopping center, which is located at Belt Highway and Frederick Avenue in St. Joseph. Tenants at the 665,000-square-foot center will remain open during the remodel. Construction of the $43 million project is underway, and is slated for completion by February 2009. The project team includes the owners, Belt Highway LP and HMH/MD Management, as well as the architect, Hollis-Miller.
MADISON, WIS.; AND JACKSON, PLAINWELL AND PAW PAW, MICH. —Morristown, N.J.-based The Hampshire Companies has sold its 66,723-square-foot East Towne Shopping Center, which is located adjacent the East Towne Regional Mall in Madison. The property was owned by Abraham Schlussel and The Hampshire Generational Fund, which is one of the firm’s private equity real estate investment funds tailored to high net-worth investors. Capitol East Towne LLC has acquired the property for an undisclosed amount. Situated on more than 6 acres, tenants at the center include Old Navy, Sports Authority and Winslow’s Hallmark. Additionally, The Hampshire Companies has acquired three Michigan retail buildings totaling more than 20,000 square feet in Jackson, Plainwell and Paw Paw. The 6,700-square-foot buildings are fully leased to Advance Auto Parts. The acquisition was made on behalf of The Hampshire Generational Fund.