BRIGHTON, MICH. — Lee & Associates of Michigan has arranged the acquisition of 78,000 square feet of land located at 5505 South Old U.S. 23 in Brighton. The property was acquired by Agree Brighton LLC — a preferred developer to Walgreens — from Brighton River LLC. The developer, which acquired the property for an undisclosed amount, will build and lease a new store for the pharmacy at the site. Barry Landau of Lee & Associates represented the buyer in the transaction. The seller, Agree Brighton LLC, was represented in-house by Dave Prueter.
Retail
LUBBOCK, TEXAS — Lubbock-based GRACO Real Estate Development will begin the redevelopment of Kingsgate Center this fall. Located at the corner of 82nd Street and Quaker Avenue in Lubbock, the property currently contains more than 220,000 square feet of retail and restaurant space. Construction will largely consist of the conversion of the space formerly occupied by United Supermarket into lifestyle center-style space. The space will be reconfigured into a landscaped courtyard and 35,000 square feet of specialty retail and restaurant space. Additional renovations include water features, a 30-foot clock tower, landscaped traffic circles, patterned concrete and brick-inlayed walkways, an open area for community events, decorative lighting, seating areas and seasonal landscaping. Construction is already underway for the Kingsgate North section of the shopping center.
COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of Morse Crossing Retail Center, a newly constructed 10,864-square-foot center, which is located at 4155 Morse Crossing Blvd. in Columbus. Tenants at the project, which commanded a sales price of approximately $6.43 million, include Jared Jewelers, Pei Wei Asian Diner and FedEx Kinko’s. John Reehil in the Columbus office of Marcus & Millichap represented the undisclosed seller in the transaction.
LOCKPORT, ILL. — Edgemark Commercial Real Estate Services has arranged the sale of a 1.86-acre site within a 95,050-square-foot Jewel/Osco-anchored strip center, which is located at 159th and Farrell in Lockport. National Tire & Battery has acquired the site for the construction of a new 26,500-square-foot location to accommodate the company’s expansion. The site, which is situated within 2 blocks of the new Interstate 355 interchange, was acquired for an undisclosed amount. Mike Wesley and Les Kristof of Edgemark Commercial Real Estate represented the seller, TBS-Lockport LLC; Brent Wayburn of Metro Commercial represented the buyer, Newton Oldacre McDonald LLC, in the transaction.
KING OF PRUSSIA, PA. — Marcus & Millichap has brokered the sale of a 13,910-square-foot retail property, located on Dekalb Pike in King Of Prussia, for $2.8 million. Situated adjacent to a shopping center anchored by Acme Grocery, the property is net leased to electronics store Tweeter. Brad Nathanson and Jordan Muchnick of Marcus & Millichap’s Philadelphia office listed the property on behalf of the seller, a locally based family trust. The pair also represented the out-of-state buyer.
SOUTHLAKE, TEXAS — Seattle-based Nordstrom has announced plans to open a 35,000-square-foot Nordstrom Rack, the company’s discount retail division, at Shops of Southlake. The store, which will open in fall 2009, will anchor the new phase of the lifestyle center, which is located at the corner of East Southlake Boulevard and South Carroll Avenue in Southlake. The new location will mark the retailer’s third Nordstrom Rack in the Dallas-Fort Worth area and its fourth in the state. Shops of Southlake is being developed by Cencor Realty Services.
MISSOURI CITY, TEXAS — Wells Fargo Commercial Mortgage has provided $21 million in financing for Riverstone Shopping Center, a 272,539-square-foot community shopping center located at 5230 Highway 6 in Missouri City. The property is anchored by Hobby Lobby and LA Fitness; additional tenants include Ross Dress For Less, PetSmart, Office Depot, and Bed, Bath & Beyond. The loan carries a 5-year term with interest-only payments, and was originated by Aaron Winkler of Wells Fargo. The borrower was not disclosed.
MOUNT DORA, FLA. — Morse Properties will break ground next June on its 160,000-square-foot Loch Leven Landing, a retail center located on the corner of U.S. Highway 441 and State Route 44. A 54,340-square-foot Publix will anchor the site, which also features 45,914 square feet of retail, restaurant and office space and nine outparcels. The property will include outside patio seating and a bike path. Orlando-based Cuhaci & Peterson Architects is providing design services for the project.
GASTONIA, N.C. — Mac McCall of Marcus & Millichap’s Atlanta office has represented CHI Franklin Square in its sale of a 5,069-square-foot Verizon Wireless retail building to GDC Gastonia and JC Gastonia for $3.2 million. Purchase of the property, which is located at 3090 E. Franklin Blvd. in Gastonia, was brokered by Arthur Nachman of Reston, Va.-based Calkain Realty Advisors.
MIAMI — The Sturman Family LP has sold the 7,600-square-foot William’s Plaza, located on South Dixie Highway in Miami, to Shops at Palmetto Bay for $2.3 million. Tenants at the fully-occupied center include Beyond Salon & Spa, Cartonics, Vilar Cigar Shop and Wheel & Tire. Kirk Olson, Drew Kristol and Arnaldo Cantero of Marcus & Millichap’s Miami office represented the seller, and Olson and Kristol represented the buyer.