Retail

TRI-LAND PROPERTIES TO BEGIN $23 MILLION RETAIL REDEVELOPMENT

by admin August 26, 2008

OVERLAND PARK, KAN. — Westchester, Ill.-based Tri-Land Properties will begin constructing the $23 million redevelopment of Cherokee South Plaza in Overland Park in October. The 45-year-old center is located at the corner of 95th Street and Antioch Road. The redevelopment plan for the 118,000-square-foot development includes the complete demolition of one building, the addition of three new retail buildings totaling 27,000 square feet, new facades for the exterior buildings and a new parking lot. Retailers at Cherokee South Plaza will remain open during construction, which is scheduled for completion in the summer of 2009.

August 26, 2008

HMC COMPLETES $6.8 MILLION RETAIL CENTER

by admin August 26, 2008

FONTANA, CALIF. — Colton, Calif.-based Hodgdon Miank Construction (HMC) has completed Heritage Crossing, a $6.8 million retail development located at 7460-7490 Cherry Ave. in Fontana. The 4.86-acre property contains three buildings: a 18,400-square-foot, multi-tenant retail building; a 3,000-square-foot, freestanding fast-food restaurant that is occupied by Miguel’s Jr. Mexican Food; and a Jump Start Express Car Wash, which consists of a masonry car wash tunnel and a covered detailing area. HMC served as general contractor for the owners, Heritage Crossing LLC and Miguel’s, which owns its building. Irvine, Calif.-based Andy Perez & Associates served as project architect, and the Riverside, Calif., office of RBI Retail Brokers is handling the marketing and leasing of the project.

August 26, 2008

Retail Western

CINELEASE INC. SIGNS 155,000-SQUARE-FOOT LEASE

by admin August 25, 2008

LOS ANGELES — Cinelease Inc. has signed a 10-year lease for a 155,000-square-foot facility in Los Angeles. Cinelease, the largest independent lighting and grip rental company in the country, will occupy the single-tenant building, which is located at 5375 San Fernardo Rd. The lease is valued at $14 million. Brett Warner and Craig Stevens of Lee & Associates-LA North/Ventura represented the tenant in the transaction. The landlord was not disclosed.

August 25, 2008

Northeast Retail

AZARIAN RECEIVES APPROVAL FOR ALLENDALE SHOPPING PLAZA RENOVATION

by admin August 22, 2008

ALLENDALE, N.J. — Midland Park, N.J.-based The Azarian Group has received government approvals for the renovation and expansion of The Allendale Shopping Plaza in Allendale. Construction at the 5-acre site will consist of a 5,000-square-foot expansion to the north end of the mall, the redesign of the property’s parking lot, and a façade update to match A&P’s newly renovated Fresh Store. Construction is set to begin in September, with completion scheduled for spring 2009.

August 22, 2008

Northeast Retail

KUIKEN BROS. BREAKS GROUND FOR 12-ACRE LUMBER YARD

by admin August 22, 2008

SUCCASUNNA, N.J. — Kuiken Brothers Co. has broken ground for the construction of a 12-acre lumber and building materials facility in Succasunna. Located at 33 Route 10 East, the drive-thru lumber yard will include inventory such as lumber, windows, doors, drywall, molding, decking and railing, hand and power tools, and other construction products. The facility will also include rail service, which had previously been inactive for more than a decade. The site had been operating as a lumberyard prior to Kuiken’s development of the property. In addition to the new construction, extensive landscaping will be installed, along with permanent conservation areas that will buffer Horseshoe Lake.

August 22, 2008

Retail Western

REGENCY CENTERS ACQUIRES 92,307-SQUARE-FOOT RETAIL BUILDING

by admin August 22, 2008

EAST PALO ALTO, CALIF. — Regency Centers has acquired a vacant 92,307-square-foot retail building in East Palo Alto from The Home Depot EXPO for an undisclosed price. Located at Ravenswood 101 Shopping Center, the property will be occupied by a 50,227-square-foot The Sports Authority and a 41,680-square-foot Nordstrom Rack, both of which signed leases with Regency Centers. The new stores are slated to open spring 2009 after construction of the new storefronts and interiors are completed. Ryan Nickelson of Regency Centers, along with John Kovaleski and David Buchholz of Colliers International represented, the buyer in the acquisition and re-tenanting.

August 22, 2008

Retail Western

COHEN FINANCIAL ARRANGES $13.2 MILLION CONSTRUCTION LOAN

by admin August 22, 2008

PORTLAND, ORE. — Cohen Financial has arranged a $13.2 million construction loan for the development of The Shops on Brooklyn Yard, a retail project located in the Brooklyn neighborhood of southeast Portland. The project is located at 4546 SE McLoughlin Blvd. at the intersection of SE Holgate and McLoughlin boulevards. The is being used to retire the land acquisition loan and provide funds for the development of more than 52,000 square feet of retail improvements. The project is currently 83 percent pre-leased to 24 Hour Fitness, which plans to open in third quarter 2009. Adam Cassie of Cohen Financial secured the 2-year, 70 percent loan-to-value facility. The borrower and lender were not disclosed.

August 22, 2008

Retail Southeast

WAL-MART TO BUILD NEIGHBORHOOD MARKET STORE IN WILLIAMSBURG DEVELOPMENT

by admin August 21, 2008

WILLIAMSBURG, VA. — Wal-Mart Stores East has purchased 7.9 acres in the Settler’s Market development in Williamsburg for an undisclosed amount from Settler’s Market Developers. The acreage will be used for a 40,000-square-foot Neighborhood Market store, which will be smaller than a Wal-Mart Supercenter and feature a farmer’s market-type atmosphere. Christopher Rouzie of Thalhimer’s Newport News, Va., office represented Wal-Mart in the transaction. The market will open in summer 2009.

August 21, 2008

Midwest Retail

MID-AMERICA DISPOSES OF 121,507-SQUARE-FOOT, GROCERY-ANCHORED RETAIL CENTER

by admin August 21, 2008

ELK GROVE VILLAGE, ILL. — The investment sales group of Mid-America Real Estate Corp. has brokered the sale of Elk Crossing, a 121,507-square-foot retail center located at Biesterfield and Arlington Heights roads in Elk Grove Village. Los Angeles-based Westwood Financial Corp. has acquired the development from an affiliate of the General Electric Pension Trust, which is advised by GE Asset Management. Elk Crossing is anchored by a Jewel-Osco grocery store. Additional tenants include Panera Bread, Bath & Body Works, Citibank and RadioShack. Rick Drogosz of Mid-America represented both parties in the transaction. The acquisition price was not disclosed.

August 21, 2008

Midwest Retail

UGL EQUIS ARRANGES RETAIL ACQUISITION FOR WEBSTER UNIVERSITY

by admin August 21, 2008

WEBSTER GROVES, MO. — Chicago-based UGL Equis has represented Webster University in the acquisition of the 35,710-square-foot Old Orchard Shopping Center, which is located adjacent to the university at 25 S. Orchard Ave. in Webster Groves. The university, which occupies 55 acres in the St. Louis suburb, currently leases 15,207 square feet within the Old Orchard center for classroom space for its fine arts program and for practice space for The Repertory Theatre and the Opera Theater of St. Louis. Webster University has no plans to alter the retail center, which it acquired from Mills Properties for an undisclosed amount. Tenants at the development include Starbucks Coffee, Subway, The Boardwalk Café, and The Back and Neck Care Center of Webster Groves. Regan Trittler of UGL Equis represented the buyer; Ken Aston of Hendricks & Partners represented the seller in the transaction.

August 21, 2008

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