NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin Affiliates (KDA) has completed the sale of a 14,000-square-foot shopping center located at 953 Cypress Ave. in the Ridgewood neighborhood of Queens, for $1.85 million. The two-story property contains 12,500 square feet of retail space on the first floor, and 1,500 square feet of office space on the second floor. The property currently contains a furniture store, a discount merchandise outlet and a money transfer business. Dmitri Gourianov of KDA represented the buyer, My Ridgewood Realty, and the seller, the Costarelli family. The purchase included 11,000 square feet of air rights for future development.
AUSTIN, TEXAS — A joint venture between L&B Realty Advisors and Barshop & Oles Co. had acquired Brodie Oaks Shopping Center, a 244,242-square-foot retail complex located at the corner of Loop 360 and South Lamar Boulevard in Austin. The shopping center is anchored by Neiman Marcus, Last Call and Sun Harvest Market. Additional tenants include Hobby Lobby, Toys ‘R Us, Tuesday Morning, Sally Beauty Supply, Starbucks Coffee, Olive Garden, Chili’s, Pei Wei Asian Diner and Fuddruckers. The property also contains office space. The Dallas office of Holliday Fenoglio Fowler marketed the property on behalf of the seller, Weingarten Realty Investors. L&B Realty Advisors acquired the property on behalf of investors in L&B Diversified Strategy Partners LP. The acquisition price was not disclosed.
QUIINCY, ILL. — Sullivan, Ill.-based Colcon Corp., acting as contractor, is constructing a 135,000-square-foot Sam’s Club store located on 54th Street in Quincy. The single-story building is situated on a 26-acre site. The approximately $4.5 million facility is scheduled to open October 22. Sam’s Club is owned by Bentonville, Ark.-based Wal-Mart Stores.
TOLEDO, OHIO — CB Richard Ellis|Reichle Klein has arranged the sale of an 18,426-square-foot retail building located at 6437 W. Central Ave. in Toledo. Wilford Central LLC of Toledo has acquired the facility from Capmoor Investments Co. for $1.25 million. The property is situated on a 1.56-acre site within the Sylvania Township submarket. Wilford Central LLC plans to convert the former Ken’s Flowers store into a Toni & Guy Hairdressing Academy salon training center. Peter Shawaker, Duke Wheeler and Kurt Pollex of CB Richard Ellis|Reichle Klein represented the seller in the transaction.
COVENTRY, R.I. — Fantini & Gorga has arranged $8 million in construction financing for Coventry Crossing, a three-building, 21,000-square-foot retail center located in Coventry. The property is situated on 5.7 acres directly across from the 200-acre, master-planned Centre of New England project. Coventry Crossing is currently under development by Hecht Development; tenants already signed include CVS/pharmacy, Webster Bank and Dunkin Donuts. Terms of the financing were not disclosed.
NEWPORT NEWS, VA. — Matthew Kohlhoss and Gary McGlynn of NorthMarq Capital’s Washington, D.C., office have arranged $2.6 million in first mortgage financing for SOJ’s 53,775-square-foot Turnberry Crossing, located at 12638 Jefferson Ave. in Newport News. Financing for the center, which includes the tenants Tuesday Morning and Goodwill Industries, was secured through StanCorp Mortgage Investors. The loan has a 20-year term and a 25-year amortization schedule.
OAK LAWN, ILL. — On behalf of the borrower, Oak Lawn Associates LLC, RML Capital has secured $2.25 million in first-mortgage financing for a retail center located at 5000 West 95th St. in Oak Lawn. The property consists of a 44,900-square-foot site containing a 16,905-square-foot multi-tenant strip center. Financing was based on a 10-year term, with a 25-year amortization schedule. The loan was placed with an undisclosed Midwest life insurance company. Richard Lynn of RML Capital represented both parties in negotiations.
IRONDEQUOIT, MASSENA AND SARANAC LAKE, N.Y. — Bryn Mawr, Pa.-based WP Realty has sold a three-property portfolio of New York shopping centers to Erez Capital Fund. The first is Irondequoit Plaza, a 216,000-square-foot community shopping center located in Irondequoit. The property is anchored by a 90,000-square-foot Wegmans and a 27,000-square-foot Big Lots. Additional tenants in the 99 percent-leased center include Dollar General, Dollar Tree, Citizens Bank and Dunkin Donuts. The second property is St. Lawrence Plaza, a 166,000-square-foot community shopping center located on Highway 37 in Massena. The property, which is 99 percent occupied, is anchored by a 68,160-square-foot BJ’s Wholesale Club, a 56,717-square-foot Hannaford Brothers and a 25,370-square-foot OfficeMax. The last property is Saranac Lake Plaza, a recently redeveloped, 68,000-square-foot shopping center located in Saranac Lake. The property is tenanted by Ace Hardware, Grand Union Supermarket, Dollar Tree and Advance Auto. The center was fully occupied at the time of closing.
NAPLES, FLA. —Naples-based Crifasi Enterprises has broken ground on the 133,000-square-foot Dolphin Plaza, located at the intersection of Santa Barbara and Davis boulevards in Naples. The site will include a 40,000-square-foot anchor and a handful of restaurants and retail services. Cleveland-based Richard L. Bowen & Associates is designing the center with sustainable elements in mind, including water-saving measures. Illuminated water fountains, unusual window patterns and lavish landscaping are all hallmarks of Crifasi projects. Phoenix Associates of South Florida will provide construction services, and the center is expected to deliver during the summer of 2009.
CUMMING, GA. — Roswell, Ga.-based Mimms Enterprises has purchased the 74,471-square-foot Lanier Commons Shopping Center, which fronts Browns Bridge and Keith Bridge roads in Cumming, from BCI-Lanier Commons LLC for an undisclosed amount. The center was built in 2004 and is 95 percent occupied by Publix, Hollywood Video and Rice Restaurant and Sushi Bar. Jim Hamilton and C. Whitney Knoll of Holliday Fenoglio Fowler LP’s Atlanta office represented the seller.