EAST PALO ALTO, CALIF. — Jacksonville, Fla.-based Regency Centers has acquired a 92,3000-square-foot retail building, which was formerly occupied by EXPO design Center, in East Palo Alto. Located at 1771 E. Bayshore Blvd., the property sold for an undisclosed price. The buyer plans to market the former single-tenant space as a multi-tenant property. Patrick McGaughey and Sam Finne with Terranomics Retail Services, the retail arm of NAI BT Commercial, represented the seller, Atlanta-based The Home Depot, in the transaction.
JOLIET, ILL. — Los Angeles-based developer O&S Holdings and Hollywood, Fla.-based Strategic Retail Development have announced that Von Maur department store has signed a letter of intent to anchor the $1 billion Bridge Street Towne Centre in Joliet. The two-story, 150,000-square-foot facility will be Von Maur’s seventh location in Illinois. Located at the corner of Interstate 55 and Interstate 80, Bridge Street Towne Centre is expected to break ground in early 2009, with its opening slated for 2010. In addition to Von Maur, the 3 million-square-foot mixed-use lifestyle center will also be anchored by an 18-screen Regal Cinema.
MALVERN, PA. — Outdoor retailer L.L. Bean has signed on as the newest tenant of Uptown Worthington, a 100-acre mixed-use project located in the Philadelphia suburb of Malvern. Plans are currently underway for the construction of a 33,000-square-foot store, which will also be LEED certified. Uptown Worthington is scheduled to open in fall 2009. Once complete, it will contain approximately 2 million square feet of retail, office, hotel and residential space. The project is being developed by King of Prussia, Pa.-based O’Neill Properties.
SAN ANTONIO — Marcus & Millichap has completed the sale of Babcock Plaza, a 29,930-square-foot shopping center located at 6565 Babcock Rd. in San Antonio. Situated on 4.29 acres, the property is occupied by a tenant roster that includes Cricket Communications, State Farm Insurance and Curves For Women. Chad Knibbe of Marcus & Millichap’s San Antonio office represented the Nashville, Tenn.-based seller. The property was acquired by a California-based investment group. The acquisition price was not disclosed, but the property listed for $3.32 million.
PALM DESERT, CALIF. — Paul Bitonti of Marcus & Millichap’s Newport Beach, Calif., office has negotiated the disposition and acquisition of Washington Square in Palm Desert. Located at the corner of Washington and Market streets, the 49,972-square-foot shopping center sold for $12.5 million or $250 per square foot. Built in 2007, the property is directly across from the Stater Brothers shopping center and near the Del Webb Sun City housing community. The seller was a local shopping center developer and the buyer was an undisclosed TIC sponsor. Bitonti represented both parties in the transaction.
DOWNERS GROVE, ILL. — Oakbrook Terrace, Ill.-based Mid-America Asset Management has arranged a 35,000-square-foot lease for buybuy BABY within the Finley Square development in Downers Grove. Located on the northeast corner of Butterfield and Finley roads, additional tenants within the 310,943-square-foot retail center include Bed Bath & Beyond, PetSmart and OfficeMax. New York-based buybuy BABY — a wholly owned subsidiary of Bed Bath & Beyond — has locations nationwide, which range in size from 28,000 to 60,000 square feet. Richard Spinell and Mary Beth Menelli of Mid-America Asset Management brokered the lease directly with the retailer. Terms of the lease were not disclosed.
FREMONT, CALIF. —An affiliate of Dallas-based Crow Holdings has purchased Fremont Shopping Center, which is located at 40559 – 40677 Fremont Blvd. in Fremont. Situated on 8.59 acres in Fremont’s Irvington district, the 24-tenant property offers 118,365 square feet of retail space. Current tenants include Cloverleaf Bowl, Allied Auto Parts, Bank of America and Taco Bell. Don Tepman and Andrew Reed of Trade Commercial Group represented the undisclosed seller in the transaction.
LAKE ELSINORE, CALIF. — Huntington Beach, Calif.-based Civic Partners has partnered with Jacobs Investment Co. to acquire Lake Elsinore Valley Center in Lake Elsinore for $11.5 million. Located on a 6.8-acre site along East Lakeshore Drive, the property offers 68,858 square feet of retail space. Currently, the center is anchored by the County of Riverside and Big Lots. Jennifer Stroffe of Stroffe Properties represented the buyer in the transaction; the seller, Tonto Corp., was self-represented.
GARRISONVILLE AND RICHMOND, VA.; MILLERSVILLE, MD. — Bethesda, Md.-based Spectrum Partners and Finmarc Management recently acquired a portfolio of seven shopping centers from Regency Centers for $108.1 million. Four centers are located in Virginia and Maryland. The 78,494-square-foot Glen Lea Centre and the 64,992-sqaure-foot Laburnum Park Shopping Center are located in Richmond. The 97,872-square-foot Brafferton Center is in Garrisonville, and the 98,016-sqaure-foot Northway Shopping Center is in Millersville. The acquisition was part of a joint venture with New York City-based Angelo, Gordon & Co. and Bethesda-based Potomac Capital Advisors. Spectrum represented itself in the transaction. Transwestern, CB Richard Ellis, Kelly, Drye & Warren and Duval & Stachenfeld were also involved in the transaction.
COSTA MESA, CALIF. — Costa Mesa-based Donahue Schriber is preparing for the first tenants to open in six retail centers, which total approximately 1.5 million square feet, in California, Nevada and Arizona. In California, the company is developing Smoke Tree Commons, a 170,000-square-foot center in Palm Springs with Michaels, Cost Plus, Walgreens, Petco and Jensen’s Specialty Market as tenants; the 732,000-square-foot Countryside Marketplace in Menifee with Target, Lowe’s Home Improvement Warehouse and Kohl’s as tenants; and Orchard Walk East, a Target-anchored, 296,000-square-foot center in Visalia. The company, in a joint venture with Tim Winn, is also developing two retail properties in Spark, Nev., — Pioneer Meadows West, a 163,000-square-foot, Raley’s-anchored center; and Pioneer Meadows East, which is anchored by a 17,000-square-foot Longs Drugs. Additionally, Donahue Schriber is developing Greenway Marketplace, a Wal-Mart Neighborhood Market-anchored, 70,000-square-foot retail center in Surprise, Ariz.