Retail

LA QUINTA, CALIF. — Regency Centers and Marinita Development Co. are partnering to develop Jefferson Square, a $24.3 million supermarket/drugstore-anchored shopping center in La Quinta. Located at the corner of Jefferson Street and Fred Waring Drive, the center will offer 90,444 square feet of retail space. The first phase, which is slated for completion in first quarter 2009, will feature Fresh & Easy Market and CVS/pharmacy. Additionally, Jacksonville, Fla.-based Regency is seeking LEED core-and-shell certification for its portions of the project. Temecula, Calif.-based Mercer Construction is serving as general contractor; Irvine, Calif.-based KTGY Inc. is providing architectural services for the project.

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SCOTTSDALE, ARIZ. — Joseph Compagno of Marcus & Millichap has brokered the sale of Mountain View Plaza, a 59,711-square-foot shopping center in Scottsdale. A Beverly Hills, Calif.-based investor acquired the property for $14.85 million or $248.70 per square foot as part of a 1031 exchange. Located at 9699 N. Hayden Rd., the center was 94.5 percent occupied with 23 tenants at the time of acquisition. The seller was a Phoenix-based private investor.

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CINCINNATI — New York-based DLC Management Corp. has acquired the 133,631-square-foot Skytop Pavilion located at Beechmont Ave. S R-125 in Cincinnati. The retail center is anchored by Bigg’s Supermarket, which occupies more than 50 percent of the development. Skytop Pavilion is the only grocery-anchored shopping center in the immediate trade area, which has a 3-mile radius population of more than 48,000. The acquisition price and the seller were not disclosed.

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COLUMBUS, OHIO — Nationwide Realty Investors has announced that The Big Bang Rock and Roll Piano Bar will open a 6,000-square-foot location within the $750 million Arena District in downtown Columbus. The bar will feature nightly shows performed by two entertainers facing off on grand pianos. Located at 401 North Front St., The Big Bang will be open this fall. Nationwide Realty Investors is developing the 75-acre mixed-use development, which includes more than 1.5 million square feet of office, restaurants, entertainment and residential use.

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GOODYEAR, ARIZ. — Nelson Brothers Professional Real Estate LLC (Nelson Bros.) has closed on its first tenant-in-common investors transaction. The company has acquired Palm Valley La Piazza Retail Center, which is located in Goodyear, for $6.8 million. Situated on a 4.88-acre site, the 30,5000-square-foot property was built in 2004. The seller was not disclosed.

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LAKE ELSINORE AND MONTCLAIR, CALIF. — Faris Lee Investments has brokered two retail property sales in the Inland Empire of Southern California for a total consideration of more than $12 million. In the first transaction, Dana Point, Calif.-based Eletreby Enterprises Inc. acquired a freestanding Rite Aid drug store for $7.61 million in a pre-sale transaction. Located at 16491 Lakeshore Dr. in Lake Elsinore, the 17,272-square-foot property includes a drive-thru. The property offered the buyer a 20-year triple-net lease with Rite Aid. CB Richard Ellis represented the buyer; Jeff Conover of Faris Lee represented the seller/developer, Newport Beach, Calif.-based Peninsula Retail Partners, in the transaction. In a separate transaction, Los Angeles-based Gindi Family Trust purchased Brighton Retail Plaza, which is located at the corner of Ramona Avenue and Mission Boulevard in Montclair. Ontario, Calif.-based Brighton Retail Plaza LLC sold the property for $4.45 million. Built in 2006, the approximately 11,742-square-foot property is currently 95 percent leased and anchored by a 4,942-square-foot McDonald’s, which is on a ground lease. Conover and Dennis Vaccaro of Faris Lee represented the seller; RE/MAX represented the buyer in the transaction.

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NOBLESVILLE, IND. — Verus Partners has completed leasing Building 100 within the company’s 180,000-square-foot Saxony Corporate Campus in Noblesville, and has begun construction for Building 200. Located at 14470 Bergen Blvd., Building 100 is a 90,400-square-foot office/warehouse facility. Weaver Popcorn Co., Rock Tops Inc. and Ambassador Medical have signed leases at the property, which features offices-to-suit, docks and drive-in doors. Weaver Popcorn Co. was represented in its transaction by Paul Dick of Resource Commercial Real Estate, Rock Tops was represented by Fritz Kauffman of Colliers Turley Martin Tucker, and Ambassador Medical was represented by Todd Vannatta and John Crisp also of Colliers Turley Martin Tucker; Verus Partners was represented in the transaction by Jeremy Woods and Brad Williams of Summit Realty. Currently under construction on the same campus is the 89,600-square-foot Building 200. Upon completion, the building will feature 20-foot clear-height ceilings, offices-to-suit and drive-in doors. The multi-tenant property, which is also being developed by Verus Partners, will be available for occupancy in October.

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CHICAGO — Chicago-based Baum Realty Group has negotiated a lease agreement between First Elysian Properties and Marc Jacobs International to open a Marc Jacobs Collection boutique at the Elysian Chicago, which is located on Rush and Walton streets in Chicago. As the first property developed for Elysian Hotels & Resorts, Elysian Chicago is scheduled to open in early 2009. Marc Jacobs’ 10-year lease stipulates that the new boutique will occupy 2,700 square feet of retail space within the facility. Adam Secher and Janika Brenner of Baum represented First Elysian Properties in the transaction. Terms of the lease were not disclosed.

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