PHOENIX — Tanger Factory Outlet Centers Inc. has unveiled plans to develop an upscale outlet shopping center in the western suburb of Phoenix. Located at the South West quadrant of the 101 Loop and Camelback Road, the 330,000-square-foot center will be situated in one of the fastest growing sections of the Phoenix market and in close proximity to some of the highest household incomes in the metropolitan area. Tanger has entered into a purchase and sale agreement with HWWCC Development LLC for the center’s more than 30-acre site. The center will feature 80 upscale, brand-name and designer outlet stores. Designed as an open-air shopping center, the project will feature landscaped courtyards, unique architectural details and a park-like setting. Groundbreaking is slated for 2009, with completion scheduled for 2010.
Retail
CLEARWATER, FLA. — Pier Watch Properties has sold The Ulmerton, a 36,080-square-foot retail/industrial property located at 3899 Ulmerton Rd. in Clearwater, for $1.8 million. Elliott Ross of Clearwater-based Ross Realty Group represented the seller, and the unnamed buyer was represented by Arian Kushta of Charles Rutenberg Realty’s Clearwater office.
WAUKESHA, WIS. — Rosemont, Ill.-based Opus North Corp. has broken ground on The Shoppes at Fox River, a redevelopment of the former Supervalu distribution facility located at 1200 W. Sunset Dr. in Waukesha. The 498,500-square-foot shopping center, which is situated on a 54-acre site, will provide approximately 273,000 square feet of space for up to three anchor tenants; 204,000 square feet for mid-box, junior, and small-space tenants; and 4.1 acres of outlots. Anchor tenants include a 132,000-square-foot Target and a 60,000-square-foot Pick ‘n Save grocery store, which will be pursuing LEED certification. Upon completion, the development will be the largest retail center in the city of Waukesha. Minneapolis-based KKE Architects is acting as designer for the project. The estimated cost of construction was not disclosed.
BROOKLYN PARK, MINN. — Marcus & Millichap has arranged the $10.45 million sale of the LA Fitness net-leased asset located at 6600 96th Lane in Brooklyn Park. The 45,000-square-foot facility is an anchor tenant within the 65-acre retail development, Park Place Promenade. LA Fitness will operate under a 15-year absolute triple-net lease, with rent escalations every 5 years. Additionally, there are three 5-year options to extend the lease with the same scheduled rent escalations. Solomon Poretsky of Marcus & Millichap’s Minneapolis office, in conjunction with Patrick Weibel and Robert Bender of the firm’s Detroit office represented the seller, Solomon Real Estate Group of Eden Prairie, Minn.; Marcus & Millichap also represented the buyer, Cole Capital of Phoenix, in the transaction.
DOVER, DEL. — Baltimore-based Vanguard Equities is developing Dover Crossroads, a 215,000-square-foot regional shopping center located in Dover. Situated on 25 acres adjacent to Dover International Speedway and Dover Downs Hotel & Casino, the shopping center will be anchored by Bed Bath & Beyond and The Christmas Tree Shops. Site preparation and construction are expected to begin in August, with completion slated for summer 2009.
WARMINSTER, PA. — Allstate Real Estate Investment Group has provided a $20 million loan for the refinancing of Center Point Place, a 267,000-square-foot community shopping center located in Warminster. The property was 92 percent occupied at the time of closing, and is anchored by Giant Foods. The loan carries a 10-year term with a fixed interest rate. Financing was arranged through Allstate by Thompson Maher of Wachovia Maher Partners on behalf of Westover Cos.
HOLIDAY, FLA. — A private buyer has purchased a 2,714-square-foot Popeye’s restaurant for $775,000. Located in Holiday on U.S. Highway 19, the restaurant was the last franchise in the portfolio of Deerfield, Ill.-based Southeastern Restaurant Properties. Michelle Seifert and Josh Tarkow of Grubb & Ellis|Commercial Florida represented the seller, and the buyer was represented by Florida Realty Centers.
ALEXANDRIA, VA. — Smoot Lumber has signed a lease renewal for 172,000 square feet in First Potomac Realty’s Plaza 500 property at 6295 Edsall Rd. in Alexandria. As the lead tenant in the plaza, Smoot Lumber occupies a third of the property, which is home to 15 tenants spread across 504,000 square feet. Simpson Properties represented Smoot in the transaction, and First Potomac represented itself.
LOUISVILLE, KY. — Madison, Wis.-based Behnke Venutres recently acquired a 1.7-acre lot at Southgate Shopping Center in Louisville for construction of a 3,940-square-foot Culver’s Restaurant, which will open this fall. The Louisville-based Inman Group’s Jim Hutcherson represented the buyer, and the seller was represented by Mike French, a broker for Southgate Associates.
WASHINGTON, D.C. — Christopher Dixon of Marcus & Millichap represented 3634 Georgia, LLC, in the $1.4 million sale of the three-story, 5,000-square-foot property at 3634 Georgia Ave. in Washington. The building, which was completed in 2005, houses a yoga studio on the second and third floors and a bar, the Looking Glass Lounge, on street level. The buyer, 3634 Avenue, LLC, was unrepresented.