RIDGEWOOD, N.J. — Ridgewood-based Poskanzer Skott Architects (PSA) has been selected to provide design services for the adaptive reuse of the former Fairway Dodge auto dealership located in Ridgewood. Once complete, the renovated building will contain 12,000 square feet of Class A retail space; half of the building will be occupied by Coldwell Banker’s local office, and the other half is still being marketed. David Hirschman Realty Co. is serving as the owner’s representative and broker for the project.
PLANO, TEXAS — Dallas-based ASG Real Estate is close to completing the 50,000-square-foot final phase of Preston Creek in Plano. Located on Preston Road, the shopping center will total 83,000 square feet once complete later this month. Additionally, restaurant tenants MiChula’s Good Mexican, II Brothers Bar & Grill, Lenny’s Subs and L&L Hawaiian BBQ have signed leases at the center. They will join a tenant roster that includes restaurants Pei Wei, Masala Wok, Chick Pea Mediterranean Grill, and San Francisco Oven; as well as retailers The Maytag Store, Christy’s Draperies, Knockout’s and Imagique Salon Suites.
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of Meadowcreek Center, a 23,400-square-foot, multi-tenant retail center located on East Kerney Street in Mesquite. Tommy Tucker of Marcus & Millichap’s Dallas office represented the Texas-based seller. Ron Hebert, also of the firm’s Dallas office, represented the buyer, a Texas-based limited liability company. The acquisition price was not disclosed.
EDISON, N.J. — Philadelphia-based AMC Delaney Group had sold Edison Commons, a 150,000-square-foot shopping center located in Edison, for $28.35 million. The property is situated on Lincoln Highway near the New Jersey Turnpike. The property was acquired by a subsidiary of MCC Realty Investments. Metro Commercial Real Estate and CB Richard Ellis brokered the transaction.
ESSEX, VT. — David G. White & Associates has arranged a ground lease on behalf of Lowe’s Cos. for the 18-acre Essex Town Plaza Shopping Center located on Susie Wilson Road in Essex. The vacant shopping center, which was formerly occupied by an Ames department store and a Grand Union supermarket, will be demolished to make way for a new 154,000-square-foot Lowe’s Home Improvement Warehouse. Construction is set to begin in July. The new store will mark Lowe’s second location in the state. Tim Burke of David G. White & Associates represented Lowe’s in the ground lease transaction. Don Mace of KeyPoint Partners represented the landlord, Cobloka Trust.
NEW YORK CITY — Vornado Realty Trust has acquired two adjacent retail/office properties located at 148-150 Spring St. in the Soho neighborhood of Manhattan, New York City. The properties total 11,621 square feet; the ground-floor retail space at 148 Spring St. is occupied by Italian watchmaker Breil, and the retail space at 150 Spring St. is occupied by Treetorn Sneakers. Eric Anton, Ronald Solarz and Jared Toothman of Eastern Consolidated represented the seller, Cape Advisors. The group also represented the undisclosed buyer.
HOUSTON AND KATY, TEXAS — The George Cushing Group of Grubb & Ellis has negotiated two Houston-area retail sales totaling 307,041 square feet. The first property, Northway Center, is a 215,887-square-foot shopping center located at the corner of U.S. Highway 290 and 34th Street in Houston. The center is 96 percent occupied and is anchored by Academy, Conn’s Appliances, Office Max and Goodwill Industries. George Cushing and Wendy Vandeventer of Grubb & Ellis represented the seller, Weingarten Realty Investors. The buyer is an entity of Utah-based Satterfield Helm Management. The second property, Highland Knolls Shopping Center, is a 91,154-square-foot, grocery-anchored shopping center located at the corner of Mason Road and Highland Knolls Dr. in the Houston suburb of Katy. The center is anchored by Randall’s Grocery; additional tenants include Washington Mutual, Quizno’s TGF Haircutters and AT&T Wireless. Cushing and Vandeventer represented the seller, Regency Centers; the property was acquired by Denver-based SV Commercial Partners.
BOERNE, TEXAS — Marcus & Millichap has brokered the sale of The Tower at Boerne, a 24,353-square-foot shopping center located in Boerne. The shopping center is situated on 2.86 acres and was constructed in 2006. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a San Antonio-based private investor. It was acquired by a Houston-based private investor. The acquisition price was not disclosed, but the property listed for $5.44 million.
FORT MYERS, FLA. — St. Louis-based The DESCO Group will open its $55 million The Plaza at Island Pass retail development in Fort Myers next month. The 252,620-square-foot shopping center, which is located on a 34-acre site at San Carlos Boulevard and Kelly Road, is anchored by a 177,394-square-foot Super Target. Attached to the Super Target store is 21,726 square feet of space for specialty shops. Designed by Dallas-based Hodges Associates, the project contains four retail buildings and four outlots. Two buildings measuring 25,000 and 19,000 square feet will house junior anchors at the center; additionally, a third 9,500-square-foot facility will host specialty retailers.
MANHATTAN, KAN. — Marcus & Millichap has brokered the approximately $2.26 million sale of a single-tenant Bridgestone/Firestone facility in Manhattan. Bridgestone/Firestone signed a 15-year, triple-net lease with 10 percent rent increases every 5 years. The 7,575-square-foot building is shadow-anchored by a Wal-Mart Supercenter. Evan Halkias and Michael Marks of Marcus & Millichap’s Downtown Chicago office represented the seller; Brian Parmacek and Steven Rachman, also of Marcus & Millichap’s Downtown Chicago office, represented the buyer in the transaction.