NEW YORK CITY – Completion is nearing for the construction of Queensbridge Theater located at 37-31 10th St. in the Long Island City neighborhood of Queens, New York City. The 5,000-square-foot venue will contain performance space, as well as Queensbridge Café, which will serve breakfast, lunch, and dinner, and have a bakery on the premises. The theater will function as a nightclub, day club, café, and entertainment and catering hall. Queensbridge Theater will occupy the ground floor and mezzanine level of the five-story warehouse. The loft space above the theater will be rented out for commercial use. North Manhattan Construction Corp. is currently renovating the upper floors and adding a sixth floor to the building. The theater is scheduled to open in the fall.
CLAREMONT, CALIF. — Richard Longobardo of Marcus & Millichap’s Ontario, Calif., office brokered the disposition and acquisition of a 24,662-square-foot shopping strip center in Claremont. A California-based investment group sold the property to an undisclosed buyer for $3.3 million or $120 per square foot. Located at 903-911 and 951-975 W. Foothill Blvd., the property is situated on the major east-west retail arterial in the Eastern San Gabriel Valley.
PLANTATION, FLA. — Muvico Entertainment LLC has announced plans to construct a 14-screen theater within 321 North, US Capital Holdings’ $1 billion mixed-use development in Plantation. For an initial term of 20 years, Muvico Entertainment will lease approximately 70,000 square feet of space on a 35-acre site located off Broward Boulevard and University Drive. The facility will feature 3,300 seats, with one theater containing a stage for live events including local plays and concerts. Amenities will include theaters with 3-D capabilities, valet parking, childcare facilities, reserved seating, a bar and restaurants, and Muvico Entertainment’s new interactive gaming lounge. The theater is scheduled to open in October 2010. US Capital Holdings’ 321 North project will contain approximately 613,500 square feet of retail space; 474,000 square feet of Class A office space; and 600 residential units. Additionally, the existing development on the property includes a 650,000-square-foot enclosed retail mall, a 138,000-square-foot office pavilion, and a separately owned Sheraton Suites Hotel.
DOUGLASVILLE AND MILTON, GA. — The Atlanta office of Easlan Capital has begun site work on two retail developments totaling approximately 117,000 square feet of space in Douglasville and Milton. In Douglasville, The 81,000-square-foot Village at Chapel Hill, which is located at the intersection of Chapel Hill and Stuart Mill roads, will be anchored by a 45,000-square-foot LA Fitness. Atlanta-based CNNA Architects is providing the architectural services for the open-air development that is slated for completion in June 2009. Additionally, Easlan Capital is developing The Village at Webb Road located at the intersection of Webb Road and Alpharetta Highway/Highway 9 in the city of Milton. The 36,000-square-foot project, which will be anchored by a specialty grocer, will have 18,000 square feet of retail space for smaller shops and restaurants. Spaces at both of the developments range from 1,200 to 10,000 square feet in size. The Village at Webb Road is scheduled to open for the public in May 2009.
CHESTERFIELD, MO. — St. Louis-based ARCO Construction Co. has completed a $3.8 million Lamborghini dealership located at 9 Arnage Dr., adjacent to Highway 40, in Chesterfield. The 2,700-square-foot facility, which is Lamborghini’s 100th dealership worldwide, was developed for entrepreneurs J.J. Mills and Graham Hill. Features of the showroom include a 60- by 10-foot catwalk platform that can hold four automobiles, a 25-foot fountain, and a motor court that unites the Lamborghini showroom with the Bentley and Maserati dealerships. An additional two showrooms totaling more than 2,500 square feet were constructed within the Lamborghini facility for future luxury and exotic car dealerships.
CHICAGO — Chicago-based retail developer, Preferred Development, has acquired the third of three properties on the 3400 and 3500 blocks of North Southport Avenue in Chicago. The company will demolish the existing buildings and construct approximately 20,000 square feet of one- or two-story retail space. The properties, which will be renamed The Southport Collection, were acquired for $6.6 million. Preferred development has announced plans to invest another $6.5 million in construction for the project.
CHICAGO — Jewel-Osco has acquired a 5.5-acre site within Marshfield Plaza to construct a 62,000-square-foot grocery store located at West 119th Street and South Marshfield Avenue in south Chicago. The 450,000-square-foot Marshfield Plaza retail center is being developed in two phases. Phase I, which is expected to open in October, is anchored by a 127,000-square-foot Target. Anchor tenants for Phase II, which is slated for completion in the first quarter of 2009, include Jewel-Osco, Petco, Staples and Marshalls. Additionally, the project features seven outlots and two multi-tenant buildings. Oakbrook Terrace, Ill.-based Mid-America Asset Management is the exclusive representative for Marshfield Plaza.
CARLSTADT, N.J. — Garden Street Plaza, a 17,000-square-foot neighborhood retail center located at the corner of Paterson Avenue and Garden Street in Carlstadt, has been completed. Developed by Clifton, N.J.-based ARC Properties, the center already has less than 4,000 square feet of space remaining. Tenants at the center include Edible Arrangements, Planet Wings, Tropical Tanning, Philly Pretzels, Carlstadt Pizza, Dollar Wave, Eddie’s Dry Cleaners, Carlstadt Bagels and Sim Nim Nails. The Goldstein Group is providing leasing services for the property.
PUEBLO, COLO. — Grubb & Ellis Realty Investors LLC, on behalf of tenant-in-common investors (TIC), has completed the disposition of Pueblo Shopping Center in Pueblo. Raymond Plaza LLC acquired the property for an undisclosed price. Located at 102-240 29th St., the 106,200-square-foot center is anchored by King Soopers, a regional grocery store operated by Kroger Co. This transaction is the 54th securitized 1031 TIC exchange program taken full-cycle by Grubb & Ellis Realty Investors. Riki Hashimoto of Grubb & Ellis Company and John Rance of Rance Commercial brokered the transaction.
MIAMI — TIAA-CREF is developing Kendall Town & Country Center, a 643,692-square-foot retail development located at 8505 Mills Dr. in Miami. Construction of the open-air center, which sits on a 72-acre, 5-pad site, is scheduled to begin this summer, with completion slated for summer 2009. Kendall Town & Country Center will feature a 289,580-square-foot open-air lifestyle center, as well as a 465,026-square-foot town center featuring entertainment, restaurants and specialty retail stores. Mike Longmore, Sig Arnesen, Chris Rehmet, Karen Sanzo and Cindy Stasie of Jones Lang LaSalle’s open-air retail team will be in charge of leasing the facility.