WEST DES MOINES, IOWA — Hubbell Realty Co. has broken ground for construction of a retail center within the company’s GreenWay Crossing community in West Des Moines. The center, which is located at 88th Street, is 100 percent leased. Additional construction for the community includes another retail building, LEED-certified office space and additional homes. A 6,406-square-foot 7 Flags X-Press health and fitness club, which is slated for completion this fall, will anchor the new development. The 24-hour workout facility will be the first fitness center in Iowa to emphasize exercise gaming. Members can compete with other people around the country using exercise video games including Dance Dance Revolution, a video kickboxing game and a video bicycling game.
Retail
NEWARK, DEL., AND WARRINGTON, PA. — Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) has completed a total of $65 million in financing for two retail centers in Delaware and Pennsylvania. In Newark, PREIT completed a $45 million loan for Christiana Center, a 300,000-square-foot power center developed by the company in 1998. The center is fully occupied by a tenant roster that includes Costco, Dick’s Sporting Goods, Circuit City and Michael’s. The loan, provided by Citizens Bank of Pennsylvania, carries a 3-year term with two 1-year extension options and a 5.86 percent fixed interest rate for the initial term of the loan. In Warrington, PREIT completed $20 million in financing for Creekview Center, a 425,000-square-foot shopping center developed by the company in 2001. Tenants at the fully occupied property include Lowe’s Home Improvement Warehouse, Target and Genuardi’s. The loan, which was provided by Wilmington Trust of Pennsylvania, carries a 2-year term with three 1-year extension options and a 5.56 percent fixed interest rate.
WESTERLY, R.I. — Acella Construction Corp. has completed shell construction of Westerly Crossing, a 28,000-square-foot retail center located in Westerly. Current plans call for five tenants, including an Olympia Sports. Westerly Crossing is owned by Johnston, R.I.-based Carpionato Properties. Design services were provided by RGB Architecture.
BOCA RATON, FLA.; DENHAM SPRINGS, LA.; AND ATLANTA — Wells Fargo has provided $73.6 million in non-recourse financing for four properties in Florida, Louisiana and Georgia. In Boca Raton, Wells Fargo has provided a $44.5 million, 5-year loan for Mission Bay Plaza, a 272,886-square-foot retail center located at the intersection of Glades Road and U.S. 441/State Road 7. The center houses 49 tenants including LA Fitness, Toys “R” Us, Albertsons and Office Max. Michael Strober of CB Richard Ellis Melody in Tampa, Fla., was the mortgage broker for the transaction. Also in Boca, Wells Fargo has provided $8.2 million in financing for South Congress Warehouses, a 50-tenant property totaling 118,800 square feet of industrial space within the 850-acre Arvida Park of Commerce. Fred Welker in the Miami office of Holliday Fenoglio Fowler brokered the transaction. Additionally, $11.9 million in financing was provided by Wells Fargo for Spring Park Plaza, an anchored retail center in Denham Springs. Tenants within the 137,574-square-foot development include Petco, Office Depot, Wells Fargo, Rite Aid Corporation and Radio Shack. Neil Efron of BankAtlantic in Fort Lauderdale brokered the five-year loan. In Atlanta, a 10-year, $9 million loan was provided by Wells Fargo for the unanchored retail …
WILLIAMSBURG, VA. — S.L. Nusbaum Realty Co. has begun construction of Quarterpath Crossing Shopping Center, an 85,610-square-foot retail center located at the intersection of Quarterpath Road and Route 199 in Williamsburg. The development, which is situated on 14.88 acres of land that was acquired from the Colonial Williamsburg Foundation, will be anchored by a 52,610-square-foot Harris Teeter food market. Additionally, 21 small stores will be available for lease. Harris Teeter’s grand opening is scheduled for the summer of 2009. Raleigh, N.C.-based Ashland Construction Co. is the general contractor for the project; Williamsburg-based Jack L. Massie Contractor will act as site contractor for the shopping center and will construct Quarterpath Road.
DUNELLEN, N.J. — Woodbridge, N.J.-based The Kislak Company has completed the sale of Station Plaza, a 27,200-square-foot retail strip center located in Dunellen, for $6.75 million. The property features nine tenant spaces, and is anchored by Family Dollar and The UPS Store. Barry Waisbrod of Kislak represented the seller, Valstir LLC; Matt Weilheimer, also of Kislak, represented the undisclosed buyer.
CALABASAS, CALIF. — Cypress Retail Group and Dollinger Properties have broken ground for the construction of The Summit at Calabasas, the first privately-funded green retail center in Calabasas. Located along the 101 Freeway at Lost Hills Road, the 70,000-square-foot center will be anchored by a 20,000-square-foot The City, an upscale electronics store operated by Circuit City. Approved by the city council in March, the center follows Calabasas’ green building ordinance. Tenant space is slated for delivery at the end of first quarter 2009, with the center opening in July 2009.
SAN ANTONIO — Irving, Texas-based Archon Group is nearing completion for Alamo Ranch, a 950,000-square-foot power center located in San Antonio. Situated on 114 acres at the intersection of Loop 1604, State Highway 151 and Culebra Road, the retail project is already 80 percent pre-leased. Tenants will include Target, J.C. Penney, Lowe’s Home Improvement Warehouse, Best Buy, Dick’s Sporting Goods and Ulta, among others. In addition to in-line shop space, Alamo Ranch also will include 16 outparcels. Tenants already signed to these spaces include Olive Garden and Chick Fil-A. MDN served as project architect, and EMJ Corp. is providing general contracting services. The grand opening is scheduled for July 30th.
BONITA, CALIF. — California-based Alcott Estates LP c/o PVCC Inc. has acquired the Bonnie Brae Center, which is located on Bonita Road and Central Avenue in Bonita, for $13.88 million. The 53,512-square-foot retail center is anchored by the U.S. Post Office, Starbucks Coffee and Kentucky Fried Chicken. California-based VLD Bonnie Brae LP c/o R&V Management sold the property. Scott Duhs and Craig Duhs of Duhs Commercial Real Estate represented the buyer; Brian Quinn and John Still of Flocke & Avoyer Commercial Real Estate represented the seller in the transaction.
SAN BERNARDINO, CALIF. — Arrowhead Central Credit Union has acquired a 62,547-square-foot retail building, which is located at 420 S. E St. in San Bernardino, from San Bernardino Design Center LP for $3.95 million. The buyer plans to raze the existing building and develop a corporate campus on the site. David Moore of NAI Capital’s Riverside, Calif., office represented Arrowhead in the transaction; Tony Guglielmo of RE/MAX Commercial Pacific represented the seller.