BURLESON, TEXAS — Big Spring, Texas-based Premiere Cinemas has held the grand opening for its new 12-screen, 42,000-square-foot theater located in Burleson. The theater features stadium seating, reclining loveseats and wireless headsets for hearing-impaired customers. The theater is located inside Burleson Commons, a 37-acre retail center that opened in February.
Retail
SPRING, TEXAS — Marcus & Millichap has brokered the sale of a 10,908-square-foot CVS/pharmacy located on Aldine Westfield Road in Spring. Philip Levy and Blake Burnett of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a Texas-based limited liability company, and procured the borrower, a New York private investor. The acquisition price was not disclosed.
ORLANDO, FLA. — Seattle-based Nordstrom Inc. will open a 35,000-square-foot Nordstrom Rack store within Millenia Crossing in Orlando. The store, which is the first Nordstrom Rack in the Orlando area, will open in spring 2009. Located around Millenia Mall, Millenia Crossing is a 100,000-square-foot open-air retail development that is slated for completion in 2009. Madison, Wis.-based E.J. Plesko & Associates is developing the center; Madison Marquette is the leasing consultant.
PANAMA CITY, FLA. — Bill Mitchell of iCap Realty Advisors’ Atlanta office has arranged $6.5 million in refinancing for a 67,610-square-foot, Publix anchored shopping center in Panama City. The loan was provided for the borrower at a fixed rate of 5.64 percent for a 15-year term with a 15-year amortization. One of iCap’s life insurance company correspondants financed the loan.
CHICAGO — Transwestern has arranged a 13-year, 81,906-square-foot lease on behalf of The Chicago School of Professional Psychology in Chicago. The lease, which expands classrooms, offices and auxiliary service facilities, includes 45,636 square feet of new space. Additionally, 20,520 square feet of expansion space on the fourth floor of the Merchandise Mart has been taken by the school, as well as an extension of term for 15,750 square feet on the 13th floor. Phil Utigard and Katherine Williams of Transwestern represented the school; John Dempsey and Melissa Rubenstein of CB Richard Ellis, with Karin Kraai of Merchandise Mart Properties, represented the landlord.
MACHESNEY PARK, ILL. — Orput Cos. has broken ground on Willow Creek Retail Center, a 12,000-square-foot development located at the corner of Illinois Route 173 and Alpine Road in Machesney Park. The 24-acre center is anchored by Buffalo Wild Wings, which is scheduled to open its 6,000-square-foot facility this fall. Orput is being represented by Oak Brook, Ill.-based Mid America Asset Management for the leasing and development of the space.
NACOGDOCHES, TEXAS — Dallas-based Metropolitan Capital Advisors has arranged a $4 million loan for the refinancing of University Mall, a 182,222-square-foot shopping center located on University Drive in Nacogdoches. The property is currently 70 percent occupied; tenants include Bath & Body Works, Foot Locker, J.C. Penney, Belk, Gordon’s Jewelers and Hibbett Sports. The fixed-rate financing was secured on behalf of O.R.D.A. Corp. The lender was not disclosed.
CARY, N.C. — Regency Centers has completed the redevelopment of Shoppes of Kildaire, a retail center located at the intersection of Cary Parkway and Kildaire Farm Road in Cary. Redevelopment of the center began earlier this year, with Phase II renovations including exterior façade upgrades, new and wider sidewalks, and a new lighting package. Several merchants have signed leases in the development that is anchored by Trader Joe’s, Staples and Gold’s Gym.
NORTH RANDALL, OHIO — Jennifer Fernandez of NAI Cummins has arranged the sale of Randall Park Mall in North Randall to Cincinnati United Contractors. Located on approximately 42 acres of land, the facility includes 393,005 square feet of interior mall space and a 196,531-square-foot former Dillard’s. Cincinnati United Contractors plans to redevelop the mall into a mixed-use facility that includes offices and additional retail stores. The price of acquisition was undisclosed.
YORK TOWNSHIP, PA. — Queensgate Associates, an affiliate of Lancaster, Pa.-based Blackford Development, has purchased the Queensgate Shopping Center in York Township. The new owner plans to renovate the center, which is currently anchored by Weis Markets, Bon-Ton Departments Store and a movie theater. Situated on 35 acres, the center is located at the intersection of Queen Street and Springwood Road near I-83. LMS Commercial Real Estate is the exclusive leasing agent for the center and Property Management Alternatives will manage the site.