Retail

GATEWAY VILLAGE SELLS FOR $47.2 MILLION

by admin May 5, 2008

CHINO HILLS, CALIF. — Los Angeles-based Grand Gateway I, II and III LLC has purchased Gateway Village, a 96,959-square-foot shopping center located at 3560-3670 Grand Ave. in Chino Hills. Newport Beach, Calif.-based Gateway Village I, II and III LP sold the property for $47.2 million or $487 per square foot. The eight-building property was 100 percent occupied at the time of acquisition. Current tenants include Henry’s Market (Wild Oats Market Inc.), Baja Fresh, Bank of America, Chevron, Coffee Bean & Tea Leaf, Chick-fil-A and Chili’s. Edward Hanley of Hanley Investment Group Real Estate Advisors represented both parties in the transaction.

May 5, 2008

CROSLAND TO DEVELOP BLAKENEY CROSSING

by admin May 2, 2008

CHARLOTTE, N.C. — Crosland is building Blakeney Crossing, a $26 million, 87,000-square-foot retail center in Charlotte, located opposite the Target-anchored Blakeney shopping center at the corner of Ardrey Kell and Rea roads. The project will be anchored by a 30,000-square-foot Best Buy and PetSmart, both of which will open in the fourth quarter. Additional tenants include Just Fresh, a restaurant that will open a 4,000-square-foot location; the Winestore, which will open a 1,390-square-foot location; Asian Fusion, which will open a 2,500-square-foot location late this year; Salsarita’s Fresh Cantina, which will open a 2,382 square-foot restaurant; and Omaha Steaks, which will open a 1,320-square-foot store. Blakeney is a 270-acre multi-use development, located 2 miles outside of Interstate 485.

May 2, 2008

Retail Southeast

PACES FERRY CENTER SELLS FOR $8.4 MILLION IN ATLANTA

by admin May 2, 2008

ATLANTA — Manhattan Peachtree Properties has acquired Paces Ferry Center, a 20,930-square-foot infill strip center in Atlanta, from Paces Properties, for $8.4 million. Tenants include Willy’s Mexicana Restaurant, Hair Cuttery, Planet Smoothie, Einstein Bros. Bagels, Wolf Camera and FedEx Kinko's. Jim Hamilton, Whitney Knoll and Kevin Hurley of Staubach’s Atlanta office were the sole brokers in the transaction and exclusively represented the seller.

May 2, 2008

Midwest Retail

SPECTRUS COMPLETES 1031 RETAIL SALE

by admin May 2, 2008

INDIANAPOLIS — Spectrus Real Estate has completed the 1031 exchange sale of Southport Pavilion, a 16,369-square-foot retail strip center located on Southport Road in Indianapolis. Situated on 2.22 acres, the center includes Panera Bread, Game Stop, Great Clips, Azteca Mexican Restaurant, Domino’s Pizza and Jimmy John’s Gourmet Sandwiches. Tom Georges of Spectrus represented the undisclosed seller; Stuart Singer of NAI Eric Bram & Co. represented the buyer. The sale price was not disclosed.

May 2, 2008

Northeast Retail

THE KISLAK COMPANY BROKERS SALE OF RETAIL CENTER

by admin May 2, 2008

IRVINGTON, N.J. — The Kislak Company has brokered the sale of a retail center in Irvington. The 5,638-square-foot retail center is located at 1173-1181 Springfield Ave. at the intersection of Springfield and Stuyvesant avenues. The center is tenanted by Kennedy Fried Chicken, a delicatessen, a Dollar tree and a salon. The property was sold for $784,000 by an undisclosed buyer to an undisclosed seller. Robert Squires of Kislak represented the buyer in the transaction.

May 2, 2008

Retail Texas

THE SHOPPES AT HIGHLAND VILLAGE ADDS NEW TENANTS

by admin May 2, 2008

HIGHLAND VILLAGE, TEXAS — The Shoppes at Highland Village, which opened last September, has added seven new tenants to its lineup. Ben & Jerry’s, WIK Candle and Blue Goose Cantina will join The Shoppes at Highland Village this summer, and Adventure Kids Playcare, Giada, Apricot Lane Boutique and Island Fashions recently have opened their doors at the upscale lifestyle center. Barnes & Noble and AMC Theaters anchor the 352,000-square-foot center, which is located at the northwest corner of FM 2499 and FM 407. Regency Centers is the property owner and developer.

May 2, 2008

Retail Western

GROUND BREAKS FOR EXPANSION, RENOVATION OF PARADISE PLAZA

by admin May 2, 2008

SPARKS, NEV. — Primestor Development has broken ground for the expansion and renovation of Paradise Plaza, a 164,000-square-foot retail center in Sparks. The development includes a 22,000-square-foot expansion and a complete façade renovation. Located at Oddie Boulevard, El Rancho Drive and Sullivan Lane, the 15.5-acre property includes the existing Paradise Plaza center, which is anchored by K-mart, Wells Fargo Bank, Jack in the Box, H&R Block, Payless Shoe Source and Dollar Tree. The expansion will include a 14,550-square-foot Walgreens store, two new building pads and a drive-through ATM.

May 2, 2008

Midwest Retail

CBRE | STURGES ARRANGES 93,200-SQUARE-FOOT RETAIL SALE

by admin May 1, 2008

WABASH, IND. — CB Richard Ellis | Sturges (CBRE) has arranged the sale of a 93,200-square-foot retail property located at 1550 North Cass St. in Wabash. The building, which is situated on 10.91 acres, will be occupied by Big R, a home and farm retailer. Alex Genova of CBRE represented the buyer, Illiana Realty, as well as the seller, Wal-Mart Realty Co. The acquisition price was not disclosed.

May 1, 2008

Midwest Retail

INLAND BROKERS $7.55 MILLION RETAIL SALE

by admin May 1, 2008

FRANKFORT, ILL. — Oak Brook, Ill.-based Inland Real Estate Sales has brokered the sale of Crown Centre, a 48,000-square-foot retail center located in Frankfort, for $7.55 million. The sale also included an adjacent 1.3-acre outlot. The two properties are located at 20606 S. La Grange Rd. and 9645 W. Lincolnway Lane. Tenants at Crown Centre include Salon Rhapsody, Prudential Financial, and Flectere Health & Tanning Center. The center offers space for retail and office tenants. Paul Montes, Mitch Silverman and Eric Spiess of Inland represented the undisclosed seller; the buyer was also not disclosed.

May 1, 2008

Midwest Retail

PREFERRED BREAKS GROUND FOR RETAIL CENTER

by admin May 1, 2008

BOURBONNAIS, ILL. — Chicago-based Preferred Development has broken ground for the construction of Main Street Marketplace, a 7,000-square-foot retail center located at the intersection of Main Street and Stratford Drive East in Bourbonnais. The center is situated on approximately 1.5 acres and contains 50 parking spaces. Starbucks Coffee is the first tenant to sign on at the $2.8 million center, and will lease 1,785 square feet. The coffee shop will include a drive-thru window and an outdoor patio. Preferred is in negotiations to lease the remaining space, with potential tenants including a wireless communications dealer and a wine outlet.

May 1, 2008

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