MCKINNEY, TEXAS — Venture Development Group is developing a 69,000-square-foot Sprouts Farmers Market, which will be located on the northeast corner of Virginia Parkway and Hardin Road in McKinney. This will be Sprouts’ eighth location in the greater Dallas/Fort Worth area for the Phoenix-based grocer that specializes farm-fresh produce and other organic groceries. Sprouts will be housed in Venture Development Group’s shopping center project the company is building on 15 acres. Aside from Sprouts, the project will feature 25,000 square feet of retail space and three pads, totaling six buildings. Phase I of the project is scheduled to break ground in the first quarter of 2009 with completion slated for the third quarter of 2009.
Retail
SMYRNA, TENN. — St. Petersburg, Fla.-based Ballast Point Group is developing The Shoppes at Smyrna Commons, a $40 million, 275,000-square-foot retail center at Smyrna Commons, an 86-acre mixed-use development. The shopping center will be situated on 31 acres and is projected to begin construction in October. Initial occupancy is slated for fall 2009. The project is located along Nissan Drive, across from the Nissan manufacturing facility.
SMYRNA, TENN. — St. Petersburg, Fla.-based Ballast Point Group is developing The Shoppes at Smyrna Commons, a $40 million, 275,000-square-foot retail center at Smyrna Commons, an 86-acre mixed-use development. The shopping center will be situated on 31 acres and is projected to begin construction in October. Initial occupancy is slated for fall 2009. The project is located along Nissan Drive, across from the Nissan manufacturing facility.
LOUISA AND LYNCHBURG, VA. — Fort Lauderdale, Fla.-based Morgan Real Estate has arranged 1031 exchanges for two Walgreens drugstores in Louisa and Lynchburg. GAC Lousia acquired a single-tenant Walgreens, situated on 2.3 acres at 1102 N. Main St. in Louisa, from Louisa Main Street Realty. GAC Lynchburg VA acquired a single-tenant Walgreens, situated on 1.4 acres at 5006 Boonsboro Rd., from Boonsboro Road Realty. Stan Johnson Company’s Tulsa, Okla., office and Net Lease Capital Advisers’ Nashua, N.H., office represented the buyers, and the sellers were represented by Morgan Real Estate in both transactions.
LOUISA AND LYNCHBURG, VA. — Fort Lauderdale, Fla.-based Morgan Real Estate has arranged 1031 exchanges for two Walgreens drugstores in Louisa and Lynchburg. GAC Lousia acquired a single-tenant Walgreens, situated on 2.3 acres at 1102 N. Main St. in Louisa, from Louisa Main Street Realty. GAC Lynchburg VA acquired a single-tenant Walgreens, situated on 1.4 acres at 5006 Boonsboro Rd., from Boonsboro Road Realty. Stan Johnson Company’s Tulsa, Okla., office and Net Lease Capital Advisers’ Nashua, N.H., office represented the buyers, and the sellers were represented by Morgan Real Estate in both transactions.
CRESTWOOD, MO. — The St. Louis office of Q10 | Triad Capital Advisors has arranged $14.9 million in financing for Big Bend Crossing, a 16-acre retail project located at the interchange of Interstate 44 and Big Bend Road in Crestwood. Joe Monteleone of Q10 arranged the loan with State Farm Bank on behalf of the undisclosed borrower. Terms of the loan were also not disclosed.
WHITEHALL, PA. — Marcus & Millichap has completed the $13.21 million sale of a 14.28-acre, 20-year absolute triple-net ground lease in Whitehall. The parcel, which is located at 2650 MacArthur Rd., will house a 166,609-square-foot Lowe’s Home Improvement store. Brand Nathanson and Jordan Muchnick of Marcus & Millichap represented the seller and the buyer in the negotiations.
WHITEHALL, PA. — Marcus & Millichap has completed the $13.21 million sale of a 14.28-acre, 20-year absolute triple-net ground lease in Whitehall. The parcel, which is located at 2650 MacArthur Rd., will house a 166,609-square-foot Lowe’s Home Improvement store. Brand Nathanson and Jordan Muchnick of Marcus & Millichap represented the seller and the buyer in the negotiations.
ORANGE COUNTY, FLA. AND COLONIAL HEIGHTS, VA. — Fort Lauderdale, Fla.-based Morgan Property Group (MPG) is developing two retail centers in Orange County and Colonial Heights, through its local affiliates. MPG acquired 19 acres at the southeast corner of Auvers Boulevard and Semoran Boulevard in Orange County. Its local affiliate, Semoran Partners, is developing the 6-acre commercial tract, which will be anchored by a 14,280-square-foot Walgreens. The drugstore is scheduled to open in first quarter 2009. MPG acquired 2.7 acres at the southwest corner of Boulevard and Bruce Avenue in Colonial Heights, from multiple sellers. Its local affiliate, Boulevard I Realty, is developing a retail center, which will be anchored by a freestanding 14,820-square-foot Walgreens. The remaining 3,600 square feet is available for ground lease or build-to-suit. The drugstore will open in January 2009. Whittle & Roper and Jones Realty & Construction Corp. represented MPG in the land transaction.
ORANGE COUNTY, FLA. AND COLONIAL HEIGHTS, VA. — Fort Lauderdale, Fla.-based Morgan Property Group (MPG) is developing two retail centers in Orange County and Colonial Heights, through its local affiliates. MPG acquired 19 acres at the southeast corner of Auvers Boulevard and Semoran Boulevard in Orange County. Its local affiliate, Semoran Partners, is developing the 6-acre commercial tract, which will be anchored by a 14,280-square-foot Walgreens. The drugstore is scheduled to open in first quarter 2009. MPG acquired 2.7 acres at the southwest corner of Boulevard and Bruce Avenue in Colonial Heights, from multiple sellers. Its local affiliate, Boulevard I Realty, is developing a retail center, which will be anchored by a freestanding 14,820-square-foot Walgreens. The remaining 3,600 square feet is available for ground lease or build-to-suit. The drugstore will open in January 2009. Whittle & Roper and Jones Realty & Construction Corp. represented MPG in the land transaction.