RANCHO BERNARDO, CALIF. — HP Enterprises is developing a 7,200-square-foot retail center, which is located on the corner of Rancho Bernardo Road and West Bernardo Drive in Rancho Bernardo. The center will feature two 1,050-square-foot units, a 1,175-square-foot unit, a 1,920-square-foot unit and a 2,018-square-foot unit. Starbucks Coffee has signed a 10-year lease for the 1,920-square-foot unit. Joseph Wong Design Associates provided architectural and design services for the project, which is slated for completion this summer. Tim Kerrigan of CB Richard Ellis is the exclusive marketing and leasing agent for the property.
Retail
FRANFORT, KY. — Brentwood, Tenn.-based GBT Realty is developing The Paddocks of Frankfort, a $65 million, 600,000-square-foot, regional shopping center in Frankfort, located at the northeast corner of Interstate 64 and Lawrenceburg Road. The project is situated on 89 acres and will feature a 180,000-square-foot discount department store, several 20,000 and 45,000-square-foot co-tenants and 100,000 square feet of specialty shops and restaurants. Additionally, eight outparcels will feature stand-alone restaurants, banks and other retailers. Nashville, Tenn.-based Maxwell Johansen Maher Architects is designing the center, which is scheduled to break ground next year and open in early 2010.
MIAMI— Equity One and Global Retail Investors have acquired Airpark Plaza, a 172,093-square-foot shopping center in Miami, from Airpark Plaza Ltd., for $37 million. The center is situated on 12 acres at the northwest corner of Red Road and NW 7th Avenue, near the Miami International Airport. Anchor tenants include Publix, Home Depot Expo and Office Depot. The center was 98 percent leased at the time of sale. The seller was represented by The Courtelis Company, and the buyers represented themselves in-house.
BELLMORE, N.Y. — Breslin Realty has brokered the sale of a retail store located at 2480 Sunrise Highway in Bellmore. The 36,000-square-foot store was purchased by P C Richards, an electronics and appliance retailer. Kenneth Breslin of Breslin Realty represented the seller in the transaction. The facility was purchased from Shore Buick for an undisclosed amount.
GREENVILLE, PA. — Dean Zang, Mark Taylor, Thomas Gorman and Matthew Gorman of Marcus & Millichap’s Philadelphia office have completed the $4.4 million sale of a single-tenant building located at 335 Main St. in Greenville. The 11,157-square-foot store is leased to Rite Aid on a 20-year term. The Marcus & Millichap team represented the seller, Greenville Commercial Properties, and the 1031 buyer, Deer Park Realty Co., in the transaction.
RANCHO CUCAMONGA, CALIF. — Irvine, Calif.-based Faris Lee Investments has brokered the pre-sale of Foothill Plaza, a 29,006-square-foot retail center located at the intersection of 15 Freeway and Foothill Boulevard in Rancho Cucamonga. An investment group led by San Diego-based Sechong I LLC purchased the property for $19.75 million or $681 per square foot. Built in July 2007, the property consists of four retail pads and a multi-tenant retail building. Current tenants include El Torito Grill, Citi Bank and El Pollo Loco. Jeff Conover of Faris Lee Investments represented the seller/developer, Newport Beach, Calif.-based Peninsula Retail Partners, in the transaction.
PORTLAND, ORE. — Urban Renaissance Group and Boston-based Great Point Investors have acquired the Morgan Building in Portland for $27.5 million. The 8-story, 156-984-square-foot historic building is located at 720 S.W. Washington St. in the central business district. It is currently home to Morgan’s Alley, a 17,500-square-foot retail arcade. The sellers name was undisclosed.
STATESBORO, GA. — Chattanooga, Tenn.-based CBL & Associates and Atlanta-based Ewing Southeast Realty are breaking ground on Statesboro Crossing, a 162,000-square-foot, 50-acre community center in Statesboro. The shopping center will be anchored by T.J. Maxx, Hobby Lobby, Books-A-Million and Petco, and also feature more than 38,000 square feet of specialty stores including Rack Room Shoes. The project is located at the southwest corner of Brannen Street Extension and Veteran’s Memorial Parkway, and is expected to deliver this fall.
TUSCALOOSA, ALA. — Birmingham, Ala.-based Capital Growth Buchalter, a division of Capital Growth Properties, will develop Capital Market Center, a $20 million, 86,500-square-foot shopping center in Tuscaloosa. The property is situated on 20 acres at the corner of Highway 69 South and Southview Lane. The center will be anchored by a 46,500-square-foot Publix grocery store and an additional 40,000 square feet of retail shops, inclusive of eight outparcels. Construction is slated to begin this spring and be completed in three phases by year-end 2008. Birmingham-based Paul B. Krebs & Associates designed the project.
INDIANAPOLIS — Indianapolis-based Thomas English Retail Real Estate has completed Cherry Tree Crossing, a 32,000-square-foot shopping center located at 9950 E. Washington St. in Indianapolis. The property contains three buildings, and is occupied by tenants such as Qdoba, T-Mobile, AllCare Dental, McAlister’s Deli, Mattress Firm, Anytime Fitness and Eyeglass World. The project is a redevelopment of a former hotel property, which was razed prior to construction of Cherry Tree Crossing.