ORLANDO, FLA. — Houston-based Weingarten Realty is developing Phillips Crossing, a 145,000-square-foot retail center in Orlando. Tenants include Whole Foods, Michaels and Golf Galaxy. The center is located at the intersection of Sand Lake Rd. and Turkey Rd. near Interstate 4. The first retailer will open in June.
Retail
ROCKY MOUNT, N.C. — Les Aron, David Goldstein and Scott Kapin of Marcus & Millichap’s Tampa office represented a North Carolina developer in the acquisition of Creekside Crossings, a 9,477-square-foot shopping center in Rocky Mount, for $2.7 million. A Calif.-based private investor purchased the property, located at 1236 N. Wesleyan Blvd.
CITY OF INDUSTRY, CALIF. — Majestic Realty Retail, a division of City of Industry-based Majestic Realty Co., has completed the leasing of Marketplace at Grand Crossing-West with the signing of five new tenants. The signing fully occupies the center and the company’s sister developments, Marketplace Grand Crossing-East and The Village-East and West, which are located at the four corners of the crossroads of City of Industry and Walnut, Calif. Currently under construction at the corner of Grand Avenue and Valley Boulevard, the 67,000-square-foot Marketplace-West will be occupied by a 13,969-square-foot Fresh & Easy Neighborhood Market, a 33,000-square-foot 24-Hour Fitness, a 12,900-square-foot CVS/pharmacy, Chick-fil-A, and ARCO-am/pm gas station, car wash and convenience store. Completion is slated for November 2008. The Marketplace (East and West) and the Village (East and West) comprise more than 400,000 square feet of retail, restaurant and entertainment space.
OCALA, FLA. — Indianapolis-based Simon Property Group is renovating Paddock Mall, a 555,255-square-foot regional center in Ocala. The property is anchored by Macy’s, Belk, JC Penney and Sears. The interior/exterior renovation will include mall entrances, restrooms, seating and landscaping. Construction is slated for completion in winter 2008.
GREENVILLE, S.C. — Greensboro, N.C.-based JP Westowne has acquired the 121,000-square-foot Westowne Shopping Center in Greenville for $6 million. The property was 100 percent leased at the time of sale, and tenants include Bi-Lo, Big Lots, Dollar General, AutoZone and Cash America. Brent Freeman of Greenville-based Bentley Commercial represented the buyer in the transaction.
DULUTH, KENNESAW, SMYRNA, SNELLVILLE AND WOODSTOCK, GA. — Florida-based Ram Realty Services has acquired an 11-property portfolio of Home Depot Landscape Supply stores totaling 74 acres in Atlanta and Dallas from Atlanta-based Home Depot, for $22 million. The properties range from 4.5 to 9 acres and include 25460 Satellite Blvd. in Duluth; 16840 Old Hwy 41 in Kennesaw; 4600 South Cobb Dr. in Smyrna; 1582 Janmar Rd. in Snellville; 475 Parkway 575 in Woodstock, Ga.; and six properties located in the Dallas-area. The seller was represented in-house by Ken Baye, and Mike Folio of Corporate Property Divisions represented the buyer. Home Depot closed its landscape stores last November; Ram Realty will evaluate the portfolio to determine future uses for the sites.
MADISON, OHIO — The Cooper Commercial Investment Group of Cleveland-based NAI Daus has completed the sale of Madison Square Shopping Center, a 124,167-square-foot retail property located on North Ridge Road in Madison, for $5.75 million. The center is fully occupied and is anchored by freestanding Marc’s and Kmart locations. The property also includes two outlot parcels fronting North Ridge Road. Dan Cooper and Bob Havasi of NAI represented the seller, North Madison Properties. The buyer was undisclosed.
TEXAS AND GEORGIA — Palm Beach Gardens, Fla.-based Ram Realty Services has acquired six Home Depot Landscape Supply stores in the Dallas area and five in the Atlanta area for $22 million. The sites range in size from 4.5 to 9 acres and each store features approximately 12,000 square feet. The Dallas area locations are: 2460 Highway 121 in Plano, Texas; 5721 Bryant Irvin Rd. in Fort Worth, Texas; 5301 South Cooper in Arlington, Texas; 2945 Frankford Rd. in North Dallas, Texas; 4120 William D. Tate Ave. in Grapevine, Texas; and 2620 MacArthur Blvd. in Lewisville, Texas. The buyer was represented by Ken Baye and The Home Depot was represented by Mike Folio of Corporate Property Dispositions.
MESA, ARIZ. — TME Augusta Ranch LLC has acquired Augusta Ranch Marketplace, an 80,247-square-foot shopping center in Mesa, for $18.74 million or $234 per square foot. Located at the intersection of Baseline and Crimson roads, the center consists of four multi-tenant retail buildings and one vacant parcel situated on a 10.39-acre site within the Augusta Ranch community. The center is currently fully leased to a variety of tenants, including Allstate Insurance, Bashas’ Supermarket, Data Doctor, Great Clips, Slim and Tone, and Tropical Smoothie Café. Jamie Medress and Steve Gonzales of Marcus & Millichap represented the seller, Paulsen Armp LLC, in the transaction.
ORLANDO, FLA. — Trammel Crow Company is developing a $100 million, 450,000-square-foot headquarter building for Darden Restaurants in Orlando. The LEED-certified project will include a 30,000-square-foot culinary development center, 25,000-square-foot training center, fitness center, bank branch and 17,000-square-foot data center. The three-story building is located on a 50-acre parcel on John Young Parkway. Completion of the data center is scheduled for January 2009, with occupancy for the entire facility scheduled for August 2009. Perkins + Will are the architects, and Hardin Construction serves as general contractor.