CITRUS HEIGHTS, CALIF. — Newport Beach, Calif.-based Steadfast Commercial Properties Retail Division has acquired Sunrise Mall, a 1.2 million-square-foot super-regional shopping center located in Citrus Heights. At the time of acquisition, the property was 94 percent occupied by a variety of tenants, including Macy’s, Macy’s Men & Home, JC Penney, Sears, United Artist Theaters and 115 shops, services and specialty retailers. Originally constructed in 1971, the property received a $13 million renovation in 1999 and a 400-seat food court was added to the center in 2007. The seller and acquisition price were not disclosed.
Retail
NATIONAL CITY, CALIF. — Broadway/Sweetwater Square LLC has purchased Sweetwater Square Shopping Center in National City from Sweetwater Square LLC for $21.4 million. Located at 3003-3009 Highland Ave., the 124,457-square-foot center was built in 1989. Current tenants include Mervyns, Blockbuster, Evans Tire and Point Loma Credit Union. Stan Tomer and Mike Moser of CB Richard Ellis represented both parties in the transaction.
MESA, ARIZ. — Diversified Partners Development Co. is developing Mesa Ranch Plaza, a regional shopping center located at the northwest corner of Southern Avenue and Stapley Drive in Mesa. The 18-acre project will feature eight buildings totaling 214,000 square feet. Retail anchors include La Curacao, a California-based chain of department stores, and Pro’s Ranch Market. The first phase, which is expected to be complete by this fall, included off-site improvements, on-site improvements and construction of six retail buildings. The Weitz Company is serving as general contractor; Robert Kubicek Architects & Associates is providing architectural services for the project.
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.
PEMBROKE PINES, FLA. — N.Y.-based Kimco Exchange Place brokered the sale of Flamingo Marketplace, a 137,259-square-foot center in Pembroke Pines, for $23 million. Kimco represented the seller of the property. The buyer was completing a 1031 Exchange. The center is anchored by Bravo Grocery.
JONESBORO, ARK. — Jonesboro-based MBC Holdings purchased Indian Mall, a 326,480-square-foot shopping mall in Jonesboro, from an undisclosed seller for $10 million. The mall is situated on a 32-acre site and includes a Dillard’s Outlet Store and a Sears department store and freestanding Sears Auto Center. The property is located at 1901 Caraway Rd. Matthew Sullivan of Colliers International’s Los Angeles office and Steven Lane of the firm’s Bentonville, Ark., office represented the seller. John White of Jonesboro-based John White Real Estate represented the buyer.
AUSTIN, TEXAS — Houston-based PM Realty Group (PMRG) has recently completed the sale of the Highland Commons Shopping Center located at 5775 Airport Blvd. in Austin. Tenants at the 39,818-square-foot property include Spec’s Wine Spirits and Finer Food, EyeMart and Advance America-Cash Advance. Bernard McAuley and Brandon Beeson of PMRG’s Dallas office brokered the transaction.
SPANAWAY, WASH. — San Francisco-based Dunhill Partners West has acquired Pacific Commons, a 151,233-square-foot retail center located at 17821 Pacific Ave. in Spanaway. PK Sale LLL sold the property for $20.2 million. Located in Pierce County, the center is anchored by Saar’s Marketplace and K-mart. Paul Sleeth of Colliers International’s Seattle office represented the seller in the transaction.
WEST MELBOURNE, FLA. — Chattanooga, Tenn.-based CBL & Associates and Amherst, N.Y.-based Benchmark Group are developing Hammock Landing, a 750,000-square-foot open-air shopping center in West Melbourne. Anchor tenants include Marshalls, Linens & Things, Michaels and Petco. Also two other anchors are planned for the center, which will have an additional 120,000 square feet of small shops and restaurants. Hammock Landing will be located on 78 acres at the intersection of Interstate 95 and Palm Bay Rd. The project is slated for completion in the spring of 2009.
WILTON MANORS, FLA. — Raleigh-N.C.-based Rivercrest Realty Advisors has acquired the Shoppes of Wilton Manors, a 73,196-square-foot center in Wilton Manors, from an affiliate of Ft. Lauderdale, Fla.-based Stiles Corp. for $16.6 million. The shopping center is located at the intersection of Wilton Dr. and NE Sixth Ave. Dennis Carson, Nikolas Kozy and Andrea Stava of CB Richard Ellis’ Miami office represented both the buyer and seller.