WASHINGTON, D.C. — Construction has begun on the new home for the Washington Stage Guild at 505 Ninth St. in downtown Washington, D.C. The theater will occupy approximately 13,000 square feet on two levels in Boston Properties’ new office building located along E Street between Eighth and Ninth streets. The neighborhood has emerged as an arts district and cultural center for the city, with a number of theaters, galleries and restaurants. WDG Architecture designed the space for the Washington Stage Guild and the project manager is Thurston Cos. The theater will open in fall 2008.
Retail
SWANSEA, MASS. — Geoffrey Rice with CB Richard Ellis’ New York City group has arranged bridge financing in the amount of $61 million on behalf of Carlyle Swansea Partners LLC. The 2-year mortgage, provided by UBS Realty Investors LLC, will allow the owner to perform rehabilitation and retenanting efforts. Swansea Mall is a 700,000-square-foot, single-level property located near Interstate 195 and approximately 12 miles from Providence, R.I. Sears, Macy’s and Wal-Mart currently anchor the center. Wal-Mart is scheduled to complete a new superstore in place of its current store by mid-2008.
PETERSBURG, VA. — Virginia Beach, Va.-based Wheeler Properties has acquired Walnut Hill Plaza in Petersburg. Save-a-Lot, Family Dollar, Maxway and Citi Trends anchor the 89,907-square-foot shopping center. Nathan Jones and Robby Brownfield of CB Richard Ellis represented Wheeler in the transaction.
MOBILE, ALA. — Tarrytown-based DLC Management Corp. has acquired a portfolio consisting of 16 shopping centers throughout the Southeast and the Mid-Atlantic. The acquisition spans seven states and represents 1.5 million square feet of retail space. The properties include Gulfdale Plaza in Mobile, Ala.; Shields Plaza in Huntsville, Ala.; Marketplace at Ocala in Ocala, Fla.; Marketplace at Palm Bay in Palm Bay, Fla.; Crossroads South in Jonesboro, Ga.; Fulton Crossing in Corinth, Miss.; South Square Marketplace in Charlotte, N.C.; Swift Creek Plaza in Garner, N.C.; Armstrong Plaza in Fountain Inn, S.C.; Broad River Centre in Columbia, S.C.; Butler Square in Maudlin, S.C.; Cypress Point in Virginia Beach, Va.; Ridgewood Farm in Salem, Va.; The Village Courts in Lynchburg, Va.; Southwest Plaza in Roanoke, Va.; and West Broad Commons in Richmond, Va.
MILTON, GA. — Sembler has begun construction on Phase II of its 430,000-square-foot Deerfield Place development in Milton. Completion of Phase I is expected by mid-summer of 2008 and will include major tenants such as PETCO, Staples and SuperTarget, while completion of Phase II is expected by late 2008 or early 2009. Phase II will feature Kohl’s, some smaller retailers and several restaurants.
MILTON, FLA. — Mel Moss of NAI Capital’s Los Angeles office has represented Milton-based AESTRUST in the purchase of a 94,841-square-foot K-Mart situated on 10 acres in Milton. The transaction was to complete a 1031 Exchange and was valued at $5.9 million. Milton Associations, represented by Drew Fleming of Shane Investments, sold the retail property.
ATLANTA — Paul Kenworthy with Los Angeles-based Charles Dunn Co. has brokered the sale of a Sonic Drive-In in Atlanta for $1.59 million. The deal featured a cap rate of 7.8 percent. Los Angeles-based Khougaz Trust acquired the property, located at 2380 Sheriff Rd., from SS Fast Food.
ATLANTA — Paul Kenworthy with Los Angeles-based Charles Dunn Co. has brokered the sale of a Sonic Drive-In in Atlanta for $1.59 million. The deal featured a cap rate of 7.8 percent. Los Angeles-based Khougaz Trust acquired the property, located at 2380 Sheriff Rd., from SS Fast Food.
VIRGINIA BEACH, VA. — Lowe’s Home Centers has acquired Giant Square Shopping Center in Virginia Beach, a 155,130-square-foot property, from Giant Square Shopping Center Corp. for an undisclosed amount. The owner plans a new Lowe’s Home Improvement Store, situated on 12.15 acres at 717 Independence Blvd. Gerald Divaris, Alex Divaris and Jason Oliver of Virginia Beach-based Divaris Real Estate represented the buyer in the transaction.
HENRICO COUNTY, VA. — Lee Warfield and Pete Waldbauer of Thalhimer, a member of the Cushman & Wakefield Alliance, have represented Sam’s Club in its purchase of 16.3 acres of land at the intersection of Interstate 64 and Laburnum Avenue in Henrico County. Sam’s East purchased the acreage from Laburnum Associates for $3 million for the development of a Sam’s Club within White Oak Village.