NORWOOD, OHIO — Centro Properties Group has announced plans for the redevelopment of Surrey Square Mall, a 176,433-square-foot shopping center located at the intersection of Montgomery Road and Sherman Avenue in Norwood. The formerly enclosed mall will be renovated into a multi-tenant, open-air center. A new 76,000-square-foot Kroger, as well as additional retail space, will replace the enclosed portion of the center. An existing McDonald’s will be relocated to an outlot along Sherman Avenue, and improvements will also be made to the façade, parking lot and lighting.
Retail
CINCINNATI — San Diego-based Burnham Real Estate • ONCOR International has brokered the sale of Prospect Square Shopping Center, a 113,146-square-foot retail property located at 9690 Colerain Ave. in Cincinnati, for $16.32 million. Tenants at the center include Kroger, Firestone and Olive Garden. Pete Bethea of Burnham Real Estate represented the buyer, GDA Real Estate, as well as the seller, Prospect Square Associates 2, in the transaction.
NEWBURGH, N.Y. — Sperry Van Ness has brokered the $6.3 million sale of Shop Rite Plaza in Newburgh to a private investor from Queens, New York City. Five tenants fully lease the 55,156-square-foot property, which is situated on 5.6 acres on the corner of North Plank Road and Chestnut Lane. Shop Rite Supermarket, the anchor tenant, occupies 41,676 square feet. Joseph French and Neil Golub of Sperry Van Ness represented the private seller in the transaction, and Charlotte Goldblatt of Paramount Realty Group represented the buyer. The sale was a 1031 exchange.
CHERRY HILL, N.J. — Skanska USA Building has completed construction on a 35,000-square-foot Crate & Barrel store in Cherry Hill. Located at the Cherry Hill Mall, the two-story building is the first Crate & Barrel store in southern New Jersey. Teng & Associates designed the building in conjunction with Crate & Barrel’s in-house architectural team.
TULSA, OKLA. — St. Louis-based Tulsa Retail Center LLC has sold a 123,774-square-foot retail center in Tulsa for $13.85 million. The property is located on 11.52 acres of land at 9121 E. 71st St., adjacent to Woodland Hills Mall, a 1.2 million-square-foot retail center. The center is 100 percent occupied and tenants include Linens ‘N Things and Golf Galaxy, as well as a freestanding NNN-leased Circuit City. Jason Little of Sperry Van Ness’ Oklahoma City office represented Tulsa Retail Center LLC, while Tom Kallenback of Tom Kallenback Real Estate Investments represented the undisclosed buyer.
CARMICHAEL, CALIF. — Grubb & Ellis Co. has brokered the sale of 5 Points Shopping Center in Carmichael. LaeRoc Funds, a Los Angeles-based investment fund, has acquired the 50,140-square-foot retail center from Progenitor Holdings Co. of Stockton. Tenants at the fully leased property, located at 5100 Arden Way, include 24 Hour Fitness, Hollywood Video and Coldstone Creamery. Grubb & Ellis’ capital advisory services group in Sacramento, consisting of Heath Charamuga, Erik Neese, Ken Noack Susanne Baker and Ben Prater, represented both parties in the transaction. The purchase price was undisclosed.
HAWTHORNE, CALIF. — A private investor has acquired a Levitz Furniture location in Hawthorne from Primestor Properties for $12.1 million. Consisting of approximately 56,000 square feet, the single-tenant property is situated on 4.65 acres at 2750 W. 120th St. REZA Investment Group, an Irvine, Calif.-based retail investment advisory firm, brokered the sale.
GEORGIA — MetroGroup Development is developing 17 CVS/pharmacy stores throughout Georgia. MetroGroup has four stores currently under construction and 13 more approved for completion between 2008 and 2009. Since 1995, the developer has completed approximately 75 CVS/pharmacy stores throughout Georgia and Florida.
LAKE GENEVA, WIS. — Target and Best Buy have signed as anchors at Lake Geneva Commons, a shopping center located near the intersection of Route 12 and Highway 50 in Lake Geneva. The approximately 125,000-square-foot Target is currently under construction and expected to be complete by the end of the month. After completion of the Target, construction will begin for an approximately 30,000-square-foot Best Buy. The store is scheduled to be complete in spring 2008. Lake Geneva Commons will also include 14,000 square feet of in-line retail space, as well as two outlots available for sale or lease.
CINCINNATI — Columbus, Ohio-based CASTO has held the grand opening for a 114,000-square-foot JC Penney department store located at 9365 Fields Ertel Rd. in Cincinnati. The store was designed in the company’s off-mall format, and is located inside Governor’s Plaza, a 339,157-square-foot shopping center. JC Penney will join Kohl’s, Linens ‘N Things and Office Max as anchor tenants at the center.