The Los Angeles-based Hispanic Retail Group (HRG), an alliance of Forest City, The Legaspi Co. and Streetscape Equities, plans a 51,000-square-foot Cardenas market for the Hispanic neighborhood of Coachella, Calif. The supermarket with a mix of fresh produce, meats, dry goods and “home-cooked” specialties that the Latino customer demands, will open in the fall. “The vision of HRG is to transform predominantly Hispanic areas into the kinds of places where that consumer will feel welcomed and well-served — on their terms,” says José Legaspi, president, The Legaspi Co.
Westfield Group disposed of its 6.53 percent holding in the General Property Trust Group for a total gross consideration (before transaction costs) of $518 million. At June 30, the group's holding in GPT had a book value of $481 million. The average sale price represents $3.93 per GPT security.
Woolbright Development Inc. purchased Del Mar Village, a 153,523-square-foot neighborhood center in Boca Raton, Fla. It plans to renovate the center.
Los Angeles-based SCI Real Estate Investments, which sponsors TICs, acquired two new retail properties: Park Place II, in Sacramento, Calif., at a price of $71.5 million and the Palmer Town Center in Easton, Pa., for $40.8 million. Co-ownership investments are available.
The Boston-based Wilder Co. has awarded the architectural firm of Cuhaci & Peterson, based in Orlando, Fla., the contract tothe $35 million, 365,000-square-foot Loop West Power Retail Center in Kissimmee, Fla.
Orlando, Fla.-based Trustreet Properties Inc. purchased 117 restaurant properties from GE Commercial Finance, Franchise Finance. The portfolio is comprised of 12 primarily quick-service restaurant brands including Pizza Hut, Arby's and Burger King. The properties are leased to 34 tenants and are located in 19 states. With this closing, Trustreet says it's on track to acquire between $375 million and $425 million in properties this year.
Staubach Retail's West Region has formed a retail specialty leasing division to better serve the real estate needs of retail real estate developers, landlords and specialty tenants. Valerie Hutcheson, a 25-year industry veteran, will head up the new unit. Hutcheson previously worked as a retail leasing specialist for Simon Property Group and TrizecHahn.
Inland Western Retail Real Estate Trust, Inc. purchased properties, totaling 2 million square feet, housing 25 open Mervyn's department stores — 23 in California and two in Texas. The $221.8 million transaction will include new long-term leases for Mervyn's stores in all 25 locations. Costa Mesa, Calif.-based developer Donahue Schriber added more than 425,000 square feet of retail space to its portfolio with the acquisition, for $84.5 million, of The Marketplace, a 350,000-square-foot lifestyle center in Bakersfield, Calif., from Castle & Cooke California Inc., and, for $41.5 million, a 127,000-square-foot neighborhood center in Roseville, Calif., from a private partnership.
Irvine, Calif.-based REZA Investment Group, sold four grocery-anchored shopping centers in California and Texas for a total of $66,100,000. "Well-located grocery anchored centers continue to be in high demand by real estate investors nationwide," says Terry Bortnick, president of Reza Investment Group. The malls are Coliseum Center, Citrus Vilage Plaza, Coronado Hills Shopping Center and Madera Marketplace.