Richmond, Va. Virginia Beach-based Divaris Real Estate won the exclusive leasing contract for downtown Richmond's River Lofts and Shops at Tobacco Row, considered one of the largest historic renovation projects in the country.
The River Lofts and Shops at Tobacco Row will create a residential, office and retail center on the eastern end of the city among a large cluster of privately owned historical properties. The project sits on the north bank of the James River and covers 15 contiguous city blocks of pre-1900s tobacco warehouses and factories. It will turn 20 acres of underused structures and newly constructed buildings into approximately 1,000 loft apartments and 300,000 sq. ft. of commercial space. The retail component will include a mix of specialty shops, a gourmet grocery store, a full-service drug store and service-oriented retailers.
Cleveland-based Forest City Enterprises is the project developer. Columbia, Md.-based Henneman & Barton is the architecture and planning firm.
Sales & Acquisitions
Atlanta New York-based Kimco Realty Corp. acquired Augusta Exchange, a 528,666-sq.-ft. shopping center in Augusta, Ga., for $61.4 million.
Locally based Bullock Mannelly Partners represented the seller, Augusta-based Augusta Exchange Ltd. The center offers a wide array of tenants including Old Navy, Winn Dixie, Bed Bath & Beyond and Circuit City.
In a separate transaction, Bullock Mannelly Partners brokered the sale of West Oaks Towne Center in Ocoee, Fla. Chicago-based Inland Properties purchased the property from Oakvest Associates Ltd. for $9.5 million. Anchors include Michaels and PETsMART.
Bullock Mannelly Partners is a real estate investment, finance and brokerage company with clients throughout the Southeast.
Santa Ana, Calif. Locally based Passco Real Estate Enterprises acquired two Central California retail centers for a combined purchase price of approximately $13.7 million.
The 27-year-old investment firm acquired Sierra Vista Plaza, a 126,725-sq.-ft. retail center in downtown Murrietta, for $9.5 million. The seller was Watt Las Brisas Associates LP of Santa Monica. Anchors include Stater Bros., Sav-On Drugs and Radio Shack. The purchase includes a site that can accommodate up to 3,900 sq. ft. of future development.
Passco also acquired Bradville Square in downtown Rancho Cordova, Calif., for approximately $4.2 million. The seller was Rancho Cordova Partners/DSL of Newport Beach. The 95,000-sq.-ft. center is anchored by Ralph's and Kragen Auto. The property also includes 40,000 sq. ft. of small and mid-sized retail shops and restaurants. Passco plans to upgrade the center's architectural design, signage and landscaping to attract shoppers in the greater Sacramento area.
Woodstock, Ga. Atlanta-based Inland Retail Real Estate Trust acquired the 218,819-sq.-ft. Woodstock Square shopping center for $27.5 million. The seller was Sembler Family Partnership of St. Petersburg, Fla. Woodstock Square is approximately 25 miles northwest of downtown Atlanta. Major tenants include Kohl's, OfficeMax, PETsMART and Old Navy.
In a separate transaction, Inland Retail acquired a 38,418-sq.-ft. freestanding Jo-Ann Fabrics store in Alpharetta, Ga., for $4.9 million. With this purchase, the company now has more than 3 million sq. ft. in its southeastern portfolio.
Indianapolis EIG Realty acquired three shopping centers with $13.5 million in financing arranged by the local office of Holliday Fenoglio Fowler LP. Lenders included IDS Life Insurance Co., American Centurion Life Assurance Co., and SAFECO Life Insurance Co.
The private real estate investment partnership acquired Hilltop Plaza, a 155,025-sq.-ft. shopping center in Virginia Beach, Va., for $6.15 million; Arvada Plaza, a 96,831-sq.-ft. center in the northern suburbs of Denver, for $2.2 million; and Cheyenne Plaza, a 150,000-sq.-ft center in Cheyenne, Wyo., for $5.1 million. The sellers were not disclosed.