Sunroad Seeks to Develop Hybrid Center near San Diego
Sunroad Enterprises is seeking approval from the City of San Diego to develop Sunroad Otay Plaza, a 500,000-square-foot community/power hybrid center in Otay Mesa, Calif. The center will be built on a 50-acre site on Otay Mesa Road and will be the first center of its kind in the area. Otay Mesa was previously known primarily as a warehouse commercial district.
“Based on its proximity to the border [with Tijuana], the sales per square foot at Sunroad Otay Plaza are projected to be exceptionally high…” said Tom Story, vice president of development with Sunroad Enterprises, in a statement. “Because Tijuana and its regional population of over 3.1 million people are the primary target market for Sunroad Otay Plaza, the project will bring new retail sales to the City of San Diego and the region.”
Sunroad plans to starton the project in the fall of 2012, with opening scheduled for the fall of 2013. The company projects that Sunroad Otay Plaza will bring in approximately $2 million in annual tax revenue for the City of San Diego. Steve Avoyer, Stewart Keith and Bill Thaxton, of Flocke & Avoyer Commercial Real Estate, will handle leasing for the property. They have already started negotiations with several potential anchor tenants.
Mid-America Real Estate Group, a Chicago-based real estate services firm, and Indianapolis-based Sitehawk Retail Real Estate formed a strategic partnership in Indiana. Both independent companies are part of Chainlinks Retail Advisors, a retail-only real estate services and commercial propertynetwork in North America.
The partnership was brought about because of the strength of Indiana’s commercial real estate market. “There’s a tremendous pent-up demand right now from East and West Coast buyers seeking the kind of quality and stability that net-leased retail properties in Indiana can offer,” said Mid-America Vice President Bill Wright in a statement. “We have been very pleased with the significant amount of interest and offers we have received from out-of-state investors over the past six months, particularly from.”
Mid-America and Sitehawk already completed two successful investment sale transactions, including a corporate-owned Taco Bell in Muncie and a strip center in Indianapolis.
Lehrco Corp. appointed The Rappaport Cos. to provide property management, leasing and renovation services for Rock Creek Village, a 103,070-square-foot shopping center in Rockville, Md. Rock Creek Village is a 103,070-square-foot shopping center with tenants including Safeway, CVS/pharmacy and Caribou Coffee. The renovation of the center will include upgrades to lighting, façade, landscaping, sidewalks and access points. Construction on the project is scheduled to be completed in mid-November.
Watt Commercial Properties completed a $6 million renovation of Alicia Towne Plaza, a 150,000-square-foot retail center in Mission Viejo, Calif. The redevelopment included the conversion of an existing 84,000-square-foot former Mervyn’s building into a 62,000-square-foot club for L.A. Fitness. Watt Commercial also updated the center’s façade and landscaping and replaced signage along Alicia Parkway.
Urban R2 Development appointed Sperry Van Ness as the exclusive marketing agent for the retail component of Wheeling Town Center, a mixed-use center in Wheeling, Ill. The property will feature approximately 170,000 square feet of retail space, in addition to 280 luxury apartment units. Wayne Caplan and Ben Andrews will handle this assignment on behalf of Sperry Van Ness. The project is scheduled to break ground in the summer of 2012, with delivery expected in mid-2014.
Sam’s Club purchased a 16.8-acre site at River Chase Shopping Center in St. Tammany Parish, La. The retailer plans to develop a 136,000-square-foot store at the center, which is owned by Stirling Properties. The store will represent Sam’s Club top of the line prototype, the first store of its kind in Louisiana. Opening is scheduled for the fall of 2012.
WONDER! will open its first, 135,000-square-foot store in Deerfield, Ill, on Oct. 14. The store will be followed by a larger rollout in 2012. Simultaneous with the opening, WONDER! will also launch an e-commerce site at www.shopwonder.com.
Publix Super Market signed a lease with Regency Centers for a 45,600-square-foot store at Boynton Lakes Plaza in Boynton Beach, Fla. The store, scheduled to open in the summer of 2012, will be a new Publix prototype and will occupy a former Winn-Dixie space. Publix previously leased a 39,000-square-foot store at a nearby center. The lease is part of a redevelopment that includes the reconfiguration of the 56,000-square-foot Winn-Dixie building into anchor and small shop space, the installation of a new exterior façade, upgraded architectural components and parking lot improvements.
SouthEast Properties signed leases with two new retailers at Six Gun Plaza in Ocala, Fla. Bealls Outlet signed a seven-year, 35,500-square-foot lease. The retailer plans to open in the fall. Ross Dress for Less signed a 10-year, 32,000-square foot lease. The store will open its doors in 2012. Kevin Hipes, of The Shopping Center Group, represented the landlord in the transaction. John Dottore and Marc Sullivan, of The Shopping Center Group, also represented Ross Dress for Less. Bealls was represented in-house.
CB Richard Ellis Group Inc. promoted Jim Wilson to chief operating officer and Ken Loeber to global chief sales officer for its global corporate services business. In his new position, Wilson will be responsible for facilities, project and transaction management. Loeber will be responsible for global solutions and business development. Both Wilson and Loeber have 23 years of experience in commercial real estate. Previously, Wilson led CBRE’s client accounts business, while Loeber served as global head of project management services. In addition, CBRE appointed Henry C. Lomax, Jr. as managing director of its Charlotte, N.C. office. In his new position, Lomax will be responsible for overseeing all of the firm’s operations in Charlotte. He previously served as chief investment officer at Crescent Resources LLC.
Roses signed a lease with Centro Properties Group US for a 58,324-square-foot store at Market Place Shopping Center in Piqua, Ohio. Tony Michalak served as in-house representative for Centro Properties in the transaction; Dunham’s Sports signed a lease for a 53,561-square-foot store at Fox River Plaza in Burlington, Wis. Dana Meadowcroft served as in-house representative for Centro in the transaction. In addition, Centro signed smaller leases with retailers including Charming Charlie, Tuxedo’s N’ More, Tofu House, U.S. Cellular, Jerry’s Casual Patio, The Growing Place, Urban Lush 4 Kids, Holyoke Health Center, Five Guys Burgers & Fries, Child’s Play, Tina’s Nail Spa, Prik Thai, Mount Zion Community Church, PNC Mortgage, Brrrberry Frozen Yogurt, 1-800-Mattress, Sally Beauty Supply, Big Tiny’s Restaurant, Natural Living, American Mattress, Tobacco Shop, Miracle Ear, Hana Sushi and Buffalo Wings & Rings.
Teletron, an electronics, home appliance and furniture retailer, signed a lease with Whitestone REIT for a 17,500-square-foot store at Lion Square Center, an Asian-themed community center in Houston, Texas. Whitestone is currently renovating the center with enhanced parking lot lighting, resurfaced parking lot and new architectural and landscaping features.
Express signed a 10-year lease with Crown Acquisitions and its partners for a 10,000-square-foot store at 490 Fulton St. in Brooklyn. The retailer plans to open its doors in the spring of 2012.
Metropolitan Building Services LLC completed construction on a 3,500-square-foot New Balance flagship store at 150 Fifth Ave. in New York City. The store features a showcase sneaker assembly area and an indoor running test track. Perkins + Will and Core Resources also participated in the project.
Douglas Development signed two new leases at its Penn Quarter properties in Washington, D.C. Anthropologie signed a 10,662-square-foot lease at 950 F Street and Pi Pizzeria signed a 5,500-square-foot lease.
Urban Land Institute appointed Marilee Utter as executive vice president of the institute’s district council program, a global program serving members in the U.S., Europe and Asia. In her new position, Utter will be responsible for the overall management, leadership and delivery of the conceptual and programmatic functions offered by the council. She was previously president of Citiventure Associates LLC and managing partner of P3 West LLC.
RCS Real Estate Advisors promoted Moe Puri to the position of vice president. Puri previously served as assistant vice president.
Walker & Dunlop promoted Ernest Benjamin to vice president and deputy chief underwriter for its FHA Finance program. Benjamin has been with Walker & Dunlop since March 2009, most recently as assistant vice president of FHA Finance.
Marcus & Millichap Real Estate Investment Services promoted Simon Jonna to vice president of investments. Jonna has been with Marcus & Millichap since May 2005, most recently in the position of associate vice president of investments. He specializes in the sale of retail properties. Marcus & Millichap also promoted Tammy A. Saia to vice president of investments. Saia has been with Marcus & Millichap since September 2003, most recently serving as associate vice president of investments. She specializes in the sale of retail properties.
CBL & Associates Properties Inc. hired Jimmy Neely and Kyle Capshaw as senior leasing manager and leasing manager respectively. In his new position, Neely will be responsible for Hanes Mall in Winston Salem, N.C. and Randolph Mall in Asheboro, N.C. Capshaw will be responsible for Arbor Place Mall in Atlanta, Georgia Square in Athens, Ga. and Walnut Square Mall in Dalton, Ga. Previously, Neely worked for Colonial Property Trust and Capshaw for Pyramid Management Group.
Partner Engineering and Science Inc. appointed Mark Lambson as national director of its equity advisory group. In his new position, Lambson will lead a national team of professionals in engineering and environmental investigation, reporting and remediation of commercial real estate assets for the firm’s non-lender clients. Lambson already serves as principal of the firm.