REAL ESTATE

Baker Katz sells Cleveland, Texas, shopping center

BY Michael Fickes

Cleveland, Texas — Baker Katz has sold the 11,438-sq.-ft. Cleveland Shopping Center in Cleveland, Texas. Baker Katz facilitated the transaction with a local investor. Financial details remain private.

The shopping center is located on Southline Street near Cleveland’s busiest thoroughfare with well-known retailers such as a Wal-Mart Supercenter and H-E-B nearby. With an occupancy rate of 100%, the center is home to a number of national credit companies, including EZ Loan, OneMain Financial, Jackson Hewitt Tax Services, as well as Verizon Wireless, Nail Art, Domino’s Pizza, Enterprise Rent-A-Car and Armed Forces Career Center.

Baker Katz purchased the property in 2005, when it was home to a used-car dealership, and redeveloped it into the current retail center.

Baker Katz is an X Team International partner and full-service commercial real estate brokerage specializing in retail tenant representation, project development, leasing and investment sales.

X Team is an international alliance of retail real estate specialists with offices located in major cities throughout the U.S., Canada and Europe. X Team services include transaction negotiation, portfolio analysis, lease valuations, acquisitions, and asset assessment and valuation.

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REAL ESTATE

lululemon to Town Center of Virginia Beach

BY Michael Fickes

Virginia Beach, Va. — lululemon has leased a 3,200-sq.-ft. store at the Town Center of Virginia Beach. Like recently announced Anthropologie and Free People, lululemon will be the first and only store of its kind to open in Hampton roads, Virginia. In addition, Destination Maternity and It’s Sugar recently opened at The Town Center. lululemon plans to open during the fourth quarter of this year.

The Virginia Beach office of Divaris Real Estate represented the landlord and developer, Armada Hoffler Properties, in the lease negotiations. The Auber Group represented lululemon. The Town Center of Virginia Beach is leased by Divaris Real Estate, Inc., and managed by Divaris Property Management Corp.

Other retailers in The Town Center include Brooks Brothers, LOFT, Origins, Cache’, Johnston & Murphy, Sunglass Hut, Men’s Wearhouse, Destination Maternity and Dick’s Sporting Goods.

Spanning over 17 city blocks, the mixed-use Town Center is the core of the City’s Central Business District. It provides a mix of multilevel upscale retail, Class A office, luxury residential, The Sandler Center for the Performing Arts and an array of cafes, restaurants and deluxe business hotels.

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REAL ESTATE

Dollar General to open stores in three new states

BY Dan Berthiaume

Goodlettsville, Tenn. — Dollar General plans to expand its nationwide presence into three new states within the next year, increasing the company’s presence to 43 states across the country. The discount retailer will begin construction on stores in Maine and Rhode Island in fall 2014, with plans to expand into Oregon in early 2015.

Expansion into Maine and Rhode Island follows the company’s expansion into neighboring northeastern states in recent years. New stores in Oregon will increase Dollar General’s visibility on the West Coast after opening stores in California in 2012. Stores in Maine and Rhode Island will be served by its new Bethel, Pennsylvania distribution center and Oregon stores plan to be served by its Lebec, California distribution center that opened in April 2012.

“It’s exciting to announce plans to add stores in three new states, which will give Dollar General locations in all northeastern states and a presence in the pacific northwest,” said Rick Dreiling, Dollar General’s chairman and CEO. “Announcing this expansion simultaneously with our 75th anniversary in 2014 further demonstrates Dollar General’s enduring legacy of serving others and providing customers quality, convenience and everyday low prices.”

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