REAL ESTATE

CenterMark to build first free-standing Dollar Tree in Cleveland

BY Katherine Boccaccio

Cleveland — CenterMark Development has announced plans to build a 10,010-sq.-ft. Dollar Tree store in Cleveland, the first ground-up construction of a free-standing Dollar Tree store in the City of Cleveland.

The project breaks ground in March with completion scheduled for August 2013. Construction financing was provided by PNC Bank. HCI is serving as general contractor.

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REAL ESTATE

U.S. Bank closes on $46 million loan for Pier Park North

BY Katherine Boccaccio

Panama City Beach, Fla. — Columbus, Ohio-based Casto said that its JV partners The St. Joe Co. and Strategic Retail Advisors, along with U.S. Bank, have closed on a $46 million construction loan that will finance The Pier Park North Shopping Center, a 360,000-sq.-ft. shopping center in Panama City Beach, Fla.

The Pier Park North Shopping Center will be located across from Pier Park Lifestyle Center; tenants will include Bed Bath & Beyond, Lee Nails & Spa, Mattress Firm, Men’s Warehouse, PetSmart, Rooms to Go and Shoe Carnival. The new tenants will join Dick’s Sporting Goods, Michaels, Pier 1 Imports and Kirkland’s, which committed last fall to leasing space at Pier Park North.

Pier Park North is slated to open in spring 2014.

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REAL ESTATE

Sembler redeveloping Nokomis Village

BY Katherine Boccaccio

Nokomis, Fla. — The Sembler Co. announced that it is redeveloping the Nokomis Village Shopping Center, anchored by Publix and located in Nokomis, Sarasota County, Fla.

Publix will close on March 30, while other tenants including Anthony’s ladies apparel, Village Pharmacy, Ophelia’s Pasta restaurant, and Saltwater Café remain open during the construction of a new Publix store.

The redevelopment of the 143,697-sq.-ft. center will include improvements to the entire property from landscaping to building facade upgrades. Publix is expected to re-open in its new building before the end of 2013. In the interim, Publix is encouraging its customers to shop at its other stores in the area.

Sembler took over the third-party management of the Nokomis Village Shopping Center four years ago and negotiated the deal to tear down the existing Publix and redevelop the entire 30-year-old center; in fall 2011, Sembler purchased the center and began the redevelopment plans.

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