Fridley Market renovation will finish in September
Westmont, Ill. — Tri-Land Properties has announced that it expects to complete a $21 million renovation of its 20-acre Fridley Market community center by September. Fridley Market is located at the intersection of I-694 and University Avenue, the main north/south spine through Minneapolis-St. Paul.
The renovation of the 165,000-sq.-ft. center includes building, infrastructure, lighting and pavement improvements as well as new construction.
Tri-Land engaged longtime tenants Cub Foods and Fridley Liquor Store early in the process by negotiating new long term leases, updating layouts and renovating their spaces. Cub Foods downsized its former 104,000-sq.-ft. space to a new 65,000-sq.-ft. store.
New tenants at the project include Great Clips, a new free standing McDonald’s and a 15,000-sq.-ft. restaurant anchor, Teppanyaki Grill. With the reconfiguring of space, Tri-Land was also able to add two new 10,000-sq.-ft. out parcels and 60,000 sq. ft. of additional junior anchor space constructed between Fridley Liquors and Cub Foods.
Plans for the next phase of Fridley Market are already in place. Tri-Land Properties controls an additional 2.5-acre contiguous parcel on the southern border of the site, and plans to build either 30,000 sq. ft. of additional retail or a limited service hotel, which has already received approval.
AC Hotels by Marriott to Liberty Center in Cincinnati
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Columbus, Ohio — Steiner + Associates has announced that Liberty Center, the $350 million mixed-use project being co-developed with Bucksbaum Retail Properties, will open the newest AC Hotels by Marriott location in the fall of 2015.
While the specifics are still being worked out, Steiner + Associates expects the hotel to feature approximately 130 rooms, 3,000 sq. ft. of meeting space, a second floor pool and a library that will serve as the business center. In the lobby, the AC Lounge will offer a full breakfast buffet. The hotel will also include a number of patio and balcony spaces overlooking the town square.
The AC Hotels by Marriott concept was launched in Europe in 2011 as a joint venture between Marriott International and Spain’s AC Hotels. The brand has a portfolio of nearly 80 hotels in Spain, Italy, Portugal, and France. All together, those hotels have almost 8,500 rooms. In the U.S., there are plans for AC hotels in locations like Miami, New York City and New Orleans.
Liberty Center, located at the I-75 and SR 129 interchange, will feature more than 800,000 sq. ft. of retail, more than 75,000 sq. ft. of office space and approximately 220 residential units, spanning 64 acres. Last year, Dillard’s signed into the project with plans to build a two-story flagship location at Liberty Center. Cobb Theatres will also be bringing their lauded CineBistro, dine-in concept to the project.
“As of today, the retail component of Liberty Center is more than 50% committed and the project is on track for a Fall 2015 opening,” said Yaromir Steiner, CEO of Steiner + Associates.
Doerken acquires Oceanside, Calif., shopping center
Oceanside, Calif. — Doerken Properties Inc. has acquired Flags on Mission Shopping Center in Oceanside, Calif., for $12.6 million. El Super grocery and dd’s Discounts anchor the 107,600-sq.-ft. property.
The Carlsbad, Calif., office of Lee & Associates brokered the transaction representing both the buyer and the seller, Mission Avenue Investors.