Midtown Shopping Center acquires 14.5 acres in Mid-City Los Angeles
Los Angeles — Midtown Shopping Center Associates said it has acquired the land under Midtown Shopping Center plus two adjacent properties totaling 14.56 acres for $42.5 million from Catellus Development Corp., based in Denver.
The 185,000-sq.-ft. center at 4725 W. Venice Boulevard is bounded by Venice, San Vicente and Pico Boulevards in the heart of Mid-City Los Angeles. Young Management Co. negotiated a ground lease with original owner Southern Pacific for 11 acres of the site and developed the center, attracting tenants such as Ralph’s, CVS, Orchard Supply Hardware and Bank of America.
This transaction gives MTSCA ownership of the land under the buildings they own as well as 3.5 additional acres that are on the eastern and western edges of the site.
MTSCA, the investment group that bought the property, includes Young Management Co. and its partners, James Young and Courtland Young. Young Management will be in charge of property management and leasing as well as redevelopment of the center. Plans call for making the center a more family friendly meeting place with extensive pedestrian walkways, seating areas and outdoor dining.
Divaris completes 50,000-plus sq. ft. in leases in Virginia
Virginia Beach, Va. — Divaris Real Estate has announced the completion of several leases for retail space in Virginia Beach, Norfolk and Richmond, Va.
The first lease was signed with O’Reilly Auto Parts for 12,608 sq. ft. in a former Rite Aid pharmacy located in Norfolk. O’Reilly operates 13 other stores in Hampton Roads.
Pleasants Hardware signed a lease for 10,000 sq. ft. at Midlothian Station located in Richmond. Rainbow Apparel signed a lease for 6,763 sq. ft. in Short Pump Village, also located in Richmond.
Clothes Mentor made its Hampton Roads debut with a 4,091-sq.-ft. lease at Lynnhaven East Shopping Center, located in Virginia Beach.
Sleepy’s signed a lease for 4,000 sq. ft. at Broad Creek Phase I, located in Norfolk, Va. – its second in the city.
Wireless communications provider nTelos will open a 3,147-sq.-ft. store at North Mall Shops, located in Virginia Beach. Mattress Firm signed a lease for 3,800 sq. ft. at Southgate Commons, also in Virginia Beach.
Hwy 55 Burgers, Shakes & Fries signed a lease for 3,520 sq. ft. in Landstown Commons, its second store in Virginia Beach.
The Children’s Place signed a lease for 3,400 sq. ft. in Pembroke Mall, its sixth location in Hampton Roads.
Tuesday Morning opens at Southland Shopping Center
Middleburg Heights, Ohio — Brixmor Property Group announced that a 14,151-sq.-ft. Tuesday Morning recently opened at Southland Shopping Center, located in Middleburg Heights, Ohio.
Brixmor, based in New York City, is the owner of Southland Shopping Center.