Planet Fitness to Frenchtown, Mich.’s Mall of Monroe
Youngstown, Ohio — Planet Fitness will open a new 24,000-sq.-ft. health club in The Mall of Monroe in Frenchtown Township, Mich., in March of this year. Planet Fitness boasts 700 locations nationwide and 4.5 million members.
Cafaro affiliated companies (www.cafarocompany.com) own and manage the regional Mall of Monroe.
Inland acquires Wedgewood Commons near Memphis
Oak Brook, Ill. — Inland Real Estate Income Trust has acquired the 159,258-sq.-ft. Wedgewood Commons Shopping Center in Olive Branch, Miss., a southeastern suburb of Memphis, Tenn. The purchase price was $33.9 million.
StoneCrest Investments LLC, the seller, developed the center in 2009 and continues to add development phases. The Disney Group represented the seller in the transaction.
The property consists of four buildings and an existing structure suitable for the development of an additional 10,838 sq. ft. of leasable space, which would increase the center’s retail space to just over 170,000 sq. ft.
Wedgewood Commons is 100% leased and tenants include T.J. Maxx, HomeGoods, Michaels, Rack room Shoes, AT&T, TCBY, GNC and Sport Clips. A Target “P Fresh” store, Target’s new grocery-focused store format, shadow anchors the center.
Inland Real Estate Investment Corp. sponsors Inland Real Estate Income Trust, and IREIT Business Manager & Advisor, a wholly owned subsidiary of Inland Real Estate Investment Corp., is the trust’s business manager. The trust was formed to acquire, directly or through joint ventures, a portfolio of commercial real estate located throughout the United States. The trust intends to focus primarily on core multi-tenant retail assets.
GBT to build Middletown Commons
Louisville, Ky. — GBT Realty Corp. has closed on the purchase of approximately 32 acres along Shelbyville Road at I-265 for the development of Middletown Commons in Louisville, Ky. Plans call for the first tenants to open in late 2014.
The mixed-use power center will include more than 225,000 sq. ft. of retail space and six outparcels ranging from 0.6 acres to 1.88 acres. According to GBT Realty, total development costs will likely exceed $50 million.
A major sports retailer will anchor the development. Additional signed tenants include Hobby Lobby, Liquor Barn, Rack Room Shoes, Ross Dress for Less, Chick-fil-A and Texas Roadhouse.
“We are 80% leased before starting construction, with a long list of additional tenants for the remaining spaces,” said Fraser Schaufele, VP of leasing and brokerage at GBT.
Construction will begin immediately. GBT will provide development, leasing, construction management and property management services. The development team includes MJM Architects and Gresham Smith and Partners as the project engineers. Louisville Paving & Construction will handle the site work. PNC Bank is providing construction financing.
Middletown Commons is one of two shopping centers GBT is developing in Louisville. The second is Jefferson Commons located on 27 acres next to the Jefferson Mall. Construction there is slated to begin in January.