U.S. Bank closes on $46 million loan for Pier Park North
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.
Sembler redeveloping Nokomis Village
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.
Venture reps 22,400 sq. ft. in retail leases in D-FW area
Dallas/Fort Worth — Venture Commercial said it has represented tenants Sola Salon Studios and Guitar Center in the completion of two D-FW leases, totaling 22,400 sq. ft. of space.
Sola Salon Studios has opened a new 10,237-sq.-ft. studio in the Marketplace at Highland Village shopping center, the chain’s fifth location in Texas.
Guitar Center leased 12,163 sq. ft. at Town East Crossing in Mesquite, Texas.