CBL cuts the ribbon on Tennessee power center
CBL Properties, known mostly for big regional malls, celebrated the opening of a brand new power center in Cookeville, Tenn., this week.
CBL co-developed the 228,000-sq.-ft. Shoppes at Eagle Point with Browning Development Solutions and CHM. Greeting shoppers at the grand opening ceremonies were tenants Publix, Academy Sports & Outdoor, Ross Dress for Less, PetSmart, Shoe Carnival, and ULTA Beauty along with a collection of shops and restaurants including Panera Bread and Chipotle Mexican Grille.
Also greeting shoppers were CBL president Michael Lebovitz, Jeff Browning, Mike McGuffin of CHM, and Cookeville mayor Ricky Shelton.
“With its convenient location off of I-40 and strong line-up of retail and dining options, this development has already solidified itself as a favored destination in the market,” boasted CBL’s VP of development David Neuhoff at the festivities.
Southern California shopping center sold for $44.3 million
Lake Elsinore Marketplace, a 144,034-sq.-ft. shopping center in Lake Elsinore, California, was sold to Irvine-based Pacific Castle for $44.3 million.
The seller, Diamond Development of San Diego, was represented by Hanley Investment Group.
The 95% occupied center is anchored by Grocery Outlet, Dollar Tree and PetSmart. Other tenants include Kirkland’s, AT&T, Chili’s Grill & Bar, The Coffee Bean & Tea Leaf, Del Taco, Dickey’s Barbecue Pit, EZ Lube, Great Clips, Navy Federal Credit Union, Panda Express, Pacific Dental, Popeyes, Wells Fargo Bank and Wendy’s.
Regency sells Virginia center for $32 million
Heidenberg Properties announced it has completed the purchase of a 307,000 sq. ft. shopping center in Culpeper, Va., from Regency Centers.
Culpeper Collonade is anchored by a 70,000-sq.-ft. Martin’s Food Market, as well as Dick’s Sporting Goods and PetSmart. It is shadow-anchored by a 127,000-sq.-ft. Target store.
The center is 100% occupied and draws steady traffic for its array of fast-casual dining options, including Chick-fil-A, Panera Bread, Glory Days Grill, Chipotle, and IHOP.
Culpeper is at the nexus of four main interstates–I-66 to the north, I-95 to the east, I-64 to the south, and I-81 to the west—and is the dominant retail location within a 15-mile radius.
“This acquisition is in many ways a culmination of the investment strategy that we have been executing over the past few years,” said CEO Robert Heidenberg. “It affords us the opportunity to add another dominant, grocery-anchored center, as well as grow our portfolio in the Mid-Atlantic.”
Heidenberg Properties focuses on the acquisition and development of open-air shopping centers, net leased properties, and secured note purchases in the eastern United States.