Transwestern sells Alabama center for $18.5 million
Transwestern's Southeast Investment Services Group representedKentucky-based Langley Properties Co. in the disposition of Pelican Place at Craft Farms for$18.5 million.Atlanta-based RCG Ventures acquired the 229,911-sq.-ft. shopping center located inGulf Shores, Alabama.
Transwestern VPFred Victorrepresented the seller in the transaction. RCG was represented in-house byScott Tarbet, VP of acquisitions.
Built in 2005, Pelican Place at Craft Farms is anchored by Bed Bath & Beyond, Cobb Theatres and Books-A-Million and shadow-anchored by Target and Publix.
Ikea going bigger in Seattle
Ikea is expanding yet another of its older U.S. stores.
The home furnishings giant has begun demolishing a covered parking structure where it will construct a new, larger store in Renton, Washington, across the 29-acre parcel from its current Seattle-area store.
Razing the building will make room for construction of the new Renton store, slated to open in spring 2017.
Actual store construction likely will commence later this year after completion of the demolition and site preparation.
Additionally, reflecting the company’s commitment to sustainability, Ikea is working to recycle, repurpose or salvage as much of the existing buildings’ equipment, materials, and parts as possible. The retailer has contracted with Deacon Corp. to build the store.
“After more than 20 years operating at this Renton location, we look forward to many more years – but now with a new store that will offer Seattle-area customers an updated, spacious and enhanced Ikea shopping experience,” said Lars Petersson, Ikea US president.
The 398,000-sq.-ft. current Seattle-area Ikea store was built in 1979. The future 406,000-sq.-ft. Renton store will consist of two levels.
Edens selected to revitalize grocery-anchored center with mix of uses
Edens and Montgomery County Maryland announced the redevelopment of Burtonsville Crossing and the adjacent park-and-ride lot located in Burtonsville, Maryland.
In 2014, Edens was selected by Montgomery County to develop the adjacent surface parking lot while continuing to provide commuter parking at this strategic location.
Plans to revitalize the center are now able to begin as an agreement with grocery anchor Giant to terminate its lease, which has been dark since 2010, has been reached. While the center is still early in the design and planning process, Edens is focused on offering a mix of uses, including retail and public gathering spaces. The concept is an integral part of the overall Burtonsville Village Center Neighborhood Plan put forth by the county at the end of 2012.
"Our goal with this project is to enrich the Burtonsville community, with retail and dining options, civic space, and a mix of other uses specifically curated to fit Burtonsville's identity and character," said Jeff Kaufman, Edens senior VP of development for the project.