CHICAGO — Regency Centers has commenced the $14 million renovation of Riverview Plaza, a 140,460-square-foot shopping center located at 3330 N. Western Ave. in Chicago. Construction will include a new façade, parking lot and walkway improvements, as well as new lighting, landscaping and signage. The center will also be renamed Roscoe Square. In addition, speciality grocer Mariano's Fresh Market has signed a lease for 51,298 square feet of space and will open in late summer. Portions of the project will seek LEED-Core & Shell certification.
Midwest
MENOMONEE FALLS, WIS. — Scion Asset Management dba Scion Dental has purchased a 35,503-square-foot office building located within Menomonee Falls Industrial Park in Menomonee Falls. The seller was Olson Capital Investments. Scion plans to use the facility as its headquarters. Kevin Barry of Milawukee-based Cassidy Turley Barry represented the buyer. Steven Provancher and Brett Garceau of MLG Commercial represented the seller. The acquisition price was not disclosed.
WHEATON, ILL. — Grosvenor Americas has commenced the renovation of Rice Lake Square, a 250,000-square-foot shopping center located on Butterfield Road in Wheaton. Construction will include a façade update, lighting enhancements, and a reconfiguration of the center's roads and parking areas. Construction will be complete by the fall. Rice Lake Square was developed in 1989 and is anchored by Whole Foods. Additional tenants include PetSmart, Stein Mart and Panera Bread.
GERMANTOWN, WIS. — The Village of Germantown has sold 10.24 acres of land to Paul Stangl. The buyer plans to construct a 55,000-square-foot commercial structure to house DexM and Wisconsin Stamping. The site will have the potential to be expanded to more than 150,000 square feet. The construction timetable was not disclosed. Barry Chavin and Stephen Provancher of NAI MLG Commercial represented the seller. Adam Matson, also of NAI, represented the buyer.
NILES, OHIO — The Macy’s at Eastwood Mall in Niles is currently undergoing a multi-million dollar renovation — the first full-store refresh since its opening in 1969. The two-level, 157,000-square-foot store will receive new flooring, ceiling and wall treatments, accent lighting and new fixtures. The store will remain open through the renovation, which began in June and is slated for completion just before the holiday season.
OHIO — National pet store chain PETCO has acquired Complete Petmart, an Ohio-based pet specialty retailer. Complete Petmart currently operates 29 stores, which are located primarily in the Dayton, Columbus and Cincinnati metropolitan areas. It also operates two stores in North Carolina and one in West Virginia. The purchase significantly expands PETCO's presence in Ohio, bringing its total number of stores in the state to 41.
AURORA, ILL. — hhgregg has signed a lease for 247,360 square feet of warehouse space at Prairie Point West, a two-building, approximately 1 million-square-foot industrial park located in Aurora. The retailer will occupy over half of the space within Building A, which is located at 2176 Diehl Road. The Indianapolis-based company will use the facility as its Chicagoland distribution center. Kirk Armour and David Prell of CB Richard Ellis represented the landlord, IDI, in lease negotiations. Lawrence Shaw of the Charlotte office of Colliers International partnered with Matthew Stauber of the firm's Chicago office to represent hhgregg.
CHAMPAIGN, ILL. — Arbor Commercial Funding has secured a $33.62 million Fannie Mae DUS loan for the refinancing of 309 East Green, a 416-unit student housing property located near the campus of the University of Illinois in Champaign. The loan carries a 10-year term and a 30-year amortization schedule. Patrick McNulty of Arbor's Chicago office arranged the loan on behalf of the undisclosed borrower.
BATAVIA, ILL. — Chicago-based @properties Commercial has brokered the sale of an 11,000-square-foot, freestanding retail building located in Illinois. The property is leased to Advance Auto Parts. Esther Berman of @properties represented the seller, an undisclosed Midwest developer. David Berkson of Northbrook, Ill.-based Berkson & Sons represented the buyer, a local investor. @properties also brokered the recent sale of an Advance Auto in Des Plaines, Illinois.
NEW HOPE, MINN. — Minneapolis-based Towle Financial Services has arranged $4.2 million in permanent financing for Chardon Court Apartments, a 129-unit multifamily community located in New Hope. The funds will be used by the undisclosed borrower to pay off the bond-financed first mortgage as well as make capital improvements. The non-recourse loan carries a 10-year term and a 5.6 percent fixed interest rate. Peter Austin of Towle originated the financing.