MILWAUKEE AND WEST MILWAUKEE, WIS. — Auto Zone, Auto Zone Development Corp., has acquired a 2.53-acre land parcel at 4227 W. Orchard St. in Milwaukee/1552 Miller Parkway in West Milwaukee. Wisconsin-based Hometown Inc. sold the property for $1.45 million. Auto Zone plans to develop a 20,000-square-foot, HUB store on the site. Mark Wussow of Commercial Property Associates represented Auto Zone in the transaction.
SALINA, KAN. — Coyote Management and Garrison Investment Group, through their affiliates, have acquired Central Mall in Salina. The 486,444-square-foot regional mall is occupied by Dillard's, JCPenney, Sears, a 10-screen Showplex Cinema, Jo-Ann Fabrics and Old Navy, along with more than 60 speciality stores. Terms of the transaction were not released.
PARMA, OHIO — Phillips Edison-ARC Shopping Center REIT has acquired Snow View Plaza in Parma. The 100,460-square-foot shopping center is anchored by Giant Eagle. Additionally, Phillips Edison-ARC recently acquired Lakeside Plaza, an 82,033-square-foot retail center in Salem, Va. These two transactions are the first acquisitions for the REIT, which will focus on acquiring core and core plus, grocery-anchored assets in growth markets across the United States. Terms of the transactions were not disclosed.
INDIANAPOLIS — Strategic Capital Partners (SCP), through its Strategic Partners Union Development Group, has broken ground for the construction of East Village at Avondale, a 248-unit multifamily, mixed-income property located at Avondale Meadows in Indianapolis. The property will feature one-, two- and three-bedroom units, green spaces, a fitness center and a pool. The development of East Village is a joint venture between SCP, The Sterling Group, Meadows Community Foundation and the City of Indianapolis.
BELLEVUE, NEB. — Jasper Stone Partners has purchased Bellevue Professional Center, a 46,639-square-foot office building in Bellevue. Situated on 6.12 acres, the property sold for $5.6 million. Ember Grummons of Investors Realty represented the buyer; Tim Kerrigan and J.P. Raynor, also of Investors Realty, represented the seller, Britain Towne, in the transaction. The transaction included multiple lease renewals, a tenant expansion and an expansion of the parking lot.
ROCKFORD, ILL. — A Chicago-based investor has completed the disposition of a 77,200-square-foot office building in Rockford. Located at 2787 McFarland, the property, which is occupied by Blue Cross Blue Shield, sold for $12.3 million. Craig Tomlinson of Stan Johnson Co. represented the seller; Kevin Lynch of Sperry Van Ness represented the buyer, a California-based investor, in the transaction.
NILES, ILL. — Dallas-based Tuesday Morning has signed a lease for 20,000 square feet of retail space at Village Crossing, a 273,516-square-foot retail center located at the corner of Touhy Avenue and Carpenter Road in Niles. The discount retailer plans to open in January 2011 as a new anchor, joining Dick's Sporting Goods, Jewel/Osco and Pier 1 Imports. Patrick Owens of Transwestern represented the tenant; Mary Beth Menelli-Iveljic of Oakbrook Terrace, Ill.-based Mid-America Asset Management represented the landlord in the transaction.
OMAHA, NEB. — John Reed of NorthMarq Capital's Omaha Regional office arranged a $16.84 million loan for Tranquility Pointe Apartments in Omaha. Located at 4345 N. 126th Court, the property offers 230 multifamily units. Financing was based on a 10-year term with a 30-year amortization schedule. The loan was arranged for the borrower, Tranquility Pointe LLC, by NorthMarq through its affiliate, AmeriSphere Multifamily Finance.
ORANGE CITY, IOWA — Gladstone Commercial Corp. has acquired a 487,121-square-foot office/industrial property in Orange City. The property, which is leased to Staples Contract & Commercial, sold for $12.3 million. The seller was not released.
CHICAGO — Leopardo has completed a training center and showroom for Whirlpool Corp. at 325 N. LaSalle St. in Chicago. Located in the historic Reid Murdoch Center, the 30,000-square-foot space featuring working kitchens, laundry rooms, garages, an outdoor entertainment and flexible meeting space. The interactive, state-of-the-art showroom will be used for training and continuing education purposes. Leopardo served as general contractor while Valerio Dewalt Train and Associates provided architectural services for the project.