PEORIA, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a retail strip center in Peoria for $4.4 million. Aspen Dental and Vitamin Shoppe anchor the property, which is located at 5116 N. Big Hollow Road. Zack Hilgendorf of Quantum represented the seller, a Miami-based developer that originally built the center in 2010. The property sold to a Chicago-based buyer.
RAVENNA, OHIO — Boston Group, which designs and manufactures custom metal and plastic displays for retail stores, hospitals and pharmacies, has unveiled plans to relocate its headquarters from Boston to Ravenna, about 15 miles east of Akron. The company will also relocate from an existing manufacturing facility in Hubbard, Ohio. The new headquarters and manufacturing facility will span 308,000 square feet of office and warehouse space. The property owner, Industrial Commercial Properties, acquired the asset in March 2021 and renovated interiors and exteriors. David Stubblebine and David Skinner of The Stubblebine Co. and Kevin Joseph of Weber Wood Medinger/CORFAC International represented Boston Group in the transaction.
BROOKFIELD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Brookfield Marketplace in suburban Milwaukee for an undisclosed price. The 90,374-square-foot shopping center is home to Pick ’n Save, Panera Bread, First Midwest Bank, U.S. Cellular, Allstate and Sylvan Learning. Rick Drogosz and Dan Rosenfeld of Mid-America represented the sellers, General Capital Group and Thompson Cos. Jack Stead of Northstar REIS represented the buyer, Grocery Management Partners LLC.
CHICAGO — Blue Bottle Coffee has signed a long-term lease to open a 1,188-square-foot retail space at The Shops at Tribune Tower in Chicago. Founded in 2002, Blue Bottle Coffee is a coffee roaster and retailer with more than 60 cafes globally. The Shops at Tribune Tower location will be Blue Bottle’s second in the Chicago area. The shop is expected to open in early 2023. Blue Bottle’s location is directly adjacent to the newly opened Foxtrot Market and the upcoming Museum of Ice Cream, which is scheduled to open July 16. The Shops at Tribune Tower consists of 50,000 square feet of retail space that anchors the ground floor of the 36-story, 740,000-square-foot Tribune Tower, which has been transformed into 162 luxury condominiums. CIM Group owns the property.
BRANSON, MO. — Outside the Lines (OTL), a design-build construction company that specializes in water features, fountains, rockwork and themed environments, has completed a water-effects show fountain at Branson Boardwalk in Missouri. The water feature is in a cascading lake situated adjacent to the Aquarium at the Boardwalk, the first attraction developed at the entertainment complex that opened in fall 2020. The fountain plays two fully choreographed shows every half hour from 8 a.m. to 10:30 p.m. seven days a week. Branson Boardwalk is a dining, shopping and entertainment destination that is opening in phases.
BATAVIA, ILL. — Brown Commercial Group has negotiated the sale of an 18,240-square-foot industrial building in the Chicago suburb of Batavia for an undisclosed price. The property, which features outdoor storage space, is located on Pierson Drive. Mike Antonelli of Brown represented the seller, Rhondarosa Properties LLC, as well as the buyer, H5P LLC. The buyer is a road and snow maintenance company that was looking to expand into a space with outdoor storage for its equipment.
OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc. The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post. The properties span 687,000 square feet and include: Olde Ivy Village, located outside of Atlanta at 4330 East-West Connector in Smyrna, Ga.; Denton Village, located at 4930 Teasley Lane in the Dallas suburb of Denton, Texas; Northpark Square Village, located at 27706-27776 McBean Parkway in the metro Los Angeles community of Valencia, Calif.; Northville Park Place, located at 18771-39869 Traditions Drive in Northville, Mich., outside of Detroit; City Place, located eight miles east of Saint Paul at 205 Radio Drive in Woodbury, Minn.; Rusty Leaf Plaza, located at 2512-2560 E. Chapman Ave. in Orange, Calif.; Lower Makefield Shopping Center, located at 700 Stony Hill Road in Yardley, Pa., outside Philadelphia; and New Town Village, located at 9700 Groffs Mill Drive in the metro Washington, D.C., community of Owings Mills, Md. Bill Moylan, Chris Angelone, Barry Brown, …
By Kelly Nickele, Mid-America As the summer season begins, retailers and restaurateurs in Chicago are scheduling tours for the city’s warmest months of the year, and overall leasing velocity is continuing to increase. Here’s a quick review of the top retail real estate trends in Chicago now. Digitally native brands continue to expand, embracing omnichannel sales strategies. I grew up at Fremont & Armitage in Chicago’s Lincoln Park neighborhood through my high school years. I remember when Aldo, Barbour and Bebe anchored Halsted, and United Colors of Benetton (now Interior Define), American Apparel (now Parachute), Intermix (now Outdoor Voices) and Hanig’s (now Marine Layer), were the mainstays of Armitage. I saw tenants like BCBG relocate from Halsted (now Apotheco Pharmacy) to Armitage (now Serena & Lily), and locals like Art Effect and Lori’s remain relevant while the trade area garnered national attention and the 60614 zip code continued to report strong catalog and ultimately e-commerce sales. I’ve experienced the rise and fall of many retailers, the emergence of digitally native brands, the major shift in how and where we shop and the influence of social media in the retail industry. As a consumer and a retail advisor, I believe in …
MELROSE PARK, ILL. — NewMark Merrill Cos. has received a $31.2 million loan for the recapitalization of Winston Plaza in the Chicago suburb of Melrose Park. The 410,000-square-foot shopping center is situated at the corner of North Avenue and 9th Street. The three-year, floating-rate loan includes funds for property improvements and lease-up. Bryan Gortikov of Gortikov Enterprises arranged the loan with Wells Fargo Bank. Anchor tenants at Winston Plaza include Best Buy, Ross Dress for Less, Marshalls, Dollar Tree and Five Below. Cermak Fresh Market purchased a 90,000-square-foot building at the center with plans to open a new grocery store by the end of the year.
CHICAGO — Interra Realty has brokered the sale of an 80-unit apartment building in Chicago’s Lakeview neighborhood for $28 million. All the units at the property, built in 1986, feature one bedroom and one bath. The building was fully leased at the time of sale. Joe Smazal of Interra represented the seller, an entity of Chicago-based Mo2 Properties, as well as the buyer, an affiliate of Chicago-based Beal Properties. The new owner plans to make cosmetic improvements to the property’s exterior and rebrand it as The Nines on Grace. Located at 944-54 W. Grace St., the asset is situated near Sydney R. Marovitz Golf Course.
