Tuesday, July 28, 2026
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MidwestRetail

PARTNERSHIP BUYS METRO DETROIT SHOPPING CENTER FOR $7.6M

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STERLING HEIGHTS, MICH. — SOBB Sterling LLC has purchased a 206,000-square-foot shopping center in Sterling Heights for $7.6 million. Led by Joshua Simon, president of commercial real estate development firm SimonCRE, the SOBB Sterling partnership acquired Market Place Shopping Center through a foreclosure. Target, a 20-screen MJR Theatres, Ruby Tuesdays and a variety of regional and local retailers anchor the center, which is located on Van Dyke Avenue. More than 50,000 square feet of retail space is available in the 20-acre shopping center. Simon plans to renovate the retail property by updating the landscaping and parking lot and making overall building improvements. Target is currently remodeling its store to match the new look that Market Place Shopping Center will receive. SOBB Sterling LLC brings together investors from Arizona and Kansas to Michigan.

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MidwestRetail

WS DEVELOPMENT PLANS MAJOR OVERHAUL OF SHOPPING CENTER

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MADISON, WIS. — WS Development has unveiled plans for a major redevelopment of the Hilldale Shopping Center in Madison. The Massachusetts-based company, which owns and operates the 55-store, 475,000-square-foot mall, announced its $15 million proposal Tuesday.Redevelopment plans include transforming the existing enclosed mall area between Metcalfe’s and Macy’s and create an open air streetscape. The plan also proposes outward-facing storefronts along the existing streets in the area. A host of new stores, including kitchenware retailer Sur La Table, fitness studio Pure Barre, Morgan Shoes, Stride Rite and New Balance, are expected to open in fall 2014.

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MidwestRetail

11,000 SF SHOPPING CENTER IN CARPENTERSVILLE SELLS FOR $7.1M

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CARPENTERSVILLE, ILL. — Capital Real Estate Advisors LLC has purchased a 110,000-square-foot shopping center located on Western Avenue in Carpentersville, about 40 miles northwest of Chicago, for $7.1 million. Tenants at Springhill Market Place include Fifth Third Bank, Big Lots, Firestone, Auto Zone, Sherwin Williams, UPS and Fast Signs. National Realty Network represented Capital Real Estate Advisors in the transaction. Rosemont, Ill.-based Foresite Realty Partners is serving as the property manger.

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MidwestRetail

BAUM ARRANGES SALE OF RETAIL PROPERTY IN METRO CHICAGO

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WHEELING, ILL. — Baum Realty Group LLC has arranged the sale of a 14,348-square-foot retail strip center and 60,001-square-foot pad site in Wheeling, located about 28 miles north of Chicago. Danny Spitz, Greg Dietz and Ben Brichta of Baum Realty, along with Doug Renner and Gary Shvartsman of the firm’s landlord representation team, represented the seller. Baum also procured the buyer, an out-of-state investor, in the transaction. The retail property is located at 701- 749 N. Milwaukee Ave. in front of the 400-room Westin Chicago North Shore Hotel. With a 21 percent occupancy, the investment represents a value-add opportunity, according to Baum. The strip center includes 11,179 square feet of contiguous available space. Baum will continue its assignment as the leasing agent.

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NortheastOffice

NORTHWOOD INVESTORS BUYS 100 BROADWAY IN NYC

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NEW YORK CITY — Northwood Investors, a privately held global real estate investment firm, has purchased 100 Broadway, a 24-story office building in Manhattan. The purchase price was undisclosed. Located on the southeast corner of Broadway and Pine Street, the historic downtown office building includes two floors of retail and 22 office level floors. The property features 360,000 square feet of office, as well as 40,000 square feet of retail. Brookfield Financial, a global investment bank and real estate investment sales firm, arranged the off-market transaction.

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NortheastOffice

THREE-BUILDING OFFICE PORTFOLIO IN PA SELLS FOR $4.1M

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BLUE BELL, PA. — An affiliate of Endurance Real Estate Group LLC has acquired 960 Harvest Drive, a three-building suburban office portfolio in Blue Bell, for $4.1 million. The portfolio includes one single-story and two two-story buildings totaling 129,430 square feet. Endurance acquired the largely vacant portfolio from a REIT. Constructed in 1988, the portfolio features single- or multi-tenant floor plans with parking surrounding the buildings. The Bala Cynwyd, Pa.-based owner and developer plans to upgrade the building systems and renovate the lobbies and common areas. Endurance will also address deferred maintenance of the parking lots, landscaping and signage. The company has hired John Susanin and Kyle Hilbert of Colliers International to lease the portfolio.

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NortheastRetail

TARGET TO OPEN NEW STORE IN KING OF PRUSSIA, PA.

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KING OF PRUSSIA, PA. — Target is moving into King of Prussia for the first time, with a new 165,000-square-foot store set to open in July 2014. The new store will be part of the Valley Forge Shopping Center located on West DeKalb Pike, about 20 miles northwest of Philadelphia. The location will employ approximately 200 to 250 team members and include everyday essentials and groceries, as well as Starbucks, Target Optical and Target Pharmacy. Target currently operates 1,856 total stores, of which 1,788 are in the United States and 68 are in Canada, as well as Target.com.

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IndustrialTexas

HFF BROKERS SALE OF TWO DALLAS/FORT WORTH PROPERTIES TOTALING 754,554 SF

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DALLAS — HFF has arranged the sale of a two-property, 754,554-square-foot, Class A industrial portfolio in the Dallas-Fort Worth Metroplex. Included are Northlake Industrial Center, located three miles north of the Alliance Texas mixed-use development on Interstate 35, and Towne Lake Business Park Two, immediately south of Dallas/Fort Worth International Airport. Randy Baird, Jud Clements and Robby Rieke of HFF represented the seller, Panattoni Development. Private real estate investment firm Cabot Properties purchased the portfolio, which was 100 percent leased at the time of sale.

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HospitalityTexas

JMI REALTY, KIMPTON HOTELS BRINGING NEW HOTEL TO AUSTIN

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AUSTIN, TEXAS — Developer/owner JMI Realty is partnering with management firm Kimpton Hotels & Restaurants on a new four-star hotel in Austin’s historic Rainey District. The project, to be known as Hotel Van Zandt, will feature 322 guest rooms over 16 floors, 12,000 square feet of event and meeting space, a gourmet restaurant and pool deck with bar. The award-winning Mark Zeff will oversee interior design of the hotel, expected to open in early 2015. San Francisco-based Kimpton, which specializes in boutique hotels, expands its Texas footprint to four properties with this development.

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