MONROEVILLE, ALA. — Timber Development, in a joint venture with Bright Interest Inc., is developing the approximately 40,000-square-foot Monroeville Marketplace Shopping Center. The $4.5 million center is located adjacent to a Walmart Supercenter on Alabama Avenue in Monroeville, about 90 miles northeast of Mobile. The project, which will open in the summer of 2013, will feature tenants Dollar Tree, Cato and Verizon Wireless. Other tenants will include a Mexican restaurant, china buffet and beauty supply store.
NOKOMIS, FLA. — The Sembler Co. is redeveloping the Nokomis Village Shopping Center, located at 1091 Tamiami Trail in Nokomis, about 50 miles south of St. Petersburg, Fla. The redevelopment of the 143,697-square-foot center will include improvements to the entire property from landscaping to building facade upgrades. Publix, which anchors the shopping center, will be torn down and rebuilt. Other tenants include Anthony’s ladies apparel, Village Pharmacy, Ophelia’s Pasta restaurant and Saltwater Café.
MIAMI — Continental Real Estate Cos. (CREC) has been selected as the leasing agent for eight shopping centers in South Florida totaling 629,060 square feet. The retail properties include El Mercado in Hialeah Gardens; Clewiston Town Center in Clewiston; Polo Grounds Mall in West Palm Beach; #1 Marketplace, Tropical Plaza and The Shops of Bird Road in Miami; and Gables Grand Plaza and Red Road Commons in Coral Gables. The firm will also manage El Mercado and Clewiston Town Center. Carlos Guzman, Steven Henenfeld, Mitchell Boxer and Ruben Suarez of CREC will lead the retail leasing team.
CHICAGO — Harbor Group International LLC has purchased The Burnham Center, a 22-story historic building, for $94.6 million. The Burnham Center is located at 111 W. Washington in the heart of Chicago’s central business direct. Harbor Group purchased the property in March 2007 for $79.5 million. The sale comes less than a year after Harbor Group signed GrubHub, a food delivery company, to a 60,000-square-foot lease at the property. GrubHub relocated from 221 N. Elston Ave.
EAST LANSING, MICH. — Private equity investment firm Bridge Partners has completed the purchase of The Pointe at 3636, a 432-bed community near Michigan State University (MSU). The property, built in 2001, offers amenities including a basketball court, sand volleyball pit, 24-hour fitness center and a heated swimming pool and Jacuzzi. The property is north of MSU. Grant Ancevic of Student Housing Investments represented Bridge Partners in the purchase. At closing, Bridge Partners will partner with Asset Campus Housing to execute a value-add business plan by incorporating a renovation budget of approximately $7,600 per unit. Some of the items covered in the capital plan will include a complete redevelopment of the existing clubhouse, the addition of an outdoor fireplace, as well as new flooring and furniture packages in each unit.
KANSAS CITY, MO. — The Hospital Hill Economic Development Corp. and Truman Medical Centers have plans to build an $11.5 million, 35,000-square-foot grocery store. The grocery store, which will be located at 27th Street and Troost Avenue, will offer produce, meats and dairy items as well as specific ethnic foods. The store will partner with the community to employ a local-first approach that will include products from local businesses, urban farmers and community gardens.
SAUKVILLE, WIS. — Custom Color & Filling has purchased a 9,600-square-foot industrial building, located at 250 Progress Drive in Saukville, from Community Bank for $450,000. James Young of Cassidy Turley Barry represented Custom Color & Filling and Community Bank in the transaction. Custom Color & Filling manufactures exact match touch-up paint and plans to move in this spring.
BLOOMINGDALE, ILL. — Meridian Design Build has completed the renovation of the 38,710 square feet of office space for NOW Foods in Bloomingdale, located about 25 west of Chicago. The company recently moved 140 employees to the newly acquired office building at 244 Knollwood Drive to accommodate laboratory and manufacturing expansions within their existing production facility. The fast-track renovation included demolition and office reconfiguration work on the two upper floors of the four-story building. Bob Kolcz, senior project manager, and Greg Suthers, superintendent, of Meridian coordinated construction efforts. Heitman Architects Inc. provided architectural services.
NEW YORK CITY — A joint venture between ClearRock Properties and Juster Properties has closed on the purchase of two adjacent Midtown Manhattan properties for $29.5 million. The assets, which total 101,100 square feet, include 9 E. 38th St., a 93,700-square-foot, 12-story office building and 14 E. 39th St. a 7,400-square-foot commercial townhouse with 22,200 square feet of air rights. Both properties are located between Madison and Fifth avenues. ClearRock also has plans to invest $10 million for capital improvements to reposition the properties. The seller was Yeshiva University.
BAYONNE, N.J. — Progress Realty Advisors has arranged $12.3 million in financing for the former Maidenform factory in Bayonne to undergo a transformation into 84 loft-style apartments to be called The Silklofts. The multifamily property will be located at the intersection of 18th Street andAvenue E. The project will include studio-, one- and two-bedroom residences, some live/work residences for artists and an onsite gym and parking. Doug Stern, owner of the property, is the project developer. Leon Cohen of CSR Group, which is also a partner in the project, is the design architect and builder. Kathy Anderson, owner of Progress Realty Advisors, arranged the financing.