REBusinessOnline

Wood Investments Acquires Land Parcel to Develop 206,072 SF Shopping Center in Ontario, California

ONTARIO, CALIF. — Wood Investments Cos. has purchased a 19.6-acre development site within the master-planned community of Ontario Ranch in Ontario. San Diego-based GDC RCCD 2 LP sold the asset for $18.5 million.Wood Investments plans to develop The Ranch at Model Colony Shopping Center, a 206,072-square-foot retail property, at the site. The asset will be located at the intersection of Ontario Ranch Road and Hamner Avenue. Already signed tenants include include a national grocery tenants, …

Holland Partner, MVE + Partners Complete 285,415 SF Mixed-Use Project in Long Beach

LONG BEACH, CALIF. — Holland Partner Group and architecture firm MVE + Partners have completed Volta on Pine, a 285,415-square-foot, mixed-use, infill development in downtown Long Beach.Located at 635 Pine Ave., Volta on Pine features 271 apartments, 1,300 square feet of ground-floor retail space, subterranean parking and extensive sidewalk space.Residential units range from 629 square feet to 1,400 square feet in a mix of studio, one-, two- and three-bedroom layouts. Eleven …

Adelphia Properties Arranges Sale of Value-Add Retail Building in Orland Park, Illinois

ORLAND PARK, ILL. — Adelphia Properties has arranged the sale of a 7,365-square-foot retail building in Orland Park, a suburb of Chicago. The sales price was undisclosed. Situated on one acre at 15845 S. Harlem Ave., the value-add property was 17 percent occupied at the time of sale. It was formerly home to Panera Bread. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private real estate investor. The buyer was also a local

Tricera Capital Purchases ICON Central Retail Space in St. Petersburg for $11.1M

ST. PETERSBURG, FLA. — Tricera Capital has acquired a ground-floor retail space at Related Group’s recently completed ICON Central, a mixed-use development in St. Petersburg. The transaction totaled $11.1 million and included the adjoining Union Trust Bank building. In total, the ground-floor retail space and historic bank building span nearly 35,000 square feet of rentable space. Related Group was the seller.Currently, about 7,000 square feet of the retail space is leased to BurgerFi …

Advance Realty, Invesco Open 450,000 SF Redeveloped Retail Center in Roxbury, New Jersey

ROXBURY, N.J. — A joint venture between Advance Realty Investors and Invesco Real Estate has opened The Shops at Ledgewood Commons, a 450,000-square-foot open-air lifestyle center that is a redevelopment of the former Ledgewood Mall. The property is located in Roxbury, about 45 miles west of New York City. Anchored by a 164,087-square foot Walmart Supercenter that opened in October 2020, the property also houses retailers such as Marshalls, Ashley HomeStore, Men’s Wearhouse, Ulta Beauty, …

SVN | Stone Secures $17.4M Sale of Mist Lake Plaza Shopping Center in Lexington, Kentucky

LEXINGTON, KY. — SVN | Stone Commercial Real Estate has brokered the $17.4 million sale of Mist Lake Plaza, a 217,292-square-foot shopping center in Lexington. Matt Stone, Justin Ryder and Nathan Dilly of SVN | Stone represented the seller, DF Lexington Properties LLC. Jim Powell of The Gibson Co. represented the buyer, S & P Holdings LLC. The center will be the future home of Lexington Motorsports, a motorcycle dealer in Kentucky.Mist Lake Plaza is located near Man O’ War …

Urban Catalyst Reveals Plans for $600M Icon/Echo Towers in Downtown San Jose

SAN JOSE, CALIF. — Urban Catalyst has revealed plans to build the Icon/Echo mixed-use project, which will include office, residential and retail components in downtown San Jose. The development will cost around $600 million to build, according to the Silicon Valley Business Journal. The construction timeline for the project has not been disclosed.The Icon/Echo towers will feature 300 apartment units and 420,000 square feet of Class A office space. The office tower portion of the project …

Newport Capital Partners Buys 103,030 SF Stassney Heights Shopping Center in South Austin

AUSTIN, TEXAS — Newport Capital Partners, a retail investment and management firm with offices in Chicago and Dallas, has purchased Stassney Heights, a 103,030-square-foot shopping center located about seven miles south of downtown Austin. Anchored by Houston-based ethnic grocer Fiesta Mart, Stassney Heights was 93 percent leased at the time of sale. Other tenants include Umi Sushi, Castle Dental, T-Mobile and Clinica Hispana. CBRE represented the undisclosed, Northeast-based seller in the …

PuttShack to Open 26,000 SF Minigolf Course, Restaurant in Downtown Houston

HOUSTON — Puttshack, an entertainment concept that combines tech-infused minigolf with food and beverage offerings, will open a new, 26,000-square-foot venue at The Shops at Houston Center in the city’s downtown area. Puttshack recently opened its first venue in Atlanta and has plans to open additional facilities in Chicago, Miami, Boston and Nashville. The opening of the Houston facility is slated for late 2022. Brookfield Properties owns The Shops at Houston Center in partnership with …

Old Second to Acquire West Suburban Bank for $297M

AURORA AND LOMBARD, ILL. — Old Second Bancorp Inc. (Nasdaq: OSBC) and West Suburban Bancorp Inc. have signed a definitive merger agreement under which Aurora-based Old Second will acquire Lombard-based West Suburban in a cash and stock transaction valued at $297 million. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both companies, Old Second will pay 65 percent of the purchase price in stock and the remainder in cash. According to a …

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