NORTH RIVERSIDE, ILL. — Adelphia Properties has arranged the sale of a 4,765-square-foot retail building in North Riverside, a suburb of Chicago. The sales price was not disclosed. The building is located at 8409 W. Cermak Road. Tenants include Sliccily Pizza Pub, Lacey’s Place and a law office. Simeon Spirrison of Adelphia represented the seller, a Chicago-based private investor. A Chicago-based investment group purchased the property.
NEW YORK CITY — XIN Development International Inc. — the U.S. development arm of Chinese developer Xinyuan Real Estate Co. Ltd. — has received $108 million in financing for the construction of a mixed-use property at 615 Tenth Ave. in the Hell’s Kitchen neighborhood of Manhattan. The seven-story development will offer 82 residential units and 36,053 square feet of retail space. The retail portion of the property is currently 76 percent pre-leased to an undisclosed national credit tenant. Adam Hakim and James Murad of Eastern Consolidated secured the construction financing on behalf of the borrower through Bank of the Ozarks. Hakim also arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property last year. An expected completion date for the development has yet to be announced. Xinyuan Real Estate Co. Ltd. (NYSE: XIN) is the only Chinese real estate developer listed on the New York Stock Exchange. The company focuses on the development of large-scale residential projects. The company’s stock price closed at $4.44 per share on Monday, March 27, up from $4.40 one year ago. — Katie Sloan
SPRINGFIELD, MASS. — New England Retail Properties has brokered a 22,140-square-foot retail lease to Planet Fitness at the corner of Parker Street and Boston Road in Springfield. Matthew Halprin of New England Retail Properties was the only real estate broker involved in the transaction. T & R Fitness, the western Massachusetts Planet Fitness franchisee, now operates nine full-service facilities in the region. The property was previously a Circuit City electronics store that closed several years ago. Basser Kaufman 312 LLC is the landlord.
SAN ANTONIO — GBT Realty Corp. recently acquired a one-acre site in San Antonio for the development of South Park Commons, a 12,600-square-foot retail center. GBT purchased the property from Target for $925,000 on Feb. 21. The site is adjacent to Target’s SW Military Drive storefront in San Antonio. Construction of the center is underway with tenants expected to open in November. South Park Commons is currently 70 percent pre-leased to national names including AT&T, Aspen Dental, Firehouse Subs and GNC. Approximately 3,600 square feet of street-facing space is still available. Nearly 103,500 people with an average household income of more than $42,000 live within five miles of South Park Commons, according to GBT, a development company based in Brentwood, Tenn. Approximately 36,700 vehicles daily pass the San Antonio site in this retail corridor.
HOUSTON — Davis Commercial Real Estate has negotiated two new leases for 9Round Fitness, a company specializing in customized and shortened workout routines. A 1,536-square-foot lease was secured at 4656 Beechnut St., and a 1,484-square-foot lease was signed at 15455 Memorial Drive. Ashley Casterlin of Davis Commercial represented 9Round in the transactions.
TRAVERSE CITY, MICH. — Colliers International has arranged an 18.3-acre ground lease for Costco near Cherry Capital Airport in Traverse City. Costco will build a new wholesale warehouse at the site. The size of the building was not disclosed, but the Traverse City Record Eagle reports the size at 156,000 square feet. Max Goldman of Colliers represented Costco in the lease of the property from Northwestern Regional Airport Commission. Construction will commence immediately with the opening planned for the fourth quarter of this year.
DETROIT — Woodpile BBQ Shack has signed a 2,000-square-foot retail lease in Detroit to open its second location in Southeast Michigan. The restaurant will be located at 6402 Woodward Ave. in the Baltimore Station development. The project will consist of the renovation of two vacant buildings at 6402 and 6408 Woodward Ave. in the New Center area, including approximately 8,000 square feet of retail space throughout the ground level and 23 apartment units on the second and third floors. Woodpile BBQ Shack will open once the development is completed in early 2018. Ben Hubert and Ben Rosenzweig of Colliers International represented the Clawson, Mich.-based barbecue establishment in the transaction. The duo also represented the landlord, The Platform.
HINESVILLE, GA. — Hutton Contracting Co. has completed construction of Oglethorpe Square, a 158,000-square-foot shopping center located at 849 W. Oglethorpe Highway in Hinesville, a city about 40 miles southwest of Savannah. Dick’s Sporting Goods, TJMaxx and PetSmart are among the anchors of the 24-acre property. Oglethorpe Square is also home to several chain restaurants, including Longhorn Steakhouse, Panda Express and Chick-fil-A.
OPELIKA, ALA. — The Shopping Center Group has secured a 45,000-square-foot lease for Surge Trampoline Park, which provides trampoline-themed parties and entertainment, in Opelika, a city approximately 65 miles east of Montgomery. The new tenant joins Planet Fitness, CitiTrends and Dollar General at Pepperell Corners, a 210,000-square-foot retail center situated at 2560 Pepperell Parkway. The center, which is 80 percent leased, is undergoing a $3 million renovation program slated for summer completion.
BROOKSVILLE, FLA. — Mark One Capital, a subsidiary of Marcus & Millichap Capital Corp., has arranged nonrecourse financing for a 55,000-square-foot, single-tenant retail property in Brooksville, a city roughly 55 miles north of Tampa. Farhan Kabani and Chris Parker of Mark One Capital secured the $4.4 million loan, which features a five-year term, a 3.92 percent interest rate and a 30-year amortization schedule. Hobby Lobby currently occupies the property.
