MOUNT PROSPECT, ILL. — Adelphia Properties has arranged the sale of a newly constructed retail property in Mount Prospect, a northwest suburb of Chicago, for $3.4 million. The 5,904-square-foot building is located at 100 W. Rand Road across from Randhurst Village. Potbelly Sandwich Shop and American Mattress occupy the building. A Chicago-based developer was the seller. Simeon Spirrison and George Spirrison of Adelphia Properties represented the buyer, a private real estate investor.
MILWAUKEE — Baceline Investments LLC has acquired two retail centers in the North Shore of Milwaukee for $2.8 million. Point Plaza is a 13,840-square-foot shopping center located at 8333 W. Appleton Ave. Baceline purchased the property from R&D Point Plaza LLC for $900,000. Glendale Square is a 17,880-square-foot center located at the corner of N. Green Bay Avenue and W. Green Tree Road. Baceline purchased Glendale Square for $1.9 million from Buckmann LLC. Both sellers are Wisconsin-based companies. Combined, the properties are currently 86 percent occupied. Baceline is based in Denver.
HOLLAND, MICH. — Cherry Republic, a Michigan-based retailer of cherry food creations, will open a 2,745-square-foot store in Holland this month. The store is located at 29 W. 8th St., about 28 miles southwest of Grand Rapids. This is the sixth location for Cherry Republic in Michigan. The company operates other locations in Glen Arbor, Traverse City, Charlevoix, Ann Arbor and Frankenmuth. Todd Leinberger of NAI Wisinski of West Michigan assisted Cherry Republic in securing the Holland location.
KATY, TEXAS — NewQuest Properties has begun on the first round of fast food restaurants at Grand Morton Town Center, an 89-acre retail center located at the corner of Grand Parkway and Morton Ranch Road in Katy on Houston’s eastern outskirts. Taco Bell will open a 29,815-square-foot location and McDonald’s will operate a 67,894-square foot site, with both slated to open in late summer. Whataburger and Chick-fil-A will follow at year’s end with 42,574-square-foot and 59,699-square-foot ground-leased sites, respectively.
ST. PAUL, MINN. — Gander Mountain Co. and its subsidiaries have filed for Chapter 11 bankruptcy protection. The decision is the result of an in-depth review of the company’s strategic options undertaken in recent months to preserve the value of the company and position it for long-term success, according to a news release. St. Paul-based Gander Mountain, an outdoor retail network with stores across 26 states, will sell the company while continuing operations. An auction will be held in late April and the sale is expected to be complete by May 15. The company generally expects to conduct normal business operations during the restructuring period, but 32 underperforming retail locations will begin a shutdown process in the next several weeks. The company has obtained a committed debtor-in-possession (DIP) financing facility underwritten by Wells Fargo. Subject to court approval, this DIP financing, combined with cash from operations, is expected to provide sufficient liquidity to support the company’s continuing business operations and to minimize any disruption during the reorganization process. The petitions were filed in the U.S. Bankruptcy Court for the District of Minnesota. Houlihan Lokey Capital Inc. is serving as financial advisor and investment banker to Gander Moutain. Lighthouse Management Group …
ORLAND PARK, ILL. — Marcus & Millichap has brokered the sale of a Mattress Firm regional mall outparcel center in Orland Park, a suburb of Chicago, for $6.4 million. The 10,000-square-foot retail property is located at 29 Orland Square Drive. Mattress Firm and State & Main Kitchen and Bar occupy the property. Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap marketed the property on behalf of the seller, an out-of-state developer. The duo also secured and represented the buyer, a private investor.
RICHTON PARK, ILL. — The Philipsborn Co. has secured a $2.2 million loan for the refinancing of Sauk Trail Plaza in Richton Park, about 35 miles south of Chicago. The 30,267-square-foot center is located on the southwest corner of Sauk Trail and Central Park avenues. Constructed in phases during the 1960s and 1970s, the center is situated on 2.6 acres. The property is 98 percent leased and is anchored by Save-A-Lot. The fixed-rate loan was used to refinance the outstanding debt and provide funds for capital reserves. David Kubert of Philipsborn negotiated the transaction on behalf of all parties. ICA Investment Advisors provided the loan. The borrower was a limited liability company.
DUBLIN, CALIF. — Ross Stores recently opened 23 Ross Dress for Less and five dd’s DISCOUNTS stores across 15 different states in February and March. These new locations are part of the company’s plans to add approximately 70 Ross and 20 dd’s DISCOUNTS locations during 2017. With these recent openings, Ross Stores Inc. now operates 1,561 Ross Dress for Less and dd’s DISCOUNTS stores across 37 states, the District of Columbia and Guam. Looking ahead, Ross hopes to grow to 2,000 locations with dd’s DISCOUNTS becoming a chain of 500 stores.
CORAL SPRINGS, FLA. — CREC has brokered the $27.4 million sale of Turtle Crossing, a 99,174-square-foot shopping center located at the intersection of U.S. Highway 441 and Wiles Road in Coral Springs. The transaction is the largest shopping center sale in Broward County so far in 2017, according to CREC. Warren Weiser and Harry Blyden of CREC represented the seller, Turtle Run Venture LLC, in the transaction. A joint venture between Ross Realty Investments and SunCap Real Estate Investments known as Turtle Crossing Coral Springs LLC purchased the shopping center for roughly $275 per square foot. Turtle Crossing is shadow-anchored by Super Target and features Enterprise Rent-A-Car, Panda Express, AutoZone, Panera Bread, Buffalo Wild Wings, Vision Works and Chipotle Mexican Grill on its tenant roster. Tuesday Morning recently leased 14,427 square feet of junior anchor space at Turtle Crossing with plans to open this fall. Sabrina Stimming and Steven Henenfeld of CREC led the leasing for the shopping center, which increased in occupancy from 60 percent to 86 percent in the past 24 months.
ATLANTA — Regency Centers has signed 365 by Whole Foods Market to the tenant lineup at Paces Ferry Plaza, a 63,254-square-foot shopping center located at 3520 Northside Parkway in Atlanta. Whole Foods’ new grocer concept will open at the shopping center later this year. Regency Centers is underway on renovating the shopping center with brick facades, stone finishes and metal canopies to give the property an industrial feel, as well as additional parking space. Existing tenants at Paces Ferry Plaza include Woo Cosmetics, West Stride, ACE Hardware, Pero’s, Blue Ridge Grill and Baby Braithwaite. The Paces Ferry Plaza store will be the second location in metro Atlanta for 365 by Whole Foods Market.
