Retail

Inland Real Estate Corp. to Redevelop Joliet Commons Shopping Center in Joliet, Ill.

by Danielle Everson February 19, 2015

JOLIET, ILL. — Inland Real Estate Corp. (IRC) is redeveloping Joliet Commons, a power center in Joliet, and adding a new 65,000-square-foot building for Dick’s Sporting Goods and DSW. Construction on the project is set to begin this spring. To accommodate the new tenants, IRC will redevelop a former movie theater at the center into a brand new building for the retailers. With the addition of the new building, the total gross leasable area of Joliet Commons will increase to 229,000 square feet. Dick’s Sporting Goods and DSW will join other national retailers at the center such as PetSmart, Old Navy, Party City and Famous Footwear. The project is expected for completion this fall.

February 19, 2015

Midwest Ohio Retail

M&M Brokers $5.4M Sale of 103,910 SF Shopping Center in Mentor, Ohio

by Danielle Everson February 19, 2015

MENTOR, OHIO — Marcus & Millichap has brokered the $5.4 million sale of Mentor Plaza, a 103,910-square-foot retail property in Mentor, approximately 24 miles north of Cleveland. The shopping center is located at 8485 Market St. Gabriel Brothers and Big Lots anchor the plaza. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices marketed the property on behalf of the seller, a private investment fund. The team also represented the buyer, a limited liability company.

February 19, 2015

Midwest Missouri Retail

Block & Co. Arranges Sale of 15,418 Retail Property in Independence, Mo.

by Danielle Everson February 19, 2015

INDEPENDENCE, MO. — Block & Co. Inc. has brokered the sale of Guitar Center, a 15,418-square-foot retail property in Independence. The property is located at 3911 Bolger Road. The freestanding building sits at the at the entrance drive to Walmart Supercenter, PetSmart and Sam’s Club and is across the street from Independence Center Mall. Guitar Center is a guitar retailer that operates 225 stores in the United States. David Block, Max Kosoglad and John Cobb of Block & Co. represented the buyer, a private investor who purchased the property in a 1031 tax-deferred exchange.

February 19, 2015

California Retail Western

Ramon Plaza in Los Angeles Sells for $9.1M

by Nellie Day February 18, 2015

LOS ANGELES – Ramon Plaza, a 70,131-square foot retail property in the Los Angeles submarket of Cathedral City, has sold to an unnamed buyer for $9.1 million. The three-building property is located at 68100 Ramon Road. It contains a mix of medical, retail and office uses. The seller, a private investor, was represented by Pablo Rodriguez and Richard Vincent of Marcus & Millichap’s Ontario office.

February 18, 2015

Midwest Ohio Retail

Vineyard Vines Opens First Ohio Store at Easton Town Center

by Danielle Everson February 18, 2015

COLUMBUS — Vineyard Vines, a clothing and accessories retailer, has opened a 3,000-square-foot store at Easton Town Center in Columbus. The retailer leased space at the property located at 160 Easton Town Center. The store is the brand’s third Midwest location after Chicago and St. Louis. The Georgetown Co. and Steiner + Associates developed Easton Town Center, a 1.7 million-square-foot shopping center that opened in 1999. Vineyard Vines plans to open 10 more stores in major markets throughout the U.S. by the end of 2015.

February 18, 2015

Retail Texas

Baker Katz Completes Redevelopment of Shopping Center in Port Arthur

by Haisten Willis February 18, 2015

PORT ARTHUR, TEXAS — Baker Katz has completed the renovation of a 90,000-square-foot retail center in Port Arthur. Located at the corner of Highway 69 and FM 365, Baker Katz transformed the single-tenant building into a multi-tenant center, with interior and exterior property renovations as well as added an additional 7,000-square-foot building. Port Arthur Center is fully leased to tenants including Hobby Lobby, Party City, PetSmart, Firehouse Subs, Cash Store, Gulfside Dental and Chipotle Mexican Grill. The 57,300-square-foot Hobby Lobby and 14,000-square-foot Party City are open and fully operating, while the remaining tenants are slated to open in late 2015. Baker Katz purchased the building from the Sutherland Lumber Co. in 2012.

February 18, 2015

Georgia Restaurant Retail Southeast

Westside Ironwroks in Atlanta Adds Retailer, Restaurants to Tenant Roster

by John Nelson February 18, 2015

ATLANTA — Westside Ironworks, a 19,000-square-foot, $8.5 million retail redevelopment in Atlanta’s West Midtown neighborhood, has added three new tenants, bringing its pre-leasing to 75 percent occupancy. The new tenants include O-Ku (3,200 square feet), a Southern-style sushi restaurant; Dixon Rye (5,000 square feet), an upscale, rustic-style home furnishings retailer; and Tom+Chee (2,600 square feet), a café-style, comfort food restaurant known for its Grilled Cheese Donut. All three retailers are expected to open this fall. The Westside Ironworks redevelopment transforms the former site of Iron-Works International Inc. into a retail destination. The project is spearheaded by Westside Ironworks LLC, a partnership between Frank Buonanotte and Jeff Stein. Buonanotte is the founder and chairman emeritus of The Shopping Center Group and the founder and principal of Metro Real Estate Investment Advisors, a real estate investment fund. In 2010, Stein founded Stein Investment Group, which has invested in and is actively acquiring real estate throughout metro Atlanta and the Southeast.

February 18, 2015

New York Northeast Retail

Marcus & Millichap Brokers Sale of 107,065 SF Retail Property in New York

by Amy Works February 18, 2015

SPENCERPORT, N.Y. — Marcus & Millichap has arranged the sale of Spencerport Village Plaza, a retail property located at 27 Slayton Ave. in Spencerport. A private institution purchased the 107,065-square-foot property for $8.8 million. Joseph French, Thomas Dalzell, Mike James and Nathan Barnes of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

February 18, 2015

Florida Retail Southeast

Colliers Brokers $6.6M Sale of CVS/pharmacy in Orlando

by John Nelson February 18, 2015

ORLANDO, FLA. — Colliers International has brokered the $6.6 million sale of a 13,813-square-foot, single-tenant retail property at 5886 Conroy Road in Orlando. The triple-net leased asset is fully leased to CVS/pharmacy. Confl LLC purchased the asset from ECK 51 Conroy LLC. Cynthia Shelton and Kane-Morris Webster of Colliers International Central Florida, along with Jereme Snyder and Eric Carlton of Colliers International Greater Los Angeles, represented the seller in the transaction. CVS/pharmacy has roughly 10 years remaining on its lease.

February 18, 2015

California Multifamily Retail

San Francisco Apartment Building Sells for $3.6M

by Nellie Day February 17, 2015

SAN FRANCISCO – A 12-unit apartment building in San Francisco has sold to a limited liability company for $3.6 million. The community is located at 312 Baker Street. It was built in 1905. The buyer and seller, private investors, were represented by Clinton Textor and Marques Fields of Marcus & Millichap’s San Francisco office.

February 17, 2015

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