EVERGREEN PARK, ILL. — Detroit-based Lormax Stern Development, in partnership with Tampa, Fla.-based DeBartolo Development, has acquired Evergreen Plaza Mall (The Plaza) in Evergreen Park for an undisclosed price. Built in 1952, the mall has been largely vacant since 2013, with only four stores open at the time of sale. The buyers plan to demolish the majority of the existing 800,000-square-foot mall and replace it with a 425,000-square-foot open-air retail center on the 32-acre parcel. Construction is slated for completion in 2017.
COON RAPIDS, MINN. — Marcus & Millichap has brokered the sale of Dot Mini Storage, a self-storage facility with 6.7 acres of developable land in Coon Rapids. The asset, which features 240 units, sold for $2 million. Located at 9900 Vale St., the facility, which was built in 1984, features an on-site manager’s office and apartment, coded-access gate, perimeter fencing and a heated warehouse. Adam Haydon of Marcus & Millichap represented the seller, a private investor, while Haydon and Adam Schlosser, also of Marcus & Millichap, represented the seller, a private investor, in the transaction.
FAIRLESS HILLS, PA. — Cohen Real Estate has brokered the sale of Fairless Hills Shopping Center, a grocery-anchored community shopping located in Fairless Hills. Fairless Hills Shopping LP acquired the property for $22 million from Fairless Hills S.C. Associates. Situated on 34.5 acres on S. Oxford Valley Road, the center contains 292,067 square feet, of which 145,605 square feet is currently occupied by a variety of tenants, including Giant Supermarket, Dollar Tree, Rent-A-Center, Wells Fargo and McDonald’s. Vera Thomas of Cohen Realty Estate represented both parties in the transaction.
MARLBOROUGH, MASS. — CBRE/New England has brokered the sale of Shops at the Pond, a retail property located in Marlborough. RK Center acquired the property for $21.1 million from Kimco Realty Corp. The 104,125-square-foot center is fully occupied by a variety of tenants, including DSW, Best Buy, EMS, Olive Garden and Pure Hockey. Chris Angelone, Bill Moylan and Nat Heald of CBRE/NE represented the seller and buyer in the transaction.
NEW YORK CITY — Thor Retail Advisors has arranged a lease for 15,800 square feet at 279 McKibbin St. in Brooklyn’s Bushwick neighborhood. California-based Blue Bottle Coffee will use the space to operate a coffee roasting warehouse and Tartine baking facility for its New York area operations, as well as a café and bakery. The facility features 20-foot ceilings and more than 150 feet of frontage. Matthew Seigel of Thor Retail Advisors brokered the transaction. Terms of the lease were not released.
PHOENIX – Long Wong’s Restaurant is adding a new location in North Phoenix. The 2,200-square-foot outpost will be located at the southwest corner of Cave Creek Road and Bell Road. The landlord was represented by Stan Sanchez and Justin Rihs.
A booming Denver economy has strengthened the local real estate market, creating strong demand across all property sectors, including multifamily, housing, office and retail. The wealth effect stemming from robust employment and rising home values will specifically drive retail sales in the Denver metro this year. A thriving retail market will attract new tenants to the metro, and facilitate healthy rent growth. Employers will continue to expand in the metro, pushing total employment to a new high and drawing additional residents to the metro. Hiring will expand 3.3 percent this year as employers are expected to add 45,000 total workers to payrolls. Metro Denver has also attracted high-wage earners. For instance, Lockheed unveiled plans to add 850 high-paying jobs at its Jefferson County facility over the next few years. Meanwhile, rising housing demand has lifted the median price of an existing home nearly 60 percent over the past six years. This has caused Denver to become one of the most expensive non-coastal housing markets in the nation. High home values will positively affect how homeowners feel about their financial situation, encouraging retail spending. Retail construction will slow this year as many developers focus on redevelopment projects like the Southwest Plaza …
OSHKOSH, WIS. — The Morgan Partners has broken ground on a 35,000-square-foot Dick’s Sporting Goods location in Oshkosh. The retail store’s 7.8-acre site, located at Interstate 41 and Highway 21, will feature a junior box co-tenant and multiple outlot tenants. Neighboring retailers include Lowe’s Home Improvement Warehouse, Menards and Festival Foods. Grant Schwab of The Morgan Partners led the negotiations for the development team, while Jon Reese of Great Street Realty Partners and Dan Cohen of Mid-America Real Estate-Wisconsin represented Dick’s Sporting Goods in the deal.
MEARS, MICH. — Signature Associates has brokered the sale of a retail building, located at 527 18th Ave. in Mears, approximately 25 miles south of Ludington near Lake Michigan. Northwind Construction acquired the 2,560-square-foot property for an undisclosed sum. Bryan Bench of Cushman & Wakefield |Signature Associates represented the seller, Cook’s Lakeside Marine & Repair Services, in the transaction.
SANDUSKY, OHIO — Marcus & Millichap has arranged the sale of Add More Storage, a self-storage facility located at 2908 Venice Road in Sandusky. Situated on nearly six acres, the property features 401 storage units, ranging from 64 to 336 square feet. A limited liability company acquired the asset for $1.2 million. Joseph Holloway and Brett Hatcher of Marcus & Millichap represented the seller, also a limited liability company, and secured the buyer in the transaction.