GLEN ELLYN, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 2,500-square-foot Dunkin Donuts and a 1,400-square-foot Short Term Loans. The retail properties are two adjacent parcels located at 651 and 661 Roosevelt Road in Glen Ellyn. A private Illinois-based buyer purchased the property for full asking price of $1.7 million at a 6.75 percent cap rate.
BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired six retail properties for $35.4 million and sold a shopping center in Marshall, Mich. The properties include an H-E-B grocery store in Brenham, Texas; a 24 Hour Fitness in Fort Worth, Texas; a Golden Corral restaurant in Springfield, Ill.; and Advanced Auto Parts stores in Lorai, Ohio; Tallahassee, Fla. And Alabama; and a Dollar General in Blacksburg, S.C. In addition, the Bloomfield Hills, Mich.-based company has sold Marshall Plaza, a Kmart-anchored shopping center, for $5.5 million.
Fort Worth, which makes up the core of the western side of the Dallas/ Fort Worth Metroplex, has seen expansive growth both economically and in its resident base, making it an attractive destination for businesses and consumers alike. The population of the Fort Worth- Arlington Metropolitan Division has grown by more than 35 percent since 2000, according to estimates from Moody’s Analytics. Forecast data from Moody’s indicates a continuation of this trend, with projections through 2030 anticipating a total population of over 3.1 million, which is the current size of Iowa. Personal income is another demographic that has experienced a strong growth rate in recent years. Moody’s Analytics forecasts the fourth quarter to have been the strongest quarter of year-over-year growth in 2014, with 8.7 percent growth for personal disposable income and 7.9 percent growth for total personal income. This may be a telling sign that the impact of lower oil prices has accelerated consumer spending at the onset of the oil price decline in June 2014. Furthermore, retail sales growth steadily increased throughout 2014 in the Fort Worth metropolitan division, with the most recent figure for Fort Worth (4.9 percent) outpacing the national rate (4.1 percent) at the close …
SLIDELL, LA. — Stirling Properties and CBL & Associates Properties Inc. have announced 12 new tenants coming to Phase II of Fremaux Town Center, a shopping center in Slidell. The 285,000-square-foot Phase II is slated for an October 2015 completion. The new tenants are: Off Broadway Shoe Warehouse, Forever 21 Red, Pier 1 Imports, Victoria’s Secret, Buckle, Charlotte Russe, LOFT, Bath & Body Works, Torrid, Journeys, Claire’s and Which Wich. Phase I of Fremaux Town Center opened in March 2014 with anchor tenants Dick’s Sporting Goods, Michael’s, T.J. Maxx, Kohl’s and LA Fitness. Upon completion, the shopping center will span 635,000 square feet.
FORT LAUDERDALE, FLA. — Halvorsen Holdings has begun construction on 1600 Commons, a shopping center anchored by Trader Joe’s and Nordstrom Rack. The in-fill development will be the first Fort Lauderdale stores for the two retailers. The 80,000-square-foot center is located along Federal Highway between Oakland Park and Sunrise Boulevard. Halvorsen Holdings purchased the existing Toys “R” Us and Office Depot on the site and begun demolition to make way for the 12,500-square-foot Trader Joe’s and a new prototype for a 15,500-square-foot Office Depot. The two-story Nordstrom Rack will span 36,000 square feet. Other committed tenants include Mattress Firm, T-Mobile, Hair Cuttery and Anthony’s Coal Fired Pizza.
CRANFORD, N.J. — Marcus & Millichap has brokered the sale of Cranford Square, a retail property located in Cranford. The 34,573-square-foot property sold for $7.5 million. The fully leased center is occupied by Dunkin Donuts, UPS and Dollar General, among others. Michael Lombardi, Robert Angus and Julienne Pape of Marcus & Millichap represented the seller, a private investor, in the transaction. Lombardi and Angus also represented the undisclosed buyer.
NORTH BRUNSWICK, N.J. — Staples has opened its newest New Jersey location at North Village Shopping Center in North Brunswick. With the opening of the 14,000-square-foot store, the shopping center is 100 percent occupied. Other tenants are Bed Bath & Beyond, Barnes & Noble, Michaels, Eastern Mountain Sports, Panera Bread, Smashburger, Chili’s, A&G Fine Foods and Rossopomodoro Ristorante. Levin Management serves as the exclusive leasing and managing agent for the 132,000-square-foot center.
LOVELAND, COLO. – Glowgolf has opened a 36-hole miniature golf course at the Promenade Shops at Centerra in Loveland. The indoor, glow-in-the-dark course also has an area for birthday parties and group events. The Promenade is located at 5971 Sky Pond Drive. It is managed by Poag Shopping Centers LLC.
OAK LAWN, ILL. — The Boulder Group has arranged the $10.7 million sale of a new single-tenant, triple-net-leased Walgreens property in Oak Lawn. The property is located at the southwest corner of 95th Street and Southwest Highway. The 61,909-square-foot Walgreens property replaces a previous Walgreens store that lacked a drive-thru. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The seller was a Midwest-based developer and the buyer was a Northeast-based family office. The 20-year lease features 11 five-year renewal option periods.
CHICAGO — Waterton Associates LLC has acquired Pensacola Place, a 264-unit mixed-use property in Chicago’s Uptown neighborhood. The seller was undisclosed. Built in 1981, the Stanley Tigerman-designed building includes a mix of studio, one- and two-bedroom apartments, as well as 12 two-bedroom townhomes overlooking the property’s fourth-level sundeck. The property includes more than 81,000 square feet of retail space anchored by a recently renovated Jewel-Osco grocery store on the lower level of the building. Waterton will make upgrades to individual residences and also plans to update the community’s common areas. Waterton will serve as the manager for the property.
