LAKE BLUFF, ILL. — The Boulder Group has brokered the $3.2 million sale of a two-tenant, net-leased property in Lake Bluff, Ill., a suburb of Chicago. The 7,902-square-foot retail center, originally built in 1985, is located at 305 S. Waukegan Road. Panera Bread and Noodles & Co. are tenants in the building. The property is an outparcel to a Heinen’s grocery-anchored center. Heinen’s, an upscale grocery store chain, replaced the vacant Dominick’s property. Panera has more than four years remaining on its lease that expires Aug. 31, 2018. The lease features two five-year renewal options with 10 percent rental escalations. Noodles & Co. has more than 10 years remaining on its lease, which expires Oct. 31, 2024. The lease features a 6.7 percent rental escalation in the primary term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a foreign investor from Spain, in the transaction.
Retail
COVINGTON, LA. — Movie Tavern, an in-theater dining concept, plans to open its first Louisiana in Covington on July 31. The new theater, located at 201 N. Highway 190, will feature eight screens with one auditorium featuring MT-X (Movie Tavern Xtreme), an enhanced theater that has a three-story screen, 3D projector and Dolby Atmos sound. With the new location, Movie Tavern has 18 properties in eight states.
MCKINNEY, TEXAS — James V. DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix regional office, has arranged the $5.8 million refinancing of Stonebridge Crossing, a shopping center in McKinney, Texas.Located at 6700 Virginia Parkway, the retail center spans 35,281 square feet. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Centennial Medical Center is one of the property’s major tenants. The shopping center is shadow-anchored by Albertsons.
DALLAS — Casual Living Patio & Fireplace has acquired the 12,135-square-foot Cornerstone Plaza in an off-market transaction. The 1.9-acre retail property is located at 2801 E. Southlake Boulevard, near the Texas State Highway 114 junction. Casual Living plans to occupy 8,000 square feet of Cornerstone Plaza and lease the balance of space to a prospective tenant. The space will be renovated for three months before Casual Living opens.
MT. VERNON, ILL. — A new 32,022-square-foot Big Lots department store has opened at the Times Square Mall shopping center in Mt. Vernon, 80 miles east of St. Louis. The Sansone Group and Pine Tree Commercial Realty LLC own the 269,328-square-foot shopping center in partnership with Elgin, Ill.-based Wanxiang America Real Estate Group. Times Square Mall is located on the southeast corner of Broadway Street (State Route 15) and 42nd St. JC Penney, Dunham Sports and Peebles anchor the center. Other tenants at the center include rue21, Ross Dress for Less, GNC, Maurices, Claire’s, Bath & Body Works, Glik’s, Shoe Sensation, Subway and Wendy’s.
MANCHESTER, CONN. — Marcus & Millichap has arranged the leasehold sale of a two-tenant shopping center in Manchester. The 49,905-square-foot asset sold for $2.8 million. Dean Zang, Mark Taylor, Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company related to Skyline Pacific Properties of California. A Hartford County, Conn.-based buyer purchased the property.
PORTLAND, ORE. — House Spirits Distillery has leased 14,000 square feet in Portland. The new new distillery and tasting room will be located at 68 SE Stark Street in the city’s Central Eastside Industrial District. The company will occupy the space once the custom build out is completed this November. House Spirits was represented by Cara Nolan of CBRE. The landlord, Harsch Investment Properties, was represented by Todd DeNeffe of Cascade Commercial Real Estate.
AURORA, ILL. — Simon Property Group has broken ground on a 50-store expansion of Chicago Premium Outlets in Aurora. The multi-million dollar project will expand the outlet center by almost two-thirds for a future total of more than 170 stores. Among the new retailers slated to open in late spring 2015 will be Saks Fifth Avenue Off 5th, which will join the center’s current list of designer and name brands, including Adidas, Coach, Gap Outlet, Kate Spade New York, Levi's, Michael Kors, Polo Ralph Lauren, Theory, Vera Bradley and more. Expansion plans include the addition of fire pits, art installations, a pond, and the addition of approximately 1,900 parking spaces. The new stores will occupy 45 acres on a vacant industrial site just east of the current Chicago Premium Outlets at Farnsworth Avenue and Bilter Road. The project also calls for renovation of the existing center, including enhanced landscaping and newly paved sidewalks, upgraded seating and lounge areas, improved lighting, a fresh new paint color scheme and updates to the center's food offerings.
TOPEKA, KAN. — Mid-America Real Estate Corp.’s investment sales team brokered the $18 million sale of Wanamaker Shopping Center in Topeka, Kan. Fort Wayne, Ind.-based Equity Investment Group Inc. purchased the regional shopping center. Wanamaker Shopping Center is located at the southeast corner of Wanamaker Road and 17th Street in Topeka, Kan. Big Kmart, Hobby Lobby and Bed Bath & Beyond anchor the 269,875-square-foot center. Joe Girardi of Mid-America Real Estate Corp. in cooperation with Eric Gonsher of The R.H. Johnson Co. represented the seller, Kansas City, Mo.-based Eighteen Capital Group in the transaction.
WICHITA, KAN. — A new Sam’s Club has opened in Wichita, Kan. The 136,000-square-foot store is located at 3084 N. Maize Road. A grand opening ceremony for the new membership warehouse club took place on Thursday, July 17. Associates of Sam’s Club presented several local organizations with more than $18,000 in grants during the ceremony. The new store features a variety of members-only amenities, including a fresh bakery, tire and battery center, a café and a fuel station. Sam’s Club, a division of Wal-Mart Stores Inc., hired more than 180 new associates for the new store.