MORTON GROVE, ILL. — The Bon-Ton Stores Inc. has signed a 20,000-square-foot lease in Village Plaza, located at 7250 Dempster St. in Morton Grove, a northwest suburb of Chicago. The Bon-Ton Stores plans to open a Carson’s Clearance Center in early April 2014 in the space, which was previously occupied by Loehmann’s. With the new store in place, the center will be 98 percent leased. The retailers in this center include T.J. Maxx, Home Goods, Planet Fitness, Produce World and Pet Supplies Plus. Village Plaza is a 136,000-square-foot community center at the intersection of Dempster Street and Harlem Avenue. Joe Parrott and Matt Ramsey of CBRE arranged the lease.
Retail
MELVILLE, N.Y. — A&G Realty Partners has been engaged by RadioShack to lead the disposition of up to 1,100 underperforming stores. Radio Shack announced in early March it would close the stores after revenues and sales continued to slip for the electronics retailer, which has been struggling with an outdated image in the marketplace. RadioShack reported a loss of $191.4 million during the fourth quarter of 2013, compared to the previous year. The company is continuing to work toward rebuilding its brand, following a slow holiday season, some operational issues and some restaffing at higher levels of the company. The stores that will close were chosen based on location, area demographics, lease life and financial performance. “We will publish the store closing list when it becomes available,” says Andrew Graiser, co-president of A&G.
CHICAGO — Acadia Realty Trust has acquired 865 W. North Avenue, a 16,000-square-foot retail property located in the Lincoln Park neighborhood of Chicago for $14.8 million. Elk Grove Village, Ill.-based Tri-equities LLC sold the two-story property, which is fully leased to Forever 21. Stephen Lieberman of Marcus & Millichap represented Acadia Realty Trust in the transaction. Brad Teitelbaum and Peter Block of Colliers International represented the seller.
ARNOLD AND WENTZVILLE, MO. — Ross Dress For Less has signed two leases totaling 50,000 square feet in suburban St. Louis. Ross signed a lease for 25,000 square feet at 818 Arnold Commons Drive in Arnold, located about 16 miles south of St. Louis. Arnold Triangle Development LLC owns the property. Ross also signed a lease for 25,000 square feet from THF Wentzville Two Development LLC at 1275 West Pearce Blvd. in Wentzville, located about 40 miles west of St. Louis. L3 Corp. represented Ross in both transactions.
FRISCO, TEXAS — Marcus & Millichap has brokered the sale of a 21,361-square-foot net-leased property occupied by childcare provider Crème de la Crème in the Dallas suburb of Frisco. Located on 3.6 acres at 9375 Legacy Drive, the building is in close proximity to the Dallas North Tollway. At the time of the sale, 10 years remained on the original 15-year triple-net lease. Jason Vitorino of Marcus & Millciahp marketed the property on behalf of the seller, a Texas-based partnership. The asset received multiple offers, generating competition among potential investors and resulting in the seller accepting an offer greater than the listing price.
LAS VEGAS — Falkor Properties has acquired a 42,246-square-foot retail building in Las Vegas for $6.3 million. The building is located at 5191 W. Charleston Blvd. Falkor was represented by Brendan Keating of The Equity Group. The seller, TME Red Rock Plaza, LLC, was represented by Cathy Jones, Paul Miachika, Jeff Berg, Mica Berg, Jessica Beall and Roy Fritz of Sun Commercial Real Estate.
HUNTINGTON BEACH, CALIF. – A 4,800-square-foot building in Huntington Beach that is triple-net leased to Bank of the West has sold to a 1031 exchange buyer for $4.3 million. The building is located at 6881 Warner Ave. The seller, Big Four, LLC, was represented by Charles DeSantis and Kyle Gulock of Charles Dunn Company.
MANASSAS, VA. — Pyramid Management Group (PMG) has acquired an interest in the Manassas Mall in Manassas, Va. PMG will be taking over all leasing and management of the 935,000-square-foot regional shopping center. The closing, which took place on Feb. 28, is Pyramid's first foray into northern Virginia. Pyramid plans to restructure the mall with a balanced mix of fashion retail, dining and unique entertainment offerings. In addition, Pyramid will update the shopping center with a redesigned interior, new common area with soft seating and a modernized food court.??Pyramid, known for developing Destiny USA in Syracuse, N.Y., is the largest privately owned developer of shopping centers in the northeastern United States. Pyramid has focused on retail-based tourism and entertainment industry for more than 40 years. “We look forward to evolving the Manassas Mall into a shopping center the city of Manassas and its residents deserve,” says Stephen Congel, CEO of Pyramid Management Group.
WOODSTOCK, GA. — Colliers International has arranged the sale of Woodstock Crossing, a Kroger-anchored shopping center located at 12050 Highway 92 in Woodstock, a northern suburb of Atlanta. The asset sold for approximately $5.7 million. Woodstock Crossing Center LLC purchased the asset from Charter Hall, an Australian real estate investment trust. Joe Montgomery and Tony D’Ambrosio of Colliers International’s Southeast shopping center investment sales group represented the seller in the transaction. This is the third grocery-anchored shopping center sale in metro Atlanta that Montgomery and D’Ambrosio has brokered on behalf of Charter Hall.
NASHVILLE, TENN. — H.G. Hill Realty Co. has secured a lease for Phase II of Hill Center Green Hills, H.G. Hill’s 220,000-square-foot, mixed-use lifestyle center in Nashville. The company signed the lease with Williams-Sonoma Inc. for its Pottery Barn brand to occupy a 12,684-square-foot store. Redevelopment at the site will begin in early 2015, and Pottery Barn is expected to begin its build-out in the fall of 2015. Bank of America will continue to occupy the site until its relocation to a property on Richard Jones Road.