KELLER — Capital Square Realty Advisors LLC has acquired a 43,801-square-foot retail property in the northern Fort Worth suburb of Keller. The facility, which currently houses a 24 Hour Fitness Super Sport, is located at 5901 Golden Triangle Boulevard and boasts 239 parking spaces. Constructed in 2008, the location sports amenities such as a full-sized basketball court, group exercise rooms, indoor lap pool, whirlpool, racquetball court and sauna.
STERLING HEIGHTS, MICH. — SOBB Sterling LLC has purchased a 206,000-square-foot shopping center in Sterling Heights for $7.6 million. Led by Joshua Simon, president of commercial real estate development firm SimonCRE, the SOBB Sterling partnership acquired Market Place Shopping Center through a foreclosure. Target, a 20-screen MJR Theatres, Ruby Tuesdays and a variety of regional and local retailers anchor the center, which is located on Van Dyke Avenue. More than 50,000 square feet of retail space is available in the 20-acre shopping center. Simon plans to renovate the retail property by updating the landscaping and parking lot and making overall building improvements. Target is currently remodeling its store to match the new look that Market Place Shopping Center will receive. SOBB Sterling LLC brings together investors from Arizona and Kansas to Michigan.
MADISON, WIS. — WS Development has unveiled plans for a major redevelopment of the Hilldale Shopping Center in Madison. The Massachusetts-based company, which owns and operates the 55-store, 475,000-square-foot mall, announced its $15 million proposal Tuesday.Redevelopment plans include transforming the existing enclosed mall area between Metcalfe’s and Macy’s and create an open air streetscape. The plan also proposes outward-facing storefronts along the existing streets in the area. A host of new stores, including kitchenware retailer Sur La Table, fitness studio Pure Barre, Morgan Shoes, Stride Rite and New Balance, are expected to open in fall 2014.
CARPENTERSVILLE, ILL. — Capital Real Estate Advisors LLC has purchased a 110,000-square-foot shopping center located on Western Avenue in Carpentersville, about 40 miles northwest of Chicago, for $7.1 million. Tenants at Springhill Market Place include Fifth Third Bank, Big Lots, Firestone, Auto Zone, Sherwin Williams, UPS and Fast Signs. National Realty Network represented Capital Real Estate Advisors in the transaction. Rosemont, Ill.-based Foresite Realty Partners is serving as the property manger.
WHEELING, ILL. — Baum Realty Group LLC has arranged the sale of a 14,348-square-foot retail strip center and 60,001-square-foot pad site in Wheeling, located about 28 miles north of Chicago. Danny Spitz, Greg Dietz and Ben Brichta of Baum Realty, along with Doug Renner and Gary Shvartsman of the firm’s landlord representation team, represented the seller. Baum also procured the buyer, an out-of-state investor, in the transaction. The retail property is located at 701- 749 N. Milwaukee Ave. in front of the 400-room Westin Chicago North Shore Hotel. With a 21 percent occupancy, the investment represents a value-add opportunity, according to Baum. The strip center includes 11,179 square feet of contiguous available space. Baum will continue its assignment as the leasing agent.
NEW MILFORD, CONN. — Washington Trust’s commercial real estate group has provided a $1.3 million loan for the refinancing of an 11,108-square-foot retail building in New Milford, a northwest suburb of New Haven. New Milford Main Investment LLC was the borrower. Rite Aid Pharmacy leases the building, which is located at 173 Danbury Road.
KING OF PRUSSIA, PA. — Target is moving into King of Prussia for the first time, with a new 165,000-square-foot store set to open in July 2014. The new store will be part of the Valley Forge Shopping Center located on West DeKalb Pike, about 20 miles northwest of Philadelphia. The location will employ approximately 200 to 250 team members and include everyday essentials and groceries, as well as Starbucks, Target Optical and Target Pharmacy. Target currently operates 1,856 total stores, of which 1,788 are in the United States and 68 are in Canada, as well as Target.com.
ARVADA, COLO. — Phillips Edison–ARC Shopping Center REIT Inc. has purchased Westwoods Shopping Center, a 90,855-square-foot shopping center in Arvada. The purchase price was not disclosed. The center is located at 15530 & 15570 West 64th Ave. just northwest of Denver. It is currently 95.4 percent occupied and is anchored by King Soopers grocery store, a subsidiary of Kroger.
BEND, ORE. — Walgreens preferred developer Seven Hills Properties has purchased a 1.8-acre land parcel in Bend for $2.8 million. The site is on the southwest corner of Third Street and Franklin Avenue. It stretches for a full city block. Construction on the new Walgreens will begin next month, with Kirby Nagelhout serving as general contractor.
DADE CITY AND FORT MYERS, FLA. — Ackerman & Co., an Atlanta-based commercial real estate brokerage, management, development and investment firm, has sold two net-leased CVS/pharmacy stores in Florida for nearly $14 million. Ackerman & Co. sold a CVS/pharmacy in Dade City for $5.7 million to a 1031 tax-deferred exchange buyer in an all-cash transaction. Patrick Whitney of Marcus & Millichap's Dallas office represented the buyer in the transaction. Ackerman & Co. also sold a CVS/pharmacy in Fort Myers to an affiliate of New Jersey-based Roebling Investment Co. for $8.2 million. The transaction included the buyer's assumption of the current CMBS loan. Ray Yung of Calhoun Cos. represented the buyer in the transaction.