LIBERTYVILLE, ILL. — Paragon Real Estate has broken ground on two retail buildings at the southeast corner of Milwaukee Avenue and Artaius Parkway in Libertyville, a northern suburb of Chicago. Anchor tenant Trader Joe’s is scheduled to move into the entire 12,500-square-foot building at 1600 S. Milwaukee Ave. later this year. Oak Brook, Ill.-based Paragon is also developing an 8,100-square-foot, multi-tenant building divisible for up to three retailers at the south end of the three-acre parcel. A Mariano’s Fresh Market, Lowe’s, Staples and Starbucks are located across from the site, and a Jewel-Osco is located just north of the development. The site includes 130 parking spaces and two monument signs along Milwaukee Avenue, one for Trader Joe’s and the other for the multi-tenant retail. Paragon purchased the site in July 2012.
CHAMPAIGN, ILL. — Ramshaw Real Estate has leased 32,000 square feet of retail space to American Freight Furniture and Mattress. The new Champaign store is located in the Shops at Glenn Park, formerly Champaign Village, at 1810 Glen Park Drive. Current tenants at Shops at Glenn Park include Cost Cutters, LaVida Massage, State Finance, Coram Specialty Infusion Services, Apria Health Care, LaChic Nail Salon, State Finance, Open Road Pavement and O'Neil Brothers. American Freight now operates more than 80 stores in the United States. The retailer is a warehouse-style discount furniture store that specializes in furniture obtained through dealer cancellations, factory closeouts, retail chain buyouts and wholesale liquidations.
HOWELL, N.J. — Construction on Tropicana Power Retail Center, a 289,000-square-foot retail center in Howell, will begin in the third quarter. The development is located at 5313 Route 9 and will complement an existing 800,000 square feet of retail space, also along the Route 9 corridor. The owner of the property, AAM Mill LLC, which owns more than 10 million square feet of retail, commercial and residential properties in the U.S., Europe and Morocco, says funding was provided in-house. All options for tenancy at the center are open. Sitar Co. is handling leasing for the project.
THE WOODLANDS, TEXAS — Jones Lang LaSalle's Capital Markets team has arranged $23 million in acquisition financing for Woodlands Crossing, a 125,186-square-foot shopping center located in The Woodlands. Trader Joe's anchors the property, which is fully leased. The property is located at the southeast corner of Woodlands Parkway and Kuykendahl Road. Mike Yavinsky, Jimmy Board, Jon Goldstein and Wesley Boatwright arranged the acquisition financing through Metropolitan Life Insurance Co. on behalf of the borrower, Global Retail Investors LLC, which is managed by Bethesda, Md.-based First Washington Realty Inc.
SAN FRANCISCO – A Nordstrom Rack is set to open on Market Street. The location will be right across from its flagship store in San Francisco. It will occupy 45,495 square feet at 901 Market Street. The discounter will absorb a portion of the building’s ground floor, as well as the entire second floor. It is scheduled to open in spring 2014. Nordstrom was represented by Randy Cantrell of Northwest Retail Partners and Jim Randolph and Danielle Bromstead Cornish & Carey Commercial Newmark Knight Frank (C&CCNKF) Retail. The landlord, an LA-based REIT, was represented by Julie Taylor of C&CCNKF Retail.
SLIDELL, LA. — Dillard's has signed a 126,000-square-foot lease to anchor the second phase of Fremaux Town Center in Slidell. Phase I of the project, totaling 330,000 square feet, is currently under construction and will be anchored by Kohl's, Dick's Sporting Goods, Michaels, T.J. Maxx and Best Buy. Phase II will include up to 320,000 square feet of additional retail space. Phase I is scheduled for completion in March 2014, with construction of Phase II set to begin around the same time. The second phase is scheduled to open in spring 2015. CBL & Associates Properties Inc. and Stirling Properties are constructing the project.
MEMPHIS, TENN. — Floor and Decor Outlets of America Inc. has signed a 75,134-square-foot lease to open the first Floor & Decor in Tennessee this July. The hard surface flooring store will be located at Perimeter Shopping Center, near the intersection of Interstates 40 and 240 in Memphis. Belz Enterprises Inc. manages the 370,000-square-foot property. The site features a traffic count of more than 100,000 cars per day. The Shopping Center Group represented Floor and Decor Outlets of America Inc. in the transaction.
ATLANTA — Regal Entertainment Group has announced that the soon-to-be constructed Avalon Stadium 12 & RPX along State Route Georgia 400 in Atlanta will include upscale amenities. Every seat will be a recliner with a footrest. The theater will also include table areas for dining, along with a menu that will feature restaurant-quality food and drink selections, as well as traditional cinema snacks. The Avalon lobby will feature a lounge with soft-seating areas and table settings. The theater's largest auditorium will be equipped for the Regal Premium Experience, which will offer the “best in both sight and sound technology,” the company states. The new theater is scheduled to open in 2014.
SCHERERVILLE, IND. — Regency Centers Corp., a national owner, operator and developer of grocery-anchored and community shopping centers, has begun construction on the $50 million first phase of Shops on Main in Schererville. Gordmans, Ross Dress for Less, HomeGoods and DSW Designer Shoe Warehouse will anchor the 147,851-square-foot community shopping center. The center is located at the intersection of two main arterial roads, U.S. Route 41 and Main Street, about 25 miles southeast of Chicago. Some of the anchors are scheduled to open in spring 2014. The first phase will include two retail buildings and five outparcels on 28 acres of the 35-acre site.
KINGSTON, N.Y. — Marcus & Millichap Real Estate Investment Services has arranged the sale of a 5,250-square-foot Verizon Wireless-occupied property in Kingston for $2.7 million. Judson Kauffman and Glen Kunofsky in Marcus & Millichap’s Manhattan office represented the buyer and seller, both private investors, in the transaction. Verizon Wireless is an outparcel to the Kings Mall, which is anchored by Marshall’s, HomeGoods, and Olive Garden. There are four years remaining on the 10-year, double net lease to Verizon Wireless.