OAK BROOK, ILL. — Inland Real Estate Acquisitions and IREIT Business Manager & Advisor, on behalf of Inland American Real Estate Trust, have acquired retail assets in four states totaling $25.5 million. The properties include: Newington Fair, a 186,205-square-foot shopping center located in Newington, Conn., purchased for $17.2 million; and a portfolio of seven Dollar General stores, totaling approximately 63,000 square feet, located in Alabama, Georgia and Tennessee, purchased for $8.3 million. Lou Quilici, senior vice president of IREIT Business Manager & Advisor, facilitated the acquisition of Newington Fair. Joe Cosenza, president of Oak Brook-based Inland Real Estate Acquisitions, facilitated the purchase of the Dollar General stores.
RAYMORE, MO. — Sam’s Club has broken ground on a 136,085-square-foot grocery store at Raymore Galleria shopping center in Raymore just south of Kansas City. The store is scheduled to open this October. Sam’s Club is the newest tenant to the 400,000-square-foot shopping center located at Highway 58 and Dean Avenue. Kansas City-based Block & Co. Inc. is construction manager for the project.
MANKATO, MINN. — Marcus & Millichap has sold O’Reilly Auto Parts, an 8,343-square-foot property for $700,000 in Mankato, south of Minneapolis. The net-leased property is located at 510 Pfau St. Marcus & Millichap represented the buyer, an individual trust, and the seller, a private investor, in the deal.
EL PASO AND EDINBURG, TEXAS — Cinemark Holdings has plans to launch two new six-screen movie theaters in El Paso and Edinburg. The Cinemark Movie Bistro-Sunland Park, located at 750 Sunland Park Drive in El Paso, will be part of the Sunland Park Mall development. The Cinemark Movie Bistro-Edinburg, located on the northwest corner of Trenton Road and Rhonda Street in Edinburg, will be part of the Trenton Crossroads Plaza development. Both theaters are scheduled to open in the summer of 2013.
EL PASO, TEXAS — River Oaks Properties has purchased the 137,386-square-foot Coronado Shopping Center, a grocery-anchored center located in El Paso. River Oaks purchased the shopping center from Rich Development. The property is fully occupied by Anna's Linen, AutoZone, Big 8 Grocery, Dollar Tree, Eraser Dust, Harbor Freight, Goodwill, Sally Beauty Supply, Rent-A-Center and a Carl's Jr. pad site. River Oaks also acquired a Starbucks pad site in a separate transaction.
TORRANCE, CALIF. – Hawthorne Promenade, a 7,440-square-foot retail property in Torrance, has sold to Ron B. Tucker for $5 million. It is located at 20016 Hawthorne Blvd. The property is fully occupied by tenants like Trader Joe’s, Ross, Marshalls, Party City, Sears Outlet, David’s Bridal, Payless Shoes, Babies-R-Us, Office Depot and In-N-Out Burger. The seller, Hawthorne Promenade LLC, a subsidiary of Arenda Capital Management, LLC, was represented by Peter J. Lund and Scott Crane of NAI Capital’s West Los Angeles office.
LOS ANGELES — A Southern California-based retail portfolio that is known as the DJM Retail Portfolio has received $60 million in mezzanine financing. The funds will be used to refinance and recapitalize the four-property, 962,000-square-foot portfolio, which mostly consists of grocery-anchored retail properties in Torrance, Lakewood, La Habra and Ventura. The portfolio has a 96 percent occupancy rate. The funds were provided by HFF’s Bryan Ley, John Crump, Michael Leggett and Peter Smyslowski on behalf of DJM Capital Partners.
BALDWIN PARK, CALIF. — NewMark Merrill Cos. and a New York-based real estate partner has begun the $2.5 million redevelopment of Park Plaza on Maine, a 165,000-square-foot retail center in Baldwin Park. The property was built in 1989 as part of an agreement with the City of Baldwin Park's redevelopment agency. Superior Grocers and CVS/pharmacy anchor the center, which includes other tenants such as Chase Bank, Little Caesers and O'Reilly Auto Parts. All of the stores are remaining open during the construction. Park Plaza on Maine will be upgraded with modern facades, monument signage, outdoor seating and a new water feature. The redevelopment will also make room for more street-front retailers along Maine Avenue and Ramona Boulevard. Luca Giovanardi of NewMark Merrill Cos. is overseeing the project.
IRONDALE, ALA. — Michael Randman of Birmingham, Ala.-based Southpace Properties has represented Mark Gold in the $2.2 million purchase of Grants Mill Station, a 226,837-square-foot shopping center in Irondale. CBRE Nashville represented the unlisted seller. Southpace Properties is Alabama’s largest independent commercial real estate firm.
COLUMBUS, OHIO — New York-based Schottenstein Property Group has sold two buildings totaling 1.3 million square feet of office and warehouse space in Columbus. The buildings, located in the Columbus International Air Center, are fully occupied and tenants include: DSW Inc. corporate headquarters and distribution facility and the Ohio Department of Jobs and Family Services. Brokerage firm Binswanger represented Schottenstein in the deal. The buyer was undisclosed.