NAPERVILLE, ILL. AND INDIANAPOLIS — Inland Real Estate Corp. has sold two Midwest retail properties for a combined $7.5 million. Inland sold the 67,632-square-foot Butera Market shopping center in Naperville for $5.7 million. The buyer was an independent owner-operator of the property's anchoring supermarket. On the same day, Walmart Stores acquired the company's 67,541-square-foot retail property in Indianapolis, which was formerly leased to Cub Foods.
MADISON, WIS. — Northern Tool + Equipment has signed a new 15,000-square-foot retail lease at 2118 W. Beltline Highway in Madison, where it will join Steinhafels Furniture. Clay Mote of Venture Commercial, and an X Team International Partner, represented the tenant in the transaction. The landlord was self-represented.
LAS VEGAS – A 17,123-square-foot retail property in Las Vegas that is leased to CVS has received $3.7 million in first-mortgage refinancing. The property is located at 4810 West Ann Road. Financing was based on a 10-year term and a 20-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq’s Los Angeles office, in cooperation with the firm’s Las Vegas office.
SANTA MONICA, CALIF. – A 7,500-square-foot retail property in Santa Monica that is leased to Converse has received a $7-million, full cash-out loan. The property is located on Santa Monica’s Third Street Promenade. The 15-year loan features a 30-year amortization schedule and a 4.98 percent fixed interest rate. The loan was arranged by George Smith Partners. Barbara Tenzer of Tenzer Commercial represented the lessor in this transaction.
SHERMAN OAKS, CALIF. — A new 12,830-square-foot CVS/Pharmacy is set to open in Sherman Oaks, a Los Angeles submarket. The $3.5-million development is located at 5601 Van Nuys Blvd. It was developed by LandMark Retail Group. The 1.23-acre site previously housed an abandoned auto dealership.
TROY, MICH. — Canada-based Slate U.S. Opportunity (No. 1) Realty Trust has acquired Cambridge Crossings, a 238,963-square-foot community shopping center in Troy. The center is anchored by Walmart and additional tenants include Marshalls, Dollar Tree and Bailey's Pub & Grille. Walmart is currently expanding its store into a supercenter format. The center is located two miles from downtown Birmingham. Ben Wineman of Mid-America Real Estate Corp. and Daniel Stern of Mid-America Real Estate-Michigan Inc. represented the seller, a joint venture between LaSalle Investment Management and Kimco Realty, in the transaction.
GREEN BAY, WIS. — Rubicon US Reit has purchased Bellevue Town Center, a 74,270-square-foot grocery-anchored retail center in Green Bay for $12 million in an off-market transaction. The fully occupied center is anchored by a 64,470-square-foot Copps grocery store. The center also includes seven small shop spaces totaling 9,800 square feet. The property is located at 2064 Lime Kiln Road. Greg Dietz and Danny Spitz of Baum Realty Group represented the buyer in the transaction. The seller was Outlook Development Group.
SANTA MONICA, CALIF. – A 7,500-square-foot retail property in Santa Monica that is leased to Converse has received a $7-million, full cash-out loan. The property is located on Santa Monica’s Third Street Promenade. The 15-year loan features a 30-year amortization schedule and a 4.98 percent fixed interest rate. The loan was arranged by George Smith Partners. Barbara Tenzer of Tenzer Commercial represented the lessor in this transaction.
SHERMAN OAKS, CALIF. — A new 12,830-square-foot CVS/Pharmacy is set to open in Sherman Oaks, a Los Angeles submarket. The $3.5-million development is located at 5601 Van Nuys Blvd. It was developed by LandMark Retail Group. The 1.23-acre site previously housed an abandoned auto dealership.
DALLAS — Adolphus Tower, located at 1412 Main St. in downtown Dallas, has added Freshii, a new health-casual restaurant concept, to its tenant roster. Freshii will occupy 2,600 square feet of walk-up retail space on the Akard Street side of Adolphus Tower. Construction of the restaurant will begin this month and the tentative opening date is March 1, 2013.