Retail

CHICAGO — Walgreens opened its latest flagship store at 1601 N. Milwaukee Ave., in the historic Noel State Bank Building in Chicago. The company preserved much of the building's original architecture and even reused an old bank feature as a “Vitamin Vault.” Leopardo served as the general contractor for the project and Camburas & Theodore Architects provided architectural services. The Noel State Bank Building was constructed in 1919. The original bank fell victim to a run on the bank during the Great Depression. The building has housed several different banks over the decades, the last being Midwest Bank, which closed several years ago. The store will include a cafe and juice bar, a wine selection featuring more than 700 wines and expert eyebrow shaping and grooming services.

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WEST HARTFORD, CONN. — A Berkshire Bank property, located at 927 Farmington Ave. in West Hartford, has traded for $2.9 million. The bank signed a new, 20-year lease at the 2,680-square-foot building in May. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller in the transaction. Robert Hovarth and Todd Tremblay of Marcus & Millichap represented the buyer.

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SCOTTSDALE, ARIZ. — Shea Scottsdale Plaza, a 12,716-square-foot shopping center in Scottsdale, has sold to SheaScott LLC for $3 million. It is located at 7337 E. Shea. The building was 96.2 percent occupied at the time of closing. Notable tenants include Dickey’s BBQ Pit, Fate Brewing Co., Valencia Salon Studios & Fascinations. SheaScott was represented by Mark Rein of Rein & Grossoehme. The seller, an entity formed by Westwood Financial, was represented by CBRE’s Steve Julius and Jesse Goldsmith.

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BRANDENTON, FLA. — The 678,377-square-foot DeSoto Square Mall, located on U.S. Highway 41 and Cortez Road in Bradenton, has sold. An affiliate of New York-based Mason Asset Management Inc., a wholly owned subsidiary of Simon Property Group, acquired the regional mall. It opened in 1973 and was renovated in 1996. Macy’s and JCPenney anchor the retail property, which also includes an empty Dillard’s box. Peter Stevens, Dave Conn, Casey Rosen and Nik Kozy of CBRE represented the unlisted seller.

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FAYETTEVILLE, N.C. — Wilton, Conn.-based Westport Capital Partners has purchased the 250,000-square-foot Marketfair Mall at the intersection of Skibo and Morganton roads in Fayetteville. A 15-screen, 60,000-square-foot Carmike Cinemas anchors the retail property, which also includes a 66,000-square-foot Gander Mountain Outdoor World and 35,000-square-foot HH Gregg. Joe Montgomery of Colliers International’s Atlanta office represented the seller.

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CHARLOTTE, N.C., AND NEWNAN, GA. — Two Advance Auto Parts stores in North Carolina and Georgia have sold to a California-based buyer to complete a 1031 exchange. The automotive retail property in Charlotte sold for $1.78 million and the one in Newnan sold for $1.64 million. Steve Horvath and Jay Levell of Berkeley Capital Advisors represented the unlisted seller.

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WARWICK, R.I. — Winstanley Enterprises and Surrey Equities have acquired the historic Rhode Island Mall at 650 Bald Hill Road in Warwick for $38 million. The 450,000-square-foot mall originally opened as the Midland Mall in 1967 as the first two-level enclosed mall in New England. The mall portion of the property, totaling 225,000 square feet, has been vacant since closing in April 2011. The remaining standalone retail space is currently anchored by Sears, Walmart and Kohl's. The new owners plan to renovate the mall and create larger tenant spaces that cater to anchor tenants. Cushman & Wakefield represented the seller, GLL Real Estate Partners, in the transaction. Eastern Retail Properties represented the buyer.

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PITTSBURGH — A joint venture between BIG Shopping Centers USA and M&J Wilkow has purchased The Waterfront, a 764,691-square-foot retail center in Pittsburgh. HFF arranged a 10-year, $81.3 million acquisition loan for the buyers through Ladder Capital. The Waterfront is located at 100-146 W. Bridge St., near the University of Pittsburgh Medical Center and Carnegie Mellon University. The property, which is a redevelopment of a steel mill, is 89 percent occupied. Tenants include Best Buy, Michaels, Petco and T.J. Maxx. John Pelusi and Gerard Sanosti led the HFF team that represented the seller.

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