MATTESON, ILL. — Marcus & Millichap has arranged the $725,000 sale of a former Bally's Total Fitness building, which was marketed as a retail redevelopment opportunity, in Matteson. The 98,881-square-foot property is located at 4701 Lincoln Mall Drive, east of the Lincoln Mall. Steven Stoehrer and George Ghattas of Marcus & Millichap represented the seller, a partnership, in the transaction.
DARIEN, CONN. — Kleban Darien LLC has acquired a 9,837-square-foot retail building at 987 Boston Post Road in Darien for $7.5 million. The property is fully leased to Brooks Brothers, the high-end apparel company, on a long-term basis. The two-story building was constructed in 2008 and is adjacent to a Metro-North train station. A team from Cushman & Wakefield, including Al Mirin, Kate Schwartz and Andrew Merin, represented the seller, Brooks Darien LLC, in the transaction.
SCOTTSDALE, ARIZ. — The Lincoln Village Shops in Scottsdale has sold to Global Retail Investors for $38.7 million. The 71,142-square-foot retail center is located at 6202 N. Scottsdale Road. Notable tenants at the center include Walgreens, Trader Joe’s, Fogo de Chao, Einstein’s Bagel, My Sister’s Closet, Well Suited and Rancho Pinot Grill. The seller was Scottsdale Road Partners, an affiliate of Redwood Real Estate Partners. The transaction was facilitated by Patrick Dempsey and Jan Fincham of Lee & Associates Arizona.
OXNARD, CALIF. – A 108,382-square-foot retail redevelopment site that was formerly occupied by Home Depot has sold to Oxnard Vineyards, LLC, for $7.1 million. It is located at 2600 E. Vineyard Ave. The 11-acre site contains a 104,000-square-foot building and a 2,000-square-foot building that holds a Jack in the Box. Home Depot vacated the building in 2002. Jack in the Box has operated from this location for the past 15 years. Oxnard Vineyards intends to invest an additional $5 million to refurbish the property. Vallarta grocery store plans to occupy 63,000 square feet, while Fallas discount stores will absorb 26,727 square feet. The balance will be divided into 1,000-square-foot pads. The seller, Wells Fargo, was represented by John Battle and Paul Capra of Lee & Associates-LA North/Ventura.
SCOTTSDALE, ARIZ. – Scottsdale Crossing, a 52,850-square-foot retail center in Scottsdale that contains three inline retail buildings, has received a $6.6-million refinance. The property is located at 2765 North Scottsdale Road. It is shadow anchored by Albertson’s. Notable tenants include Subway, Einstein’s, Jamba Juice and Chipotle Mexican Grill. Financing was arranged by John M. Stewart and Ilan Reissner of NorthMarq Capital’s Denver office.
LOS ANGELES – Groceries Apparelhas moved and expanded its corporate headquarters and manufacturing facilities to Alameda Square in Downtown Los Angeles. The men’s and women’s apparel manufacturer, distributor and wholesaler has signed a five-year lease with EVOQ Properties. It plansto occupy 33,000 square feet of Building 2 at Alameda Square. The new space will allow the retailer to nearly double its operations.
DURHAM, N.C. — The Flintkote Corp. has acquired a new McDonald’s ground lease at South Roxboro Street and Martin Luther King Boulevard in Durham for $1.3 million. The 1.69-acre site is subject to a new 20-year lease to McDonald’s USA LLC. A group of private investors sold the site to The Flintkote Corp. Steve Horvath and Jay Levell of Berkeley Capital Advisors represented the seller, and Joe Graham of CBRE/Raleigh represented the buyer.
LEXINGTON AND LOUISVILLE, KY. — NAI Isaac Commercial Properties has been appointed the receiver for the 350,000-square-foot Turfland Mall in Lexington and the 30,000-square-foot Shops at Bashford in Louisville. NAI Isaac will provide management services and stabilize the properties’ operations. The brokerage firm has been a court-appointed receiver on various troubled projects involving assets with a total loan value more than $100 million.
CARMEL, IND. — Kite Realty Group Trust has secured an $18.4 million construction loan for its Rangeline Crossing redevelopment in Carmel. Construction is currently under way on the project, which is approximately 90 percent pre-leased. Earth Fare will anchor the 84,000-square-foot project. Additional tenants will include Walgreens, Old National Bank and Panera Bread. Association Bank financed the two-year loan, which features an option to extend for an additional three years.
CINCINNATI — Net Lease Realty has acquired six acres in Cincinnati for the development of a 14-screen Cinemark — the first of its kind in southern Ohio. The site is situated at the corner of Disney Street and West Lane within Oakley Station, a new mixed-use development that includes office, retail and apartments. Construction is already under way and the theater will open in the fall of 2013. Cinemark Theaters will lease the building. Melissa Ruther and Mike Halonen of Edge Real Estate Group represented the seller, USS Realty LLC, in the transaction. The buyer was self-represented.
