ST. LOUIS — Taubman has closed on its purchase of a 50-acre parcel near the Boone's Crossing exit off Highway 40 in St. Louis. The company plans to develop a 450,000-square-foot retail center on the site that will include approximately 65 stores. More than 40 retailers have already committed to space including Banana Republic Factory Store, Gap Outlet, J. Crew Factory and Furla. David Biales and John Langa of Jones Lang LaSalle represented Taubman in the transaction. The company also recently broke ground on the project, which is expected to be complete in the fourth quarter of 2013.
RICHMOND HEIGHTS, OHIO — Milano Menswear has signed a 15,000-square-foot retail lease at Richmond Town Square Mall in Richmond Heights, Ohio. The men's upscale fashion store will join JCPenney, Macy's and Regal Cinemas this October. Greg Guyuron of Kowit & Passov Real Estate Group represents Milano Menswear in Northern Ohio.
ORLAND PARK, ILL. — Quantum Real Estate Advisors has arranged the $6.2 million sale of a 15,000-square-foot Walgreens building, located at 11981 W. 143rd St. in Orland Park. Walgreens has 22 years remaining on its lease. Chad Firsel of Quantum Real Estate Advisors represented the buyer, a private investor from Illinois, in the transaction. He also represented the seller, a partnership based in Chicago.
RAPID CITY, S.D. — Columbus Pacific Properties (CPP) has purchased Rushmore Crossing, a 550,392-square-foot center in Rapid City. The power center is anchored by Target, Sam's Club, Bed Bath & Beyond, Michaels, T.J. Maxx and Gordman's. The purchase included an additional 198,320 square feet of planned retail development and 14 outparcels. Jim Batjer of HFF represented the buyer and seller in the transaction.
DULUTH, MINN. — Marcus & Millichap Capital Corp. has arranged a $6.1 million acquisition loan for a 13,325-square-foot Walgreens drugstore in Duluth, built in July 2012. Dean Giannakopoulos of Marcus & Millichap arranged the 25-year loan through a national life insurance company. The loan contains a 25-year amortization schedule.
BUFFALO GROVE, ILL. — Electronic Recycling Services, a global e-waste manager and electronics recycler, has acquired a 53,300-square-foot industrial building at 1500 Busch Parkway in Buffalo Grove. Robin Stolberg and Kurt Sarbaugh of Jones Lang LaSalle represented the seller, ECD Co., in the transaction. Greg Block and Daniel Hyman of Millenium Properties represented the buyer.
SOUTH PLAINFIELD, N.J. — WP Realty and Angelo, Gordon & Co. have acquired Oak Park Commons, a one-story, 136,939-square-foot community shopping center in South Plainfield. The center is located in Middlesex County, approximately 22 miles southwest of Manhattan. A 60,025-square-foot A&P Supermarket anchors the property. Oak Park Commons is 76 percent occupied, with 33,508 square feet of available space. The center includes a mix of national, regional and local tenants.
PLYMOUTH, WIS. — RCG Ventures Fund II has closed on its purchase of Plymouth Commons, a 162,031-square-foot shopping center 40 miles north of Milwaukee in Plymouth. The property is situated on 17 acres and anchored by Pick 'n Save and Kmart. Additional tenants include Dollar Tree, GNC and H&R Block. Kyle Matthews of Marcus & Millichap represented the buyer in the sale.
CHICAGO — The Boulder Group has arranged the $7.5 million sale of a triple-net leased Walgreens property at 2345 W. 103rd St. in Chicago. The 13,650-square-foot Walgreens was built in 2004 and the company has 17 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based partnership, in the transaction. The buyer, a West Coast-based institution, was self-represented.
NEWARK, DEL. — Cinemark plans to open a 17-screen theater at the Christiana Mall in Newark. Cinemark will join hunting, fishing and outdoor gear retailer Cabela's, which announced plans last week to open a new location at Christiana Mall. Cabela's will begin construction on a 110,000-square-foot store in 2013 with plans to open in 2014. Christiana Mall is a 1.1 million-square-foot shopping center with approximately 130 stores. General Growth Properties manages the property.