CAMBRIDGE, MINN. — Opus Development Corp. has sold five acres of land in Cambridge to Mills Fleet Farm. The company recently purchased a nearby building, which it plans to convert into a store, and acquired the land for additional space. The parcel is located off of Highway 95 next to the Cambridge Retail Center, which includes a Target and Cub Foods. Mid-America Real Estate represented Opus in the transaction. Mills Fleet Farm is a family-owned retailer, which carries farm, horse, pet, automotive, clothing and other goods.
NEW YORK CITY — Daniel Hilpert of Mortgage Equicap has arranged a $2.8 million loan for the acquisition and development of a retail speculative project in the Lower East Side. The borrower, a developer, purchased a vacant single-tenant structure and is redeveloping the property into a three-story retail property.
HOUSTON — Coldwell Banker Commercial United, Realtors has brokered the sale of the 12,000-square-foot Union Plaza Shopping Center, located at 7401 Alabonson Road in northwest Houston. Mark McGinley of Coldwell Banker represented the seller, a California-based bank, in the transaction.
RIVERDALE, GA. — JW Realty Capital has arranged an $11 million construction loan for the second phase of Old National Marketplace, a 299,000-square-foot power center located on Old National Highway in Riverdale, a few miles south of Hartsfield Jackson International Airport. The project is anchored by Marshalls, Burlington Coat Factory, Beauty Masters and LA Fitness. Inland Atlantic Development Corp., an affiliate of The Inland Group, completed the first phase of the project last year and is now developing the second phase. The center shares access with a Walmart Supercenter.
FORT MYERS, FLA. — The 74,286-square-foot Sanibel Beach Place shopping center has sold for $7 million in Fort Myers. Global Fund Investments purchased the Publix-anchored retail property from Sanibel Beach Place LLC. Mike Milano and Ron Schultz of Colliers International Tampa Bay represented the seller. Sanibel Beach Place is located at 20321 Summerlin Rd. and was 75 percent occupied at the time of the sale.
CHICAGO — Quantum Real Estate Advisors has arranged the $6.9 million sale of a 14,490-square-foot Walgreens property at 7901 S. Western Ave. in Chicago. Walgreens has 23 years remaining on its lease. Chad Firsel and Jordan Kaufman of Quantum Real Estate Advisors represented the seller, a private fund from Wilmette, Ill., in the transaction. The buyer was a private individual from California.
HOUSTON — Marcus & Millichap has secured the sale of a 30,500-square-foot retail property located at 2800 San Jacinto St. in Houston. Edward Benton and Justin Miller of Marcus & Millichap's Houston office, along with David Ching of the firm's Oakland, Calif., office, represented the seller, a financial institution, in the transaction. Benton, Miller and Ching also represented the buyer, a developer.
CARROLLTON — Henry S. Miller Brokerage has arranged Fallas Discount Store's relocation from Valwood Village in Farmers Branch to the Carrollton Park Shopping Center in Carrollton. The discount store will lease 15,116 square feet of space, located at 1103 Josey Lane in Carrollton. Shawn Ackerman of Henry S. Miller represented the tenant in the lease transaction.
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.
SWEETWATER, FLA. — Swedish home furnishings retailer IKEA has purchased a 14.6-acre land parcel fronting Florida’s Turnpike adjacent to the Dolphin Mall in Sweetwater for $31.5 million. The retailer is proposing to build a 417,000-square-foot store that would open as early as fall 2014 atop a two-level parking garage with 1,500 spaces. South Florida’s first IKEA store opened in 2007 in Sunrise, Fla. IKEA stores are also located in Orlando, Fla., and Tampa, Fla. Procacci Development Corp. sold the 14.6-acre Sweetwater land parcel to IKEA.