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.
LINCOLNWOOD, ILL. — Quantum Real Estate Advisors has arranged the $5.9 million sale of two multi-tenant shopping centers at the corner of Touhy Avenue and McCormick Boulevard in Lincolnwood. Tenants include Verizon Wireless, Five Guys Burgers and Chipotle. Both retail centers are outlots to Lincolnwood Town Center, a shopping mall owned and managed by Simon Property Group. Chad Firsel of Quantum represented the seller, a joint venture between Smith Capital Management and Middleton Partners. He also represented the buyer, an investment group from Chicago.
LOS ANGELES – Groceries Apparel has 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.
GLENDALE, ARIZ. – Cactus Crossings, a 91,563-square-foot neighborhood retail center in Glendale, has sold to WVP Cactus, LLC for $7.8 million. It is located at the northeast corner of 67th Avenue and Cactus Road. The center is 92 percent occupied. Notable tenants include Anytime Fitness, Edward Jones, Ultra Cleaners and Century 21 Realty. It is anchored by Big Lots. The seller, EC Cactus Crossings, LLC, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley Arizona’s Retail Capital Markets Group.
NAPA, CALIF. – Cinemark Holdings has opened a new 12-screen, all-digital movie theater in Napa. The new Cinemark NextGen cinema design concept is located at 195 Gasser Drive behind the South Napa Marketplace. It includes aCinemark XD:Extreme Digital Cinemaauditorium, as well as a new CineVino Wine Bar, which features local wines from Napa Valley and Sonoma County.
SUNRISE, FLA. — West Palm Beach, Fla.-based Kennedy Contractors Inc. has completed an $8 million, 160,000-square-foot renovation and expansion of Sawgrass Mills Mall in Sunrise. The Mills Co., an affiliate of Simon Property Group, owns the retail property. The renovation included demolition of Wannado City, a children’s educational and play facility, and construction of a new mall entrance as well as expansion of the mall’s primary promenade. Two dozen new tenants were added including Columbia Sportswear and Calvin Klein, and the existing Forever 21 was expanded by 30,000 square feet. The new wing is part of Sawgrass Mills’ ongoing expansion, which includes a 35,000-square-foot addition to The Colonnades, which is the mall’s outdoor lifestyle center.
ORLANDO, FLA. — A Dollar General store at 3081 Curry Ford Rd. in Orlando has traded for $1.6 million. The Gainesville, Fla.-based developer sold it to an Apollo Beach, Fla.-based investment company. Bryan Belk of Franklin Street represented the seller in an all-cash transaction. The store is a new construction Dollar General with a 15-year triple net lease.
CLEVELAND — Cooper Commercial Investment Group has arranged the $1.3 million sale of an Advance Auto Parts property on Borokpark Road in Cleveland. Advance Auto recently extended its triple-net lease for 10 years. Dan Cooper of Cooper Commercial represented the seller, a private investor out of Cleveland. Brian Parmacek, also of Cooper Commercial, represented the buyer, a private group of investors.