CORPUS CHRISTI — Northern Tool + Equipment has signed a lease to open a 15,000-square-foot store, located at 4914 S. Padre Island Drive in Corpus Christi. Clay Mote of Venture Commercial represented the tenant in the lease transaction. Sharon Biles of Sabre Properties represented the landlord. Northern Tool + Equipment has more than 70 stores nationwide.
BAKERSFIELD, PALMDALE, CALIF. – Bakersfield and Palmdale are home to two new CVS/Pharmacy stores that were recently completed by LandMark Retail Group. The Bakersfield CVS will reside within the city’s new Grand Island Village Shopping Center, a 90,000-square-foot neighborhood/specialty style shopping center. This is the fifth CVS store LandMark has developed in the city. The Palmdale locale is inside the Vallarta-anchored shopping center on the corner of 47th Street and R Street. LandMark notes that it has 12 more CVS stores scheduled to open in California this year.
WASHINGTON, D.C. — Calkain Urban Investment Advisors has arranged the $14.5 million sale of a 12,565-square-foot CVS/pharmacy, located on Columbia Road in Adams Morgan, a neighborhood of Washington, D.C. CVS/pharmacy has approximately 23 years remaining on its lease. Rick Fernandez of Calkain represented the seller in the transaction and Jerry Burg, also of Calkain, represented the buyer, a private 1031-exchange investor.
DARIEN, ILL. — A Walmart store at the Darien Town Centre in Darien will be converted into a Walmart Supercenter store, which will include a full grocery and general merchandise selection. The 43,000-square-foot expansion will begin this fall and include the relocation of some of the existing tenants and the center. The project will also include the demolition of a portion of the center, including the former Circuit City space, to accommodate the expansion. Retail Properties of America owns the 223,694-square-foot Darien Towne Center.
CHICAGO — Summit Design + Build has completed work on City Winery Chicago, a winery, tasting room, restaurant and concert hall at 1200 W. Randolph St. in the West Loop. The 1200 W. Randolph building is a former food distribution warehouse built in the early part of the 20th centruy. The 33,000-square-foot property features three full-service bars, two kitchens, two private meeting rooms and an enclosed paved courtyard for outdoor dining or private parties. The project team also included Christopher Warnick Architecture and Phillip Katz Project Development.
MOUNT OLIVE, N.J. — Colliers International has arranged the $11.2 million real estate owned (REO) sale of ITC Crossing, a 179,775-square-foot shopping center in Mount Olive. Colliers represented the undisclosed seller and the buyer, Lamar Cos. The center is anchored by a 132,023-square-foot Sam's Club. Additional tenants include Staples and Subway. The property is located approximately 35 miles from Newark, N.J.
FORT WAYNE, IND. — Dollar General has signed a lease for 9,240 square feet of retail space at 6414 E. State Blvd. in Fort Wayne. Russ Jehl and Stan Phillips of NAI Harding Dahm represented the landlord, Georgetown Members, in the transaction.
ENCINITAS, CALIF. — The Plaza at Encinitas Ranch has received $43 million in refinancing. The 145,303-square-foot power retail center is located at 1550-1590 Leucadia Blvd. in Encinitas. It was built in 2002 and is fully occupied by tenants like REI, Starbucks, Pei Wei, Subway and AT&T. Walmart anchors the center. The 13-year, fixed-rate loan was arranged for a joint venture between Zelman Development Company and Carltas Company by HFF’s Paul Brindley. It was secured through a life insurance company.
GLEN BURNIE, MD. — Acadia-MCB Holding Co., a joint venture between affiliates of MCB Real Estate and Acadia Realty Trust, has purchased the 265,000-square-foot Arundel Plaza, located on Ritchie Highway in Glen Burnie, for $17.6 million. Lowe's Home Improvement and Giant anchor the center. Mike Gorsage of H&R Retail represented the seller in the transaction.
UTICA, MICH. — Marcus & Millichap has arranged the $2.3 million sale of a 5,538-square-foot Applebee's property in Utica. The restaurant is located at 45211 Park Ave. and Applebee's has 16 years remaining on its lease. The property is situated next to a La Quinta Inn & Suites. Ray Turchi and Christopher Travis of Marcus & Millichap represented the buyer, a private investor in the transaction.
