FREDERICKSBURG, VA. — Calkain Cos. has arranged the $2.9 million sale of a 2.08-acre McDonald's ground lease, located in Fredericksburg. The lease term is 20 years, with structured rent increases and renewal options. Andrew Fallon of Calkain Cos. represented the seller, a private family investment group, in the transaction. The buyer was a 1031-exchange, California-based buyer.
GLEN ELLYN, ILL. — Phillips Edison — ARC Shopping Center REIT has acquired Baker Hill Center, a 135,355-square-foot shopping center in Glen Ellyn, a western suburb of Chicago. Baker Hill is 98.2 percent occupied and anchored by a 72,397-square-foot Dominick's grocery store. Additional tenants include Gymboree and Nationwide. The acquisition brings the company's total portfolio to 20 properties with an aggregate purchase price of $222.6 million.
KILLEEN — Tarantino Properties has arranged the sale of the 58,300-square-foot Expressway Plaza, a shopping center located at 1500 Lowes Blvd. in Killeen. The property is currently fully leased. Nick Tarantino of Tarantino Properties' Austin office represented the seller in the transaction.
BONITA SPRINGS AND FORT MYERS, FLA. — RLR Investments has acquired the 106,454-square-foot Promenade at Bonita Springs, located at 26811 S. Bay Drive in Bonita Springs, and the 108,575-square-foot Island Park, located at 16520 S. Tamiami Trail in Fort Myers, for a total of $9.12 million. The buyer purchased Promenade for $5 million and plans to renovate the property in terms of maintenance and appearance. Tenants include Roy's Hawaiian Fusion, Molina's Ristorante and Robert of Philadelphia Hair Design. RLR Investments acquired Island Park for $4.12 million. Tenants include Mother Earth Natural Foods, Downtown Jerry's bar, Vincenzo's Pasteria, Coast Dental, Quizno's and The Clam Bake. Karen Johnson-Crowther of Colliers International represented the seller in the transaction. Donald DeLuca of Royal Shell Real Estate represented the buyer.
HUNTSVILLE, ALA. — GBT Realty Corp. has broken ground on a 72,000-square-foot Academy Sports + Outdoors, located at Highway 72 and Nance Road in Huntsville. This is GBT's third store with the retailer. Reed Construction is the site contractor and Stewart Perry Construction is the general contractor. Completion is slated for April 2013.
NORTHBROOK, ILL. — A 5,000-square-foot building leased to TD Ameritrade has sold for $3.2 million in Northbrook. Isaac Metzger and Jason Schwartz of Syndicated Equities represented the seller, 400 Investors LLC, an investment partnership, in the transaction. The buyer was a local investor completing a 1031 exchange.
SPRINGFIELD AND CHAMPAIGN, ILL. — Appliance and electronics retailer hhgregg will open two new stores in the Springfield-Champaign area today. The stores are located at 2501 Wabash Ave. in Springfield and 718 Town Center Blvd. in Champaign, Ill. The store will feature a wide selection of televisions, appliances and electronics as well as new product categories such as fitness equipment and furniture. About 120 new employees were hired to staff the stores.
PITTSBURGH — Rue 21, the teen apparel retailer, has hired Sabre Real Estate Group as its exclusive broker for Long Island. The Pittsburgh-based company, which operates two stores in Nassau and Suffolk counties, announced plans to open more than 12 stores in the region. Officials of Rue 21, which has 800 stores in 46 states, is also opening 120 stores nationwide this year. The chain is seeking well-located spaces ranging from 4,000 to 5,000 square feet.
PLANO — Bo Avery, an investor based in Texas, has purchased the 123,011-square-foot Ruisseau Village, a shopping center located at 3303 N. Central Expressway in Plano. Dan Avnery of Retail Realty represented the buyer in the transaction. Kelly West of C-III Realty represented the seller, Wells Fargo Bank, which acted as trustee for the registered holders of JPMorganChase Commercial Mortgage Securities Corp. C-III Asset Management serviced the transaction.
LAKELAND, FLA. — Ramco-Gershenson Properties Trust has acquired a 93 percent interest in the 183,842-square-foot Shoppes of Lakeland, a shopping center located in Lakeland, from its joint venture partner for $26 million. Michaels, Staples, Ashley Furniture, Petco and an anchor-owned Target anchor the center, which is 96.4 percent leased.