FORT WAYNE, IND. — Max Fitness has signed a lease for 19,200 square feet at Northbridge Village, located at 1415 W. Dupont Rd. in Fort Wayne. Stanley Phillips of NAI Harding Dahm represented the landlord, Northbrook Development, in the transaction.
MORENO VALLEY, CALIF. — A 40,000-square-foot retail property in Moreno Valley that is occupied by Sports Authority has sold to Day Moreno Valley LLC for $7.85 million. The property was built in 2009 and is located at 12450 Day Street. It resides within the TownGate Crossing retail center. Dennis Vaccaro and Donald MacLellan of Faris Lee Investments represented the seller, Gateway Company, L.C.
SANTA FE SPRINGS, CALIF. – A 115,000-square-foot grocery-anchored shopping center in Santa Fe Springs that is known as the Santa Fe Springs Promenade has sold to Milan Capital Management for a reported $23 million. The center was more than 90 percent occupied at the time of closing. Santa Fe Springs Promenade was built over time throughout the mid-1960s to the 1990s. It includes six pad buildings that contain fast food restaurants and a bank branch. Milan Capital plans to “parcelize” the pad buildings and potentially sell them as single-tenant net leased investments. The firm purchased the promenade as a joint venture with a group of high-net-worth individuals. George Prince of Prince Commercial Real Estate Services represented both the buyer and seller, F. J. Hanshaw Properties, in this transaction.
SAVANNAH, GA. — The 84,628-square-foot Largo Plaza, located at 11701 Abercorn St. in Savannah, has been sold for $9.45 million. Publix, Staples and AutoZone anchor the center. Charlotte, N.C.-based Berkeley Capital Advisors represented Kimco Realty Corp., the seller, in the transaction. The buyer was The Rosen Group.
WAYNESVILLE, N.C. — Atlanta-based Ackerman & Co. has negotiated the $3.37 million sale of the 49,583-square-foot Mountain Creek Plaza Shopping Center, located at 366 Russ Ave. in Waynesville. BI-LO anchors the shopping center, which is fully leased. Jason Powell and Andrew Murphy of Ackerman & Co. represented the seller, a private investor, in the transaction and procured the buyer.
WHEATON, ILL. — Renovations to the 251,313-square-foot Rice Lake Square shopping center in Wheaton are complete. The project included two new pedestrian plazas, updated signage and new parking spaces. Oakbrook Terrace, Ill.-based Mid-America Asset Management oversaw the project on behalf of the center's owner, Grosvenor Americas. The project team also included architect Pappageorge Haymes Partners and civil engineer Spaceco Inc. This is the first major enhancement to the Rice Lake Square since it was constructed in 1992. The center includes Whole Foods, Stein Mart and PetSmart.
MONTICELLO, IND. — Hamstra Builders has sold Monticello Plaza, a 189,330-square-foot, grocery-anchored shopping center in Monticello. The terms of the sale were undisclosed. The center was 95 percent occupied at the time of sale and the center is anchored by Kroger and Rural King. David Weber and Nathan Whalen of Marcus & Millichap represented Hamstra in the transaction. Michael Wernke of the firm's Indianapolis office represented the buyer, an Indiana-based limited liability company.
BLAINE, MINN. — Austin-based World Class Capital Group, a private equity firm focused on distressed debt acquisitions, has taken ownership of Northtown Village, a 184,113-square-foot retail center in Blaine. World Class acquired the $19 million defaulted mortgage from a special servicer, completed the foreclosure process and is now the fee-simple owner of the property. Northtown is about 40 percent occupied following the departure of multiple big-box tenants, including Bed Bath & Beyond and Office Depot. It is currently occupied by Michael's and Hancock Fabrics.
AUSTIN — The Weitzman Group has brokered the sale of a 4,229-square-foot retail center, located at 2310 S. Lamar in Austin. The historic specialty retail center includes tenants such as Casita Taco, Irie Bean Coffee Bar, Diablo Rojo Piercing, Rock of Ages Tattoo and Austin Laser Clinic. The property also features outdoor patio and stage space. Brad Bailey of The Weitzman Group's Central Texas and The Valley office and Logan Reichle of the firm's Austin office represented the seller, an Austin-based partnership, in the transaction. The buyer was undisclosed.
TRAVERSE CITY, MICH. — Rouse Properties has completed the purchase of the 589,000-square-foot Grand Travese Mall in Traverse City for $66 million. The single-level, enclosed mall opened in 1992 and is anchored by Macy's, JCPenney and Target. The mall includes a 650-seat food court, a nine-screen movie theater and a play area. The property is 85 percent leased. The transaction marks the first acquisition for New York-based Rouse since debuting as a publicly traded regional mall company in January 2012.