ALGONQUIN, ILL. — The Boulder Group has completed the sale of a gas station property located in the Chicago suburb of Algonquin for $5.18 million. The site, which is located at the intersection of Randall and Algonquin roads, totals 43,429 square feet and is triple net-leased to ConocoPhillips, which has 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Chicago-based partnership. The buyer was a high net-worth investor from Atlanta.
Retail
KING OF PRUSSIA, PA. — Rochester, N.Y.-based Wegmans Food Markets, Inc., has broken ground on a new 123,070-square-foot store in the 125-acre, mixed-use development The Village at Valley Forge in King of Prussia. Additionally, the company signed a 12,000-square-foot lease on an adjacent parcel for Next Door Bar & Grill, a restaurant concept owned by Wegman's. Gerald Divaris and Erica Meekins of Divaris Real Estate's Virginia Beach, Va., office represented the landlord, Realen Valley Forge Greenes Associates, in the lease transaction. DRE is the leasing agent for The Village at Valley Forge.
VOORHEES, N.J. — Ross Dress for Less has signed a 25,000-square-foot lease to become an anchor tenant at the 227,314-square-foot Eagle Plaza in Voorhees. The store will open in the spring of 2012. David Dunkelman of Colliers International's Philadelphia office represented the landlord, Eagle Plaza Associates, an affiliate of Pettinaro.
SANTA CLARITA, CALIF. – A Wickes Furniture building in Santa Clarita has been successfully converted into an Ashley Furniture HomeStore. Inland Empire-based Hodgdon Group negotiated the $3.7-million acquisition of this 41,850-square-foot building for Ashley Furniture. The seller, C-III Loan Asset Management, was represented by Lee & Associates' Matthew Sullivan. Hodgdon-Miank Construction acted as the design-build contractor and carried out the renovation for the new Ashley Furniture. The new store is located within the 650,000-square-foot Centre Pointe Marketplace.
ORANGE CITY, FLA. — Hobby Lobby has signed a 20-year lease with Forness Properties to build a 51,010-square-foot store in Saxon Crossing shopping center in Orange City. Michael Collard Properties will develop the Hobby Lobby, which is scheduled to open in 2012 on a two-acre, Phase II outparcel of the center. Additional tenants include an LA Fitness, Lowe's and Target. Forness represented the landlord, Saxon Crossing Partners, and Concordia Equity's Ron White and Paul Burkhart represented Hobby Lobby.
HOMESTEAD, FLA. — Kennedy Contractors will begin construction on a freestanding, 27,000-square-foot hhgregg at the 375,000-sqaure-foot Homestead Pavilion shopping center in July. The project, which is scheduled for an early 2012 opening, will complete Phase I of the development. Developers Diversified Realty develops and owns Homestead Pavilion, which is the largest retail center in Homestead.
HARTSDALE, N.Y. — H Mart Supermarket has closed on a 37,000-square-foot lease for the former Pathmark Supermarket space in Hartsdale. Fern Wagner of Goldschmidt & Associates' Scarsdale, N.Y. office represented H Mart in the transaction and Nick Andreadis represented the landlord, Centro Properties Group.
DUBLIN, OHIO — Marcus & Millichap has brokered the sale of a 3,660-square-foot, freestanding building that is net-leased to Arby's. The restaurant is located at 5864 Sawmill Road in the Columbus, Ohio, suburb of Dublin. An out-of-state investor purchased the property for $1.82 million at an 8 percent cap rate. Dan Yozwiak and John Reehil of Marcus & Millichap's Columbus office represented the seller, a private investor.
GRAND RAPIDS, MICH. — CB Richard Ellis (CBRE)/Grand Rapids has brokered the sale of the former Big Boy restaurant located at 2817 Kraft Ave. in Grand Rapids. The buyer, Cascade Burgers Real Estate, plans to open a new Bagger Dave's Legendary Burger Tavern location in the 6,488-square-foot building. This will be Bagger Dave's fifth location, and a sixth location is set to open soon in East Lansing, Mich. The Grand Rapids location will open by the end of the year. CBRE's Robert Lotzar represented the seller, Union Bank, in the deal.
CRANBERRY TOWNSHIP, PA. — Butler Promenade, LP., has broken ground on the first phase of the 218,000-square-foot Cranberry Promenade, located at the intersection of Route 19 and Ogle View Road in Cranberry Township. Phase I will include an 18,500-square-foot ALDI, a bank with drive-through service and other unnamed tenants. Construction is scheduled for completion in the second quarter of 2012, with Phase II construction to begin subsquently. Jared Imperatore and J. R. Yocco of Grant Street Associates are the leasing agents for the development.