CHICAGO — The Boulder Group has assisted in the $7.03 million sale of a 13,650-square-foot Walgreens property located at 3220 W. 111th St. in Chicago. The property is leased to Walgreens for a 25-year lease term. The seller was a Chicago-based developer and the buyer was a California-based 1031 exchange investor. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.
Retail
MT. PLEASANT, WIS. — The Redmond Company has completed construction for a 15,870-square-foot Gordon Food Service Marketplace store located in Mt. Pleasant. Construction began in December and the grand opening in scheduled for June 28.
HOUSTON, HILLSBORO AND CARROLLTON — John Wall, Jr., Randall Tuller and Maury Bronstein of The Situs Companies represented Lexington Realty Trust in the individual sales of three Texas properties. These properties include a 54,571-square-foot building leased to Kroger located at 13133 Stuebner Ave. in Houston, a 25,396-square-foot building leased to Safeway located at 120 South Waco St. in Hillsboro and a 62,058-square-foot building leased to Ong’s Family located at 3040 North Josey Ln. in Carrollton. All three assets were acquired by various limited partnerships.
ASHLAND, KY. —Columbus, Ohio-based Glimcher Realty Trust has closed on a 10-year, $42.1 million mortgage loan for the 419,633-square-foot Ashland Town Center, located at 500 Winchester Ave. in Ashland. Goldman Sachs Commercial Mortgage originated the loan.
PEMBROKE PINES, FLA. — CVR Hollywood has sold a 6,303-square-foot former Roadhouse Grill, located at 8525 Pines Blvd. in Pembroke Pines, to Caribbean Investment for $1.1 million. Steven Miller of Fort Lauderdale, Fla.-based The Rotella Group represented the seller in the transaction.
KEY WEST, PEMBROKE PINES & APOPKA, FLA. — Winn-Dixie has selected Orlando, Fla.-based Cuhaci & Peterson Architects to remodel three stores in Florida. The properties are: a 35,000-square-foot store off Roosevelt Boulevard in Key West; a 45,000-square-foot store off Pine Boulevard in Pembroke Pines; and a store off Orange Blossom Trail in Apopka, which will be 45,000 square feet upon completion.
MINNESOTA AND MICHIGAN — Marcus & Millichap (M&M) has completed the sale of a five-property retail portfolio for $11.54 million. The properties includes Office Max stores located in Alexandria, Brainerd and Mankato, Minn., as well as an Office Depot located in Traverse City, Mich. The fifth property is located in Martinsburg, W.V. All five properties have between seven and 11 years remaining on corporate-guaranteed leases. James Stonehill and Scott Wiles of M&M's Cleveland office joined with Erin Patton of the firm's Columbus, Ohio, office to represent the seller, an Ohio developer. Barry Wolfe of M&M's Fort Lauderdale, Fla., office represented the buyer, Boca Raton, Fla.-based Kin Properties. Local representation was provided by Solomon Poretsky of M&M's Minnesota office, Jonathan Dwoskin of the firm's Detroit office and Ralph Nash of West Virginia-based Old Spruce Realty.
ORLAND PARK and ARLINGTON HEIGHTS, ILL.— Cohen Financial has secured $5 million to refinance loans for two Class B retail properties in the Chicago area. The two properties are Waterfall Plaza, a 22,000-square-foot retail strip center located in Orland Park, and Plaza Del Grato, an approx. 40,000-square-foot retail strip center located in Arlington Heights. Brandon Harrington of Cohen’s Phoenix office originated the $2 million loan for Waterfall Plaza and the $3 million loan for Plaza Del Grato. The lender is StanCorp Mortgage Investors and the borrower is a group of retail investors.
WAUKEGAN, ILL. — A Brazilian investor has purchased a net-lease PNC Bank branch located in Waukegan. The single-tenant property was constructed as a build-to-suit three years ago for National City, which was acquired by PNC. Chad Firsel of Quantum Real Estate Advisors represented the seller, a local developer, in the deal.
WINDHAM, CONN., & NORTH KINGSTOWN, R.I. — Boston-based EagleBridge Capital has arranged $2.09 million in permanent mortgage financing for retail properties located in Connecticut and Rhode Island. In Windham, EagleBridge arranged financing for a 7,000-square-foot building, located at 320 Boston Post Rd., which is leased to Advance Auto Parts. In North Kingstown, EagleBridge secured financing for the 4,850-square-foot AT&T Plaza, located at 6070 Post Rd. The property is leased to AT&T Wireless and Great Harvest Bread Co. Brian Sheehan and Ted Sidel of EagleBridge secured the financing, which was provided by a regional financial institution.