CHICAGO — The former Giordano Jazz Dance studio in Chicago has sold to a private investor for $1 million. The buyer plans to redevelop the 17,340-square-foot building but provided no further details. Scott Maesel of the Chicago office of Sperry Van Ness represented both parties in the transaction.
SEDONA, ARIZ. — Tequa Festival Marketplace, a 54,068-square-foot distressed neighborhood center near Sedona, has sold to Baceline Investments, LLC from a lender for $4.1 million. This represents only 20 percent of the center’s original loan, which was $20.3 million. Tequa is currently 34 percent leased.
PRESCOTT VALLEY, ARIZ. — Dollar Tree has signed a lease for 9,000 square feet at the Prescott Valley Crossroads Shopping Center. The property is located at 5990 East State Route 69 in Prescott Valley. Notable retailers at the center include Home Depot, Hobby Lobby and Sam’s Club. Dollar Tree was represented by Kurt Kalocin with SRS Real Estate Partners. The landlord, YK Commercial Realty, was represented by Teale Bloom, Cameron Warren and Greg Laing of Phoenix Commercial Advisors.
GLENDALE, CALIF. — Glendale-based Public Storage has purchased a six-property self-storage portfolio for $42 million. The 517,000-square-foot portfolio consists of 5,500 storage units. The properties are located in Philadelphia; Wayne, N.J.; Randolph, Mass.; Montclair, Calif.; and Pompano Beach and Hialeah, Fla. The portfolio is currently 65 percent occupied. Marc Boorstein and Jeff Jacobson of Chicago-based MJ Partners represented the seller, Babcock and Brown, and four lenders in the transaction.
CINCINATTI — An affiliate of Dallas-based Tabani Group Inc. has acquired Northgate Mall in Cincinnati for $21.5 million. The regional mall is located directly south of Interstate 275 in Colerain Township. The real estate company plans to redevelop the 915,956-square-foot mall, as well as the property surrounding it. Rockrose Real Estate Advisors arranged the sale on behalf of E3 Advisors. The distressed property has been under the control of a court-appointed receiver since 2009. The mall is anchored by Sears and Macy's, following the closure of Dillard's in 2009.
RAYTOWN, MO. — Monopoly Acquisitions has purchased a 54,000-square-foot shopping center in Raytown. The Blue Ridge Plaza Shopping Center is located on Blue Ridge Boulevard and 51st Street and is anchored by Family Dollar. Bill Maas of Block & Co. Inc. Realtors represented the seller in the transaction.
PHILADELPHIA — David Fryer of G.S. Wilcox & Co. has arranged $29 million in financing for Whitman Plaza, a 280,000-square-foot retail center in Philadelphia. The center is anchored by Pathmark. Additional tenants include Burlington Coat Factory and Ross Dress For Less. Continental Casualty Co. provided the loan to the borrower, Garden City, N.Y.-based Breslin Realty.
MANASSAS, VA. — A 5,000-square-foot Uno's Chicago Grill, located at 10701 Bulloch Dr. in Manassas, has sold for $1.3 million. The property is leased to Uno's on a long-term, triple-net basis. Joe Pfahler of Fredericksburg, Va.-based Silver Commercial Brokerage represented the seller in the transaction and Rick Fernandez of Calkain Cos.' Reston, Va., office represented the buyer.
BIRMINGHAM, MICH. — Walgreens plans to open a new location at the former Borders Books & Music site in Birmingham. The drugstore retailer will occupy the ground floor and second floor of the building, located between East Maple and West Beaver roads. Michigan-based Lormax Stern managed the deal and the approval process. Brad Rosenberg and Susan Acciaiolli of Mid-America Real Estate represented the landlord, Related Birmingham LLC, in the deal.
WOBURN, MASS. — Linear Retail Properties has acquired West Marine Plaza in Woburn for $5.3 million. The 32,515-square-foot shopping center is located at 299 Mishawum Rd., across from the Woburn Mall. The retail property was developed in 1993 for Toys “R” Us, and is currently fully leased to West Marine and Sleepy's. Peter Considine and Scott Black of The Dartmouth Co. and Aaron Savin of ECHO Retail represented the seller, Office Depot Inc., in the transaction. They also procured the buyer.
