CHAPEL HILL, N.C. — Madison Marquette has sold the 113,000-square-foot Rams Plaza, a shopping center located at 1728 Fordham Blvd. in Chapel Hill, to a joint venture in a direct deal for $13.25 million. Food Lion and CVS/pharmacy anchor the center. A joint venture entity known as Rams Plaza Associates, headed by The Kalikow Group, the buyer, plans to renovate the center, spending a minimum of $1.5 million on the façade and improving the overall site and tenant spaces. Argus Development Group, a partner through its ARGUS RAMS PLAZA, LLC subsidiary, is responsible for the approval process, renovations and management of the property. BCP RAMS PLAZA, LLC, a Florida-based limited liability company, is the third member of the joint venture acquisition team. Retail Strategies is the leasing agent for Rams Plaza.
BRANDON, FLA. — Marcus & Millichap has brokered the $2.12 million sale of the 52,465-square-foot Brandon Mini Storage, located at 203 Providence Rd. in Brandon. Michael Mele of Marcus & Millichap's Tampa, Fla., office represented the seller, a Brandon-based private investor, in the transaction and procured the buyer, a California-based partnership.
CHICAGO — Ivine, Calif.-based Sperry Van Ness has completed one sale and two lease transactions in Chicago's West Loop. Scott Maesel of Sperry Van Ness represented the seller of 740 W. Randolph. The property, located at the northeast corner of Halsted and Randolph, contained Holiday Bar and Grill. The property was listed for about $1 million. The buyer is a private owner in the hospitality business. Maesel also represented the landlord in the leasing of 800 and 804 W. Randolph. The corner space was leased for $39 per square foot net to Brendon Sodikoff who will be opening a new bar and grille concept. The inline space was leased for $35 per square foot net to Chef Matt Eversman, whose venture will be called Oon.
OMAHA — NorthMarq Capital has arranged $14 million in first mortgage refinancing for Lakeside Plaza I, a 171,124-square-foot grocery-anchored shopping center, located at 17372 Lakeside Hills Plaza in Omaha. Jason Kinnison of NorthMarq's Omaha office arranged the financing through the firm's relationship with Citigroup Global Markets Realty Corp. The 10-year loan has a 30-year amortization schedule.
HARRISON, N.J. — The first phase of the $750 million Harrison Station mixed-use development in Harrison, N.J. is complete. The new building, located at 300 Somerset St., includes 275 apartments with 12,814 square feet of street-level retail space. More than 130 apartments have been leased and a total of 5,500 square feet of retail space has been leased to Five Guys Burgers & Fries and Pronto Gourmet. Construction of the second phase, a 136-room Element Hotel, will begin in early 2012. Once complete, Harrison Station will include 2,600 residences and 80,000 square feet of retail space. The project developers are Ironstate Development Co. and the Pegasus Group.
PHILADELPHIA — Charming Charlie, a fashion accessory boutique, will open a new, 12,000-square-foot store at the Plymouth Meeting Mall in suburban Philadelphia. The store will be located in the outdoor retail wing that also includes Orvis and Coldwater Creek. Pennsylvania Real Estate Investment Trust is the landlord.
OKLAHOMA CITY, OKLA. — Irvine, Calif.-based Hanley Investment Group has brokered the $11.58 million sale of the 202,247-square-foot Southern Hills Shopping Center, located at 1414-1630 SW 74th St. and 7620 S. Pennsylvania Ave. in Oklahoma City. The property is 95 percent leased to Aaron's, B-Sew Inn, Dollar Tree, Golf USA, Hancock Fabrics, Horse & Rider, Joe's Crab Shack, Mazzio's Italian Eatery, Mill Creek Carpet & Tile, Northern Tool, Ocean Dental, SAS Shoes, Starbucks and Wendys. Eric Wohl, Kevin Fryman and Edward Hanley of Hanley Investment Group's Irvine office represented both the buyer, a Los Angeles-based private investor, and the seller, a Cincinnati-based institutional investment company, in the transaction.
ST. PETERSBURG, FLA. — Atlanta-based Halpern Enterprises has purchased the 46,020-square-foot The Shoppes at The Royale, located at 1400 66th St. N. in St. Petersburg, from Tyrone Crossings Investors for $7.55 million. Tenants include Jimmy John's, Chipotle, Pei Wei, Five Guys Burers & Fries, Massage Envy, Smoothie King, Verizon Wireless and Rib City. The center will be renamed The Village at Tyrone. Michael Milano of Colliers International's Tampa Bay, Fla., office, along with Cynthia Shelton of the firm's Orlando, Fla., office represented the seller in the transaction. The buyer was self-represented.
CEDAR RAPIDS, IOWA — The Boulder Group has arranged the $4.17 million sale of a 13,905-square-foot, single-tenant Walgreens property, located at 3325 16th Ave. SW in Cedar Rapids. The property is leased to Walgreens for eight years. Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller, a Chicago trust, in the transaction. The buyer was a Miami-based investor.
SPRINGFIELD, MO. — Gladstone Commercial Corp. has purchased the leasehold interests in a 14,560-square-foot retail building in Springfield, Mo. leased to the Walgreens Co., for $2.7 million. The tenant has 62 years remaining on its lease term with rights to terminate every five years in years 19 to 62.