SEATTLE — The joint venture of Madison Marquette and LaSalle Investment Management has recapitalized the 108,000-square-foot Broadway Market, an urban center in the Capitol Hill neighborhood of Seattle. Developed in 1987 and first acquired by Madison Marquette in 1999, Broadway Market includes Urban Outfitters, upscale grocer QFC and Gold’s Gym. Retailers occupy the first two stories of a 33-unit residential complex with garage parking for 223 vehicles. Madison Marquette will continue to manage and lease the center under the joint-venture agreement.
CHICAGO — Fitness Formula Clubs (FFC) has selected McShane Construction Co. to construct a 52,000-square-foot FFC West Loop fitness center within Presidential Towers at 10 S. Clinton St. in Chicago. Occupying the first and third floors of the property, the fitness center will feature cardio and strength training areas, Pilates and yoga studios, group fitness studios, high-end locker rooms day spa and airbrush tanning areas, a Kids Club center, a retail Sports Shop, the Protein Bar Cafe and NovaCare Physical Therapy. The facility will also feature a 75-foot indoor junior Olympic, six-lane lap pool and an outdoor recreation pool with a lounge/sundeck, bar area and fire pit. McShane will complete approximately 31,200 square feet of new construction and 20,800 square feet of extensive renovations. Antunovich Associates is providing architectural services for the project, which is slated for completion this summer.
OMAHA, NEB. — Newmark Realty Capital has arranged a $20.25 million loan for a power center in Omaha. The 243,456-square-foot retail center is anchored by Best Buy, Sports Authority and Michaels. George Mitsanas and Ted Norman of Newmark arranged the financing for the undisclosed borrower.
PHILADELPHIA — The grand opening has been held for the new Philadelphia Wholesale Produce Market. Developed by O'Neill Properties, the project included the brownfield remediation of five sites formerly used as auto scrap yards. The new 667,000-square-foot building constructed on the site is 100 percent refrigerated. It contains 228 enclosed and refrigerated dock areas that are 50 feet wide each; 40-foot clear ceilings; a skylight running the length and width of the building; a central walking concourse that is open to the public; second-floor office space; ten private entrances; and one public entrance. The project also includes an 18,000-square-foot auxiliary building used for pallet and food recycling. Twenty-six vendors will relocate to the building's 68 stalls when the market officially opens on April 2.
MADISON, ALA. — GBT Realty Corp. has acquired a 28-acre land parcel at U.S. Highway 72 near Wall Triana Highway in Madison for $6.3 million. The company plans to develop The Shoppes of Madison on the site. The retail center will include a 135,000-square-foot Target and 125,000 square feet of additional retail space. Completion is scheduled for spring 2012.
HOUSTON — A site located at 22420 State Hwy. 249 in Houston that includes a vacant 54,768-square-foot Walmart facility has traded hands. Kiss Investment has sold the 4.67-acre site to P.S. Misstex, LTD, for an undisclosed amount. David Lee, Adam Ross and Courtney Carnahan of Transwestern represented P.S. Misstex, LTD, and Greg DeGeurin of DeGeurin Realty represented Kiss Investment.
MANCELONA, MICH. — Friedman Integrated Real Estate Solutions has negotiated the sale of a retail property, which is located at 611 N. Williams St. in Mancelona. Land Holdings LLC sold the 5,797-square-foot building to Midwest Properties LLC for an undisclosed price. Paul Feldman of Friedman represented the seller in the transaction.
HAMBURG, PA. — The grand opening has been held for Tilden Ridge Shopping Center, a 400,000-square-foot regional retail property located in Hamburg. Anchors at the center include Walmart and Lowe's Home Improvement Warehouse. Occupancy was 98 percent at the grand opening. The property is located at the intersection of Routes 61 and 78, across the street from a 250,000-square-foot Cabela's. West Conshohocken, Pa.-based Ironwood Property Group developed the property, and Metro Commercial Real Estate is leasing it.
SAN DIEGO — Capital Real Estate Investments has brokered the $4.25 million sale of the 30,625-square-foot Factory 2-U Shopping Center, located at 157-199 Virgina Ave. in the San Ysidro part of San Diego. The deal includes the assumption of $3.4 million of the first trust deed from San Diego County Credit Union. Capital Real Estate Investments’ Justin Earley and Matt LoPiccolo represented the buyer, NJ Units LLC, in the transaction, and LoPiccolo represented the seller, Tom E. Dixon Trust. The one-story strip center was constructed in 1971.
ROSEDALE, MD. — KLNB Retail Investment Sales has brokered the sale of a retail property in Rosedale. Located at 8815 Yellow Brick Road, the 7,654-square-foot property was purchase by an undisclosed buyer for $3.29 million or $431 per square foot. The building is fully occupied by Bridgestone Retail Operations LLC, which utilizes the property to operate its automotive tire retail operations. Gil Neuman of KLNB represented the buyer; EXP Realty Advisors represented the seller, SB Rosedale 408 LLC, in the 1031 all-cash transaction.