SOUTH BEND, IND. — The Boulder Group has completed the $1.1 million sale of a triple net-leased Dollar General property, located at 4123 Western Ave. in South Bend. The 9,014-square-foot building is leased on a 15-year triple net basis to Dollar General. Randy Blankestein and Jimmy Goodman of the Boulder Group represented the buyer, a Chicago-based individual investor, in the transaction. The seller was a Midwest developer.
CHICAGO — NhuLan's Saigon Subs, an offshoot of Lincoln Square's NhuLan Bakery, will open at 604 W. Belmont in Chicago's East Lakeview neighborhood early next year. The property formerly housed Cloud 9, a shaved ice shop. Jarrett Fradin of Kudan Group represented the seller, Kenny Tsai, in the transaction. Fradin also represented the buyer, Lee Tran.
PETALUMA, CALIF. – Safeway has opened a new 63,467-square-foot lifestyle store at a former Mervyns location within the Washington Square Shopping Center in Petaluma. The team of Mark Koenig, John Schaefer, Dan Wald, James Chung, Patrick McGaughey and Sam Finne of Terranomics Retail Services represented Macerich, which owns the former Mervyns space, in this transaction.
MORROW, GA. — DDRTC, a joint venture between DDR Corp. and TIAA, has sold the 530,000-square-foot Southlake Pavilion Shopping Center, located at 1912-1947 Mount Zion Rd. in Morrow, to U.S. Properties Group. Tenants include Ashley Furniture, Shoppers World, LA Fitness, Ross Dress for Less, hhgregg, Sears, Staples, Barnes & Noble and Old Navy. Target, The Home Depot and an AMC 24-screen theater shadow-anchor the center. CBRE represented the seller in the transaction.
NORMAL, ILL. — TNP Strategic Retail Trust, a public non-traded REIT, has secured $10 million in financing for Constitution Trail Centre in Normal. The 5-year loan was financed through American National Insurance Co. Wally Reid of HFF arranged the financing. Construction Trail Centre is a 197,739-square-foot retail center, anchored by Schnucks Market and Starplex Cinemas.
WHEELING, ILL. — Jeff D'Agostino has purchased 241 S. Milwaukee Ave. in Wheeling, where he plans to open a fifth D'Agostino's Pizza. The 10,679-square-foot building was acquired for an undisclosed amount. Jim Martin of Kudan Group represented the landlord, Masterson Land Trust, in the deal. The restaurant is scheduled to open in the spring of 2012.
FORT WORTH — Construction has begun on a new 30,000-square-foot retail development and outdoor plaza at City Place, located at Throckmorton and Third streets in Fort Worth's Central Business District. The property was designed by WDG Architecture's Dallas office and is being built by Rogers-O'Brien Construction. Chris Corbin, Michael Dearden and Theo Thompson of Venture Commercial's Dallas office will handle retail leasing for the property, which is being developed by Dallas-based Spire Realty Group.
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.
