INDIANAPOLIS — REI has announced plans to open its first store in Indiana. The new store will be a single-story, 23,800-square-foot location within the Plaza at Castleton shopping center in Indianapolis. It will feature a bike shop, a seasonal gear rental department and community space for classes and events. REI currently operates 117 stores in 28 states.
CHICAGO — Chicago-based Newcastle Limited has purchased a 7,300-square-foot retail condominium located at 33 South Wabash in Chicago for $4 million. The condo is located on the ground level of The Legacy at Millennium park, a 355-unit residential condo building. At the time of closing the space was fully leased to Utrecht Art Supplies. The seller was a joint venture between Mesa Development and Walsh Investors.
COLUMBUS, OHIO — LIDS Sports Group has acquired Buckeye Corner, a Columbus-area retail chain that specializes in licensed merchandise from Ohio State University. The acquisition includes the four Buckeye Corner stores, which are located in Easton Town Center, Polaris Lifestyle Center and Northwest Square in Columbus, as well as Lane Center in Upper Arlington. LIDS currently operates five speciality headwear retail stores in the Columbus market and 32 stores across Ohio.
BALTIMORE — BCP Investors, a development partnership between Doug Schmidt and Neil Tucker of Chesapeake Real Estate Group and David Strouse of Birchwood Capital Partners, has acquired a 31-acre parcel of land located in the Canton section of Baltimore from Exxon Mobile Corp. BCP Investors plans to break ground on a two-phase retail center next year. Phase one will include 275,000 square feet of retail space, and phase two will include 100,000 square feet of retail space, to be developed once Exxon fully vacates the eastern portion of the site. Doug Kaufman of Grubb & Ellis' Baltimore office represented the buyer in the transaction. Chesapeake Real Estate Group will handle leasing for the project.
CHICAGO — Regency Centers has commenced the $14 million renovation of Riverview Plaza, a 140,460-square-foot shopping center located at 3330 N. Western Ave. in Chicago. Construction will include a new façade, parking lot and walkway improvements, as well as new lighting, landscaping and signage. The center will also be renamed Roscoe Square. In addition, speciality grocer Mariano's Fresh Market has signed a lease for 51,298 square feet of space and will open in late summer. Portions of the project will seek LEED-Core & Shell certification.
WHEATON, ILL. — Grosvenor Americas has commenced the renovation of Rice Lake Square, a 250,000-square-foot shopping center located on Butterfield Road in Wheaton. Construction will include a façade update, lighting enhancements, and a reconfiguration of the center's roads and parking areas. Construction will be complete by the fall. Rice Lake Square was developed in 1989 and is anchored by Whole Foods. Additional tenants include PetSmart, Stein Mart and Panera Bread.
NILES, OHIO — The Macy’s at Eastwood Mall in Niles is currently undergoing a multi-million dollar renovation — the first full-store refresh since its opening in 1969. The two-level, 157,000-square-foot store will receive new flooring, ceiling and wall treatments, accent lighting and new fixtures. The store will remain open through the renovation, which began in June and is slated for completion just before the holiday season.
SAN ANTONIO — Honolulu-based A&B Properties, the real estate subsidiary of Alexander & Baldwin, Inc., has sold Arbor Park Shopping Center, a 139,500-square-foot retail center in San Antonio for $22.5 million to an undisclosed buyer. Arbor Park Shopping Center is located at the southeast corner of U.S. Highway 281 North and Henderson Pass, and includes tenants Ross Dress For Less, Office Max, Sun Harvest Farms and Michaels. A&B Properties purchased the retail property in 1998 for $16 million upon completion of its construction.
LOS ANGELES, PHOENIX — NorthMarq Capital has arranged $19.1 million in mortgages for two shopping centers in California and Arizona. NorthMarq arranged $13.5 million in first-mortgage financing for the 108,809-square-foot Palo Woods Shopping Center in Harbor City, CA. Financing includes a 15-year term and a 15-year amortization schedule. It was arranged by NorthMarq through its correspondent relationship with ING Life Insurance and Annuity Company. In a separate transaction, NorthMarq also arranged $5.6 million in first-mortgage financing for the 28,776-square-foot Charleston Crossing shopping center in Sierra Vista, AZ. The mortgage has a 10-year term and a 25-year amortization schedule. It was arranged by NorthMarq through its correspondent relationship with Symetra Life Insurance Company.
PORTERDALE & CONYERS, GA.; AND PENSACOLA, FLA. — Twin Rivers Capital has sold three of its retail properties: two Family Dollar Stores, located in Porterdale and Pensacola; and an AutoZone in Conyers. The total sale price of the transactions was $4.3 million. The seller was self-represented in the transaction. The buyers of the properties were undisclosed.