MESA, ARIZ. – CB Richard Ellis has sold the 210,986-square-foot Mesa Ranch Plaza for $19.1 million. The Mesa-based community shopping center was purchased by Reddy Development. The seller, a lender partnership, had acquired the property through foreclosure from the developer. Mesa Ranch is currently 45 percent occupied. The seller was represented by Philip Voorhees, Todd Goodman, Pat Toomey, Megan Read and John Read of CBRE’s National Retail Investment Group, along with CBRE's local Phoenix investment team of Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham, and retail specialists Kevin Schuck and John Rehling. Reddy was represented by Bruce Francis and Dana Summers of CBRE Capital Markets in Phoenix.
WILMINGTON, DEL. –– Saladworks has signed an agreement with franchisee Joe Mignone to open his third franchise in Delaware. This Wilmington location is expected to open this fall, which will expand Saladworks’ presence in Delaware to five restaurants. Saladworks operates more than 100 franchise locations in 12 states.
FLORIDA — Indianapolis-based H.H. Gregg has opened 10 new stores in South Florida. The stores are located in Miami, Broward and Palm Beach counties, and will bring the total number of H.H. Gregg stores in Florida to 33. The retailer currently operates 190 stores nationwide.
KANSAS CITY, MO. — This Friday, Trader Joe's will hold the grand opening for its first location in the Kansas City area. The specialty grocery store will be located within 18,400 square feet of Ward Parkway Center, a 736,904-square-foot regional mall situated at 8600 Ward Pkwy. in Kansas City. The grand opening is part of a multi-million renovation of the center that is being completed by RED Development. Construction will include the demolition of the existing Dillard's store and the construction of a 60,000- to 70,000-square-foot replacement building as well as an exterior upgrade. Ward Parkway Center celebrates its 50th anniversary in October.
DOWNERS GROVE, ILL. — Quantum Real Estate Advisors has brokered the sale of a net-leased retail building in the Chicago suburb of Downers Grove. The property is the outparcel to The Grove Shopping Center, which is located at the corner of 75th Street and Lemont Road. Its two tenants are Sprint and Back To Bed. A local investment company was the buyer. The seller's name was not disclosed. Chad Firsel of Quantum represented both parties in the deal.
COACHELLA, CALIF. – Hudson Holdings, LLC has purchased Coachella Plaza, an 86,402-square-foot retail center at 50249 Harrison Street in Coachella, for an undisclosed sum. Coachella Plaza's tenants include 99 Cents Only, Cardenas Market, Carl’s Jr., Little Caesars and Payless Shoes. Hudson was represented by NAI Capital's Fariba Kavian. Cushman & Wakefield's Marc Renard represented the seller, MidFirst Bank.
JACKSONVILLE, FLA. — Michael Mele of Marcus & Millichap’s Tampa, Fla. office arranged the $1.25 million sale of the 52,800-square-foot, 546-unit Mandarin Mini Storage, a self-storage facility located at 10601 San Jose Blvd. in Jacksonville. The property is comprised of eight one-story buildings and 12 parking spaces. The units range from 50 to 200 square feet. Mele represented both the seller, a REIT, and the buyer, a California-based company.
STUART & FORT LAUDERDALE, FLA. — J. Raymond Construction has been contracted for two new Fresh Market stores in Stuart and Fort Lauderdale. The Stuart location will be at 2300 South East Ocean Blvd., and the Fort Lauderdale location will be at 424 North Federal Hwy. Each of the new stores will be approximately 30,000 square feet. The Stuart location is slated for completion in December 2011 and the Fort Lauderdale location is slated for January 2012. These are the 6th and 7th Fresh Market stores which J. Raymond has constructed.
EDINA, MINN. — Daniel Trebil of NorthMarq's Minneapolis office arranged $3.1 million in first-mortgage financing for a CVS/pharmacy in Edina. The loan was based on a 7-year term with a 30-year amortization schedule and was provided by First Fidelity Bank.
INDIANAPOLIS — RCCM has sold a 66,761-square-foot car dealership, located at 4090 Lafayette Rd. in Indianapolis, to DriveTime Car Sales Co. for $1.16 million. Harvey Levin of Coldwell Banker Commercial Realty Services' Indianapolis office represented the seller and Summit Real Estate represented the buyer.