IRVINGTON, N.J. — NAI James E. Hanson has brokered the sale of Valley Mall Plaza, a 160,000-square-foot shopping center located in Irvington, for approximately $4.25 million. The property is situated on 11.52 acres at 468-480 Chancellor Ave. It formerly served as the flagship location for Valley Fair department store. The new owner, Valley Mall Plaza LLC, plans to subdivide the space and lease it to multiple tenants. Renovations will be complete by spring 2011. Thomas Ryan and Barry Cohorsky of NAI Hanson represented both parties in the buyer as well as the undisclosed, Columbus, Ohio-based seller.
LOS ANGELES — In a multiple store site agreement, The Westfield Group and Costco Wholesale Corp. have announced the future addition of a 146,000-square-foot Costco to anchor Westfield’s proposed The Village at Westfield Topanga within the San Fernando Valley’s Warner Center business district in Los Angeles. The other two U.S. markets included in the agreement are Sarasota, Fla., and Wheaton, Md. The new Costco at The Village at Westfield Topanga is expected to open in late 2012.
ST. CHARLES, ILL. — Ryan Companies US Inc., serving as general contractor, is constructing a 31,400-square-foot Mercedes-Benz dealership and showroom in St. Charles for Resnick Automotive. Located at 225 N. Randall Road, the property will include an 8,600-square-foot showroom, a 17,900-square-foot service center and 3,700 square feet of office space. Additionally, the facility will offer 1,200 square feet of storage space. Gensler is providing architectural and design services while Aurora, Ill.-based Watermark Engineering Resources Ltd. is providing civil engineering services for the project, which is slated for completion in first quarter 2011.
HAYMARKET, VA., AND WASHINGTON, D.C. — Velmeir Cos., the preferred developer of CVS/pharmacy stores, has expanded into the D.C.-area market by opening two stores. A 13,013-square-foot CVS is located on Route 15 in Haymarket; the other, a 10,181-square-foot store, is located at the intersection of Georgia and New Hampshire avenues in Washington. The company is planning more stores in the area.
CHICAGO HEIGHTS, ILL. — Food 4 Less has leased 82,126 square feet of retail space at Lincoln Crossing, a shopping center in Chicago Heights. The property is located at the corner of Route 30 and Western Avenue. Food 4 Less plans to open a location at the center in spring 2011. Current tenants of Lincoln Crossing include GNC, Check ‘N Go and City Nails. Liz Krebs of Mid-America Asset Management represented the landlord, PERA Lincoln Crossing Inc., in the transaction. Terms of the lease were not released.
FRAMINGHAM, MASS. — Cushman & Wakefield has completed the sale of a 25,000-square-foot retail property located in Framingham for $4.25 million. Savers is the current tenant of the property and is occupying it under a 12-year lease it signed last year. Robert Griffin, Jr., and Geoffrey Millerd of Cushman & Wakefield’s Capital Markets Group represented the seller, Commonwealth Center Associates, and procured the buyer, The Bulfinch Companies.
HELENA, MONT. — On behalf of the developer, The Velmeir Cos., McShane Construction Co. will build a 14,700-square-foot CVS/pharmacy store at 3095 N. Montana Ave. in Helena. The interior of the single-story retail facility will include retail space, a professional one-hour photo and a fully operational pharmacy featuring a double drive-thru. Detroit-based NORR Architects Engineers Planners is the project designer.
SILVER SPRING, MD. — An affiliate of Petrie Ross Ventures has sold the 350,000-square-foot City Place Mall in Silver Spring to Hutensky Capital Partners for $22.8 million. The three-party deal included a payoff of all outstanding debt. The buyer plans to redevelop the property.
OMAHA, NEB. — Gary Rifkin of NorthMarq Capital’s Omaha Regional office has arranged $2.15 million in first mortgage financing for a Walgreens pharmacy location. The 14,904-square-foot retail property is located at 2323 L Street in Omaha. The loan has a 10-year, fixed-rate term with a 20-year amortization schedule. NorthMarq arranged the loan for the borrower, BDRE – L Street LLC, through its relationship with American National Bank.
FAIRHAVEN, MASS. — CB Richard Ellis (CBRE) Capital Markets has arranged $2.45 million in first-mortgage acquisition financing for a 49,767-square-foot neighborhood shopping center located in Fairhaven. The property is located at 14-19 Plaza Way. Tenants include Staples, Dollar Tree, McDonald’s and Hungry Heroes. The property is shadow-anchored by Kmart and Shaw’s Supermarket. The loan carries a 5-year term and a 25-year amortization schedule. CBRE’s Aaron Appek and Rayna Karaivanov secured the loan on behalf of the undisclosed borrower.