CHICAGO — CB Richard Ellis (CBRE) has brokered the sale of three land parcels located at 5345, 5515 and 5555 W. Irving Park Rd. in Chicago. The parcels total 78,931 square feet and also contain a 24,377-square-foot building. Keely Polczynski of CBRE represented the undisclosed owner. Car dealership Perillo BMW acquired the parcels for an undisclosed amount.
NEPTUNE AND ALLENDALE, N.J. — Midland Park, N.J.-based The Azarian Group has acquired Neptune Plaza Shopping Center, a 220,000-square-foot retail property located in Neptune. Situated at 2200 Route 66, the shopping center is occupied by a tenant roster that includes Shop Rite, Marshalls, Home Goods, TD Bank, IHOP and Sally Beauty Supply. The acquisition price and the seller were undisclosed. In addition, The Azarian Group has commenced the renovation and expansion of Allendale Shopping Plaza, located in Allendale. Improvements include 5,000 square feet of new store space, a new parking lot, and exterior, signage and landscape improvements. The center is also being renamed Allendale Town Center. Completion is scheduled for this fall.
FREDERICK, MD. — Clemson Corner LLC has purchased 37 acres of land for $6.5 million to develop the 380,00-square-foot Clemson Corner Shopping Center. The property will be located at the intersection of U.S. Route 15 and Maryland Routes 26 and 355 in Frederick. PNC Real Estate Finance provided an acquisition loan and will fund construction of the $29.5 million project. Projected anchors include Wegmans, Lowe’s Home Improvement Warehouse and Marshalls. Delivery is expected in spring 2011.
GARDEN CITY, GA. — Brad Cox of Thomas D. Wood & Co. has arranged a $4.29 million loan for a 14,490-square-foot Walgreens in Garden City. The property is located at the intersection of Georgia Highway and Minus Street in Garden City. The 24-year loan carries a 7.15 percent interest rate and a loan-to-value rate of 91 percent.
CHICAGO — Retailers Marshalls and Dollar Tree have opened new locations at Marshfield Plaza, a 454,000-square-foot regional shopping center located on Chicago’s South Side. Marshalls will occupy a 26,000-square-foot space and Dollar Tree will lease 10,400 square feet. The two retailers join a tenant roster that includes Target, Jewel-Osco, LA Fitness, Staples and Petco. Other tenants expected to open through the end of the year include Chili’s Grill & Bar, Simply Fashion and City Sports. Situated at the interchange of Interstate 57 and 119th Street, Marshfield Plaza is owned by Beverly Hills, Calif.-based Primestor Development.
DEDHAM, MASS. — Legacy Place in Dedham has officially opened. The 675,000-square-foot open-air shopping center is located at the intersection of Routes 1 and 128 and is currently 93 percent leased. Anchor tenants include Whole Foods Market, L.L.Bean, Showcase Cinema de Lux, Borders, and Kings. Showcase Cinema de Lux officially opens tomorrow and other retailers opening this week include Apple, Au Bon Pain, Clarks, Johnston & Murphy, Merrell, Oakley and Pandora. Tenants such as L.L.Bean, P.F. Chang's China Bistro, City Sports, Anthropologie, H&M, The Paper Store, Banana Republic, Gymboree, Collections By Stride Rite, Yankee Candle, Justice, and Ann Taylor LOFT have already opened at Legacy Place. The retail center was developed by WS Development.
VIRGINIA — Morgan Property Group of Fort Lauderdale, Fla., has opened two Walgreens stores in Virginia. The first store is located at the intersection of Boulevard and Dupuy roads in Colonial Heights, and the Manassas store is located at the intersection of Sudley Road and Sudley Manor Drive. Both free-standing properties contain drive-thru windows.
NEW BEDFORD, MASS. — Grocery chain DeMoulas/Market Basket has announced plans to construct a new $20 million store within the Riverside Landing mixed-use development, located in New Bedford. The 95,000-square-foot supermarket will anchor Phase I of the project. Construction is estimated to cost $20 million. Site work has begun and construction is expected to begin this fall, with the grand opening to be held in 2010. Phase II of Riverside Landing, which is being developed jointly by Dickinson Development Corp. and D.W. White Construction Co. will include a 40,000-square-foot office and retail building to be located along the project’s riverfront. Additional construction will include a restaurant and retail building at the project’s main entrance, a riverwalk and park, and a new boathouse.
WINSTON-SALEM, N.C. — The Virginia-based developer Johnson Winston has sold a 7,000-square-foot retail building to California-based Margate Plaza for $3 million as part of a 1031 exchange. The building, spread across 1.07 acres in Winston-Salem, houses the tenants Verizon Wireless and Krispy Kreme. GP Real Estate’s Fred Galison represented the buyer, and Johnson Winston was represented by Mac McCall of Marcus & Millichap’s Atlanta office.
JACKSONVILLE BEACH, FLA. — Springfield, Mass.-based O’Reilly Auto Parts has purchased a former Pinch A Penny store from 370 S. Third St. LLC for $1.1 million. The property is located at 370 S. Third St. in Jacksonville Beach. Colin Nicholson of Jacksonville, Fla.-based Coldwell Banker Commercial Benchmark brokered the sale.