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.
CLERMONT, FLA. — Doug Rozzell of Thomas D. Wood & Co. has arranged a $9.19 million construction loan for the Golden Eagle Village Publix. The 63,950-square-foot Golden Eagle Village will be located on Highway 27 in Clermont. A national bank provided financing for the loan.
BARRINGTON, ILL. — Walgreens Barrington 1 LLC has acquired a 14,490-square-foot Walgreens location in Barrington. Located at 189 Northwest Highway, the property sold for $9.27 million. The retail property is 100 percent leased to Walgreens on a long-term basis. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private Chicago-based developer, in the transaction.
LAKE IN THE HILLS, ILL. — Agree Realty has purchased a CVS/pharmacy retail property, which is located at the intersection of West Algonquin and Lakewood roads in Lake in the Hills. The property was acquired for approximately $5.8 million. The building is currently net leased to CVS/Caremark Corp., which has 24 years remaining on the base term of the lease.
WEST LEBANON, N.H. — The Boston office of NorthMarq Capital has arranged $7.49 million in permanent financing for Kmart Plaza in West Lebanon. The 178,997-square-foot shopping center is located along Route 12A. Its anchors include Kmart, TJ Maxx and Jo Ann Fabrics. NorthMarq arranged the loan on behalf of the borrower, Windalier West Lebanon LLC, through People’s United Bank. Terms of the loan were not disclosed.