BOYNTON BEACH, FLA. — Regions Bank has acquired a Regions Bank branch from Pebb Enterprises Boynton for $3.92 million. Located at 1485 Gateway Blvd. in Boynton Beach, the former restaurant was renovated for Regions Bank by the seller last year. David Donnellan, William Strauss, Todd Weintraub and Mark Drazek of CB Richard Ellis represented the seller.
CHICAGO — CB Richard Ellis has brokered eight new leases for Block 37, which is located at 108 N. State St. in downtown Chicago. Ladies and Gentlemen, an Aveda lifestyle salon, has leased 5,284 square feet on Level 3; iCandylicious inked a deal for 1,619 square feet on the Pedway; Texas-based Which Wich signed for 1,523 square feet on the Pedway; Chicago-based Alternative Shoes leased 1,441 square feel on Level 1; Simply Thalia signed for 1,279 square feet on the Pedway; Andy’s Frozen Custard inked a deal for 967 square feet on the Pedway; Michelle Tan leased 659 square feet on Level 2; and Comic Vault leased 294 square feet on Level 3. Block 37 is a five-story, approximately 280,000-square-foot retail center in Chicago. Leslie Mader, Joe Parrott and Peter Graham of CB Richard brokered the transactions. Terms of the leases were not disclosed.
WEST ALLIS AND NEW BERLIN, WIS. — Milwaukee-based Inland Construction has completed two construction projects in West Allis and New Berlin. In the first project, Inland Construction completed a 3,500-square-foot tenant improvement project for Perfect Mattress Inc. The store is located at 3020 S. 108th St. in West Allis. In the second project, the company completed a structural renovation for Hawthrone Hill Barn. The 6,788-square-foot property is located at 16370 Small Road in New Berlin. Both project were completed in April.
CARMEL AND KATONAH, N.Y. — Urstadt Biddle Properties has acquired two retail properties in New York. In the first transaction, the REIT purchased a two-thirds equity interest in Putnam Plaza Shopping Center, a 193,000-square-foot property located in Carmel. Located along Route 6, the property is valued at $28.6 million. The tenant roster includes anchor Hannaford Brothers Supermarket, Rite Aid, NY Sports Club, Radio Shack, Starbucks and Dress Barn. Urstadt Biddle's partner in the property is a local real estate investor. The second transaction involved the outright purchase of three multi-use properties located in downtown Katonah. The buildings consist of 14,000 square feet of office space above 18,000 square feet of ground-floor retail. The office component is fully leased and the retail component is anchored by Mrs. Green's Natural Food Market. Urstadt Biddle purchased the buildings for $8.52 million.
STONY POINT, N.Y. — Construction is under way for Crossroads at Stony Point, a new shopping center located on Holt Drive in Stony Point. The 92,491-square-foot property will be anchored by an Inserra Shoprite supermarket. Stony Point Liquors has also signed on for space within the center. The developer of Crossroads at Stony Point is Mahwah, N.J.-based Crossroads Cos.
PALMDALE, CALIF. — Macy's Inc. has announced that it will open a Macy's store in Palmdale in the fall. Employing approximately 130 associates, the one-level, 110,000-square-foot store will occupy a former Gottschalks location in the Antelope Valley Mall.
ALPHARETTA, GA. — Flagstar Bank has sold the 34,375-square-foot Crabapple Mercantile Exchange shopping center in a foreclosure deal to a private party for $4 million. The 3-year-old property, which was foreclosed on last year, is located at 12650 Crabapple Road in Alpharetta. Kyle Stonis and Rob Whitmire of Bull Realty brokered the deal. Crabapple Mercantile Exchange was 37 percent occupied at closing
FLORIDA — Deerfield Beach, Fla.-based SIKON Construction has started work on three Target renovations in the Miami area. The company will convert the spaces to Target's P-Fresh concept. The stores are located at 7795 SW 40th St. and 1407 Biscayne Blvd. in Miami and 8350 S. Dixie Highway in Dadeland. These three stores, the first of nine planned renovations, will
EUGENE, ORE. — Pegasus Investments has represented a California-based private investor in its acquisition of a 60,000-square-foot retail building occupied by Dick’s Sporting Goods in Eugene. The off-market transaction, which involved a highly complex loan assumption and seller wraparound structure, was valued at approximately $200 per square foot. Pegasus’ David Chasin and Ken Chasin represented the buyer in the transaction, and GVA Kidder Mathews’ Craig Spinks and Josh Veentjer represented the seller, a family trust. Brad Pepin of Stan Johnson Co. also assisted in negotiating the deal. The freestanding, 100 percent net-leased building is located within the 400,000-square-foot Delta Oaks Shopping Center, which is also anchored by Walmart and The Home Depot.
HELLERTOWN, PA., AND SOUTH PLAINFIELD, N.J. — Marcus & Millichap has completed the sales of two retail centers. The first transaction involved the Shoppes at Hellertown, a 55,480-square-foot property located at 21 Main St. in Hellertown. A Philadelphia-area partnership sold the property to a limited liability company for approximately $7 million. Tom Gorman, Matt Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller. Seth Pollack of Marcus & Millichap's New Jersey office represented the buyer. The second deal involved the $1.08 million sale of a 14,129-square-foot neighborhood shopping center in South Plainfield. Pollack partnered with Lauren Federgreen, also of Marcus & Millichap, to represent the seller, a New York investor. Federgreen also secured the local buyer.