FAIRFIELD TOWNSHIP, OHIO — Phillips Edison & Co.’s Strategic Investment Fund recently acquired Bridgewater Falls, a 600,000-square-foot regional shopping center in Fairfield Township. The approximately 54-acre property sale also includes ground leases to JC Penney, Chili’s, Max & Erma’s and Huntington Bank. The center is anchored by TJ Maxx, Best Buy, PetSmart, Dick’s Sporting Goods, Michaels, Target and Bed, Bath & Beyond. The seller and acquisition price were not disclosed. This acquisition marks the third property purchased by the company’s $70 million strategic investment fund.
OVERLAND PARK, KAN. — Westchester, Ill.-based Tri-Land Properties has broken ground for the redevelopment of Cherokee South Plaza in Overland Park. The rehab of the 118,000-square-foot retail center includes demolition of one building, the construction of three new buildings and the addition of many new retail tenants. Current tenants include Hallmark, H Block and Paul Mitchell School. The revitalized center will include outdoor patios, tree-lined walkways, sidewalk planters and public spaces for neighborhood use. Additionally, a 15,000-square-foot, stand-alone Walgreens store is scheduled to open at the end of October. Completion for the redevelopment is slated for summer 2010.
BRIDGEPORT, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sale of the former National Wholesale Liquidators building in Bridgeport for $7.85 million. The building totals 45,000 square feet and is situated on 2.68 acres at 4425 Main St. The buyer, Fortress Development, plans to lease the property to a major supermarket. The seller was Cornell Main Street. Bruce Wettenstein of Vidal/Wettenstein was the sole broker in the transaction.
CORPUS CHRISTI, TEXAS — Following a 6-month renovation, Macy's has reopened at the La Palmera shopping center in Corpus Christi. The expansion added approximately 18,000 square feet to the store's first floor. In addition, the store's departments were reconfigured and expanded, new carpeting and lighting was installed, and the aisles were widened. The project is part of the ongoing $50 million renovation and repositioning of La Palmera, a 1 million-square-foot mall that is owned by Fort Worth, Texas-based Trademark Property Co.
ARIZONA — Goodwill Industries of Central Arizona Inc. has leased more than 118,000 square feet across four new retail store locations in Phoenix, Mesa, Peoria and Tempe. Today’s Tempe opening marks Goodwill’s 43rd location in central Arizona. Velocity Retail Group’s Andy Kroot represented Goodwill in the transactions.
SALIDA, COLO. — Marcus & Millichap has handled the nearly $2.8 million sale of Salida Center, a 20,400-square-foot retail property located at 101 W. Hwy. 50 in Salida. The property is net-leased to Family Dollar, Sherwin Williams and Autozone for 10- and 15-year terms. Marcus & Millichap’s Jason Burns represented the seller, a retail developer.
SOMERSET, KY. — Dunham’s Sports has signed a 44,895-square-foot lease with an undisclosed landlord for space in the Grand Central Place shopping center. The property, located on U.S. Highway 27 in Somerset, houses Kroger and Peebles. Paul Ray Smith and Jim Kemper of NAI Isaac Commercial Properties represented the landlord in the transaction.
AURORA, ILL. — TMK Development/Inland Real Estate has completed the disposition of a Walgreens location in Aurora. The 14,820-square-foot retail store is situated in a Super Wal-Mart-anchored shopping center, which is located at the corner of Butterfield and Kirk roads. A private investor from Nebraska acquired the property for an undisclosed price. Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp.’s Mark Goldberg and Tom Fritz represented the seller in the transaction.
ODESSA, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $3 million acquisition loan for West County Shopping Center in Odessa. The 112,771-square-foot retail property is located at the intersection of North County Road and 16th Street. It was 82 percent leased at the time of closing by a tenant roster that includes Save A Lot, Bealls, Dollar General, State Farm Insurance, Little Caesar's, H&R Block, Sally Beauty Supply, Family Dollar and Bank One. The loan, which carries a 5-year term and a fixed interest rate, was secured by Todd McNeill of MCA. The borrower is Kaufman Property Co. and the lender is a Dallas-based regional bank.
GREENWOOD VILLAGE, COLO. — Pinnacle Real Estate Advisors has represented both parties in the $2.5 million sale of a net-leased Romano’s Macaroni Grill, located at 7979 E. Arapahoe Rd. in Greenwood Village. Rob Edwards, Tom Ethington and Justin Krieger of The Pinnacle Retail Group represented the out-of-state seller Cardinal Capital, and the group’s Russ Agnew represented the local buyer Bowaut Inc.