BOCA RATON, FLA. — Boca Raton-based Fimiani Development has been tapped as receiver of the 6,065-square-foot Yamato Plaza. The property is located adjacent to a Lifetime Fitness and a Hampton Inn on Yamato Road in Boca Raton. This assignment is the company’s first foray into receivership services.
BRIDGEVILLE, PA. — Pittsburgh-based Burns & Scalo Real Estate Services has begun construction for Bursca Frontgate I, a $2 million, multi-phase retail project located in Bridgeville. The project will be situated along Route 50 at the entrance to Bursca Business Park.The first phase of construction will consist of the renovation of an existing 8,000-square-foot building that will house New Dragon Express and Sudsy's Beer Distributor. A 3,000-square-foot space remains for lease. Completion is slated for May 2010. Phase II of construction will include the demolition of an existing building on the property and the construction of a new 6,000-square-foot retail building. Phase II completion is scheduled for December 2010.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of a Wachovia bank branch ground lease located in Austin. The building, which was constructed in 2005, totals 4,200 square feet and is located at 11302 FM 2222. Philip Levy and Jason Vitorino of Marcus & Millichap's Dallas office, along with Stephen Stein of the firm's Los Angeles office, represented the undisclosed seller. Michael Shover, Tom Gorman and Matthew Gorman of Marcus & Millichap's Philadelphia office represented the buyer, a private investor.
BELLE VERNON, VA. — TSC/Belle Vernon has sold a 19,104-square-foot retail building in Belle Vernon to Columbia Properties Belle Vernon for $3.12 million. The property spans 3.7 acres and is leased to Tractor Supply Co. Mac McCall of Marcus & Millichap’s Atlanta office represented the seller in the transaction. Leonard Mazzone represented the buyer.
PEORIA, ILL. — Jillian’s, a nationwide chain of restaurant/entertainment venues, is opening a new location at The Shoppes at Grand Prairie in Peoria. Scheduled to open in late 2009 or early 2010, the property will feature a Video Café, a full bar, lunch and dinner options, The 9-Ball Lounge, The Amazing Games Room, Hi Life Lanes, nightclub entertainment and dancing, and conference rooms for business meetings. The restaurant/entertainment venue will be located in the former Linens ‘N Things outlet, between Bergner’s and Borders. The Shoppes at Grand Prairie is managed by Cullinan Properties.
MACOMB TOWNSHIP AND DETROIT, MICH. — LaKritz-Weber & Co. has brokered two retail leases in Michigan. Leo’s Coney Island has leased 4,100 square feet of retail space within Sargent Appliance shopping center at 20265 Hall Rd. in Macomb Township. Tony Schmitt and Adam Goodman of LaKritz-Weber represented the landlord, Skolas Development, in the transaction. Additionally, The Weave Shop has inked a deal for 1,800 square feet of retail space within Riverbend Plaza at 13310 E. Jefferson Ave. in Detroit. Steven Band of Band Commercial Real Estate Co. represented the tenant; Adam Goodman and Gabe Schuchman of LaKritz-Weber represented the landlord, Riverbend Properties II, in the transaction. The values of the leases were not disclosed.
MARIETTA, GA. — Centro Properties Group has sold the 130,013-square-foot Merchant’s Exchange shopping center to Columbia Properties for $17 million. The property was completed in 1986 and renovated in 1997 and spans 11.2 acres at 4400 Roswell Rd. in Marietta. Tenants in the center, which is 98.9 percent leased, include LA Fitness, The Picture Show Movie Theatre and Hancock Fabrics. Whitney Knoll and Richard Reid of Holliday Fenoglio Fowler represented the seller.
PLANT CITY, FLA. — Buckley Properties has sold the 18,849-square-foot City Crossings shopping center to Ovation Properties for $4.85 million. The property, which is 95 percent occupied including pending leases, is located at 2909 James L. Redman Parkway in Plant City. Mike Milano of Colliers Arnold’s Clearwater, Fla., office and Cynthia Shelton of the firm’s Orlando, Fla., office represented the seller. Coldwell Banker Commercial NRT’s Harry Champ represented the buyer.
NORTHBROOK, ILL. — Locally owned The Cloverleaf Group has acquired Sanders Court, a 136,219-square-foot grocery-anchored neighborhood center in Northbrook. Located at the intersection of Dundee and Sanders roads, the property is tenanted by Dominick’s, Staples, Fitness 19, Subway, Curves, Sally Beauty Supply and Butterfield’s Pancake House & Restaurant. Sanders Court Partners sold the property for an undisclosed price. Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. represented the seller; the buyer had in-house representation.
ALTON, ILL. — Alton Square Mall is currently undergoing renovations, and expanding and relocating tenants. Opened in 1978, the two-level, 635,000-square-foot regional mall is located at the intersection of Homer Adams Parkway and Alton Square Mall Drive in Alton. Maurice’s has expanded from 4,276 to more than 6,700 square feet of space across from New York & Co. on the lower level. Crown Optical has expanded to 2,000 square feet and relocated to new location. Additionally, MasterCuts has renovated its 658-square-foot space, which is adjacent to JC Penney. Addison, Texas-based Coyote Management owns and manages the property.