DECATUR, IND. — Chicago-based Preferred Development has acquired Village Green Shopping Center, a 93,000-square-foot retail center in Decatur. Built in 1968 and renovated in 2005, the property is anchored by Scott’s Foods grocery store. The seller and acquisition price were not disclosed. Gary Wool of Deerfield, Ill.-based Janko & Wool Real Estate Finance represented Preferred in the transaction.
INDIANAPOLIS — Shoppers World has signed a long-term lease to occupy 85,000 square feet at Felbram Plaza North, which is located at the corner of U.S. 31 and National Avenue in Indianapolis. The store joins a roster of national and regional tenants, including Dollar Tree, Payless Shoes, GameShop, Fantastic Sams, MCL Restaurant, Firestone Tires, CiCi’s Pizza, Radio Shack and GNC. New York-based Winbrook Management represented the property owner, Nassimi Realty, in the transaction. Terms of the lease were not disclosed.
WINTHROP HARBOR, ILL. — Marcus & Millichap’s Demetrie Livaditis represented the developer in the disposition of Harbor Plaza Retail Center in Winthrop Harbor. Located at 1201-1275 Sheridan Road, the 60,980-square-foot center sold for $3.7 million. Amalgamated Bank issued a 60 percent loan-to-value acquisition loan for the property. The buyer was not disclosed.
LANCASTER, PA. — Construction is advancing for Mill Creek Square, an approximately $40 million retail project located in Lancaster. The center will total 285,000 square feet upon completion and is located on 35 acres along Lincoln Highway East. The project's 225,000-square-foot Phase I is already 82 percent leased. Anchors include an 87,000-square-foot Kohl's, a 42,750-square-foot Bed, Bath & Beyond, a 34,500-square-foot Christmas Tree Shops and a 25,000-square-foot Ross Dress For Less. Phase II of the center will consist of the remaining 60,000 square feet. Phase I construction began in September 2009, and completion is anticipated in October. Phase II will open as early as May 2011. Locally based High Real Estate Group is the developer of Mill Creek Square. Greenfield Architects is the project architect, and High Construction Co. is the general contractor. Project financing is being provided by Integrity Bank.
EL PASO, TEXAS — A movie theater will join the tenant roster at Freedom Crossing, a $100 million retail center currently under development at Fort Bliss in El Paso. Southern Theatres will open The Grand Theatre, a 10-screen venue that will feature more than 1,700 seats and expansion capability. The grand opening is slated for this fall. Freedom Crossing is being developed as a public-private partnership between The Army & Air Force Exchange Service and ServiceStar Development Co. In addition to the theater, the 455,875-square-foot theater will be anchored by expanded versions of the base's Post Exchange and Commissary. Other retail offerings for the open-air center will include apparel, jewelry, sporting goods and restaurants.
SCOTT CITY, MO. — Contegra Construction Co. has completed the construction of a $2.5 million John Deere dealership, which is located at 1400 E. Outer Road in Scott City, for Wm. Nobbe & Co. The 42,250-square-foot structure is replacing Nobbe’s current dealership at 2900 Old Orchard Road in Jackson, Mo. The new facility features an 18,000-square-foot service center, 9,000 square feet of showroom and office space and a 7,500-square-foot parts department.
KATY, TEXAS — Marcus & Millichap has brokered the sale of Times Square Plaza, a 12,576-square-foot retail center located in Katy. Located at 400 W. Grand Parkway South, the center is fully occupied by four tenants, including Charming Charlie's. The property was built in 2006. Todd Carlson of Marcus & Millichap's Houston office represented the seller, a Houston-based partnership. The buyer was undisclosed. The acquisition price was not released, but the property listed for $3.5 million.
PORTSMOUTH, N.H. — The Kane Company has brokered the sale of a former Toyota dealership located in Portsmouth for $1.1 million. The property consists of an 18,000-square-foot building situated on 6.7 acres. The buyer, Regernation Realty Trust, plans to redevelop the property into retail and office space. Two tenants, biomaterials firm MatMarket and software company Mesh 01, have already signed on for the new project. The construction timetable was not released. Jean Kane and Jody Skaff of Kane represented the seller. Lisa Kane, also of The Kane Company, represented the buyer.
MURFREESBORO, TENN. — North American Development Group and Dunedin, Fla.-based The Barclay Group are hard at work on the 62,356-square-foot Market at Salem Cove. The $10 million Publix-anchored shopping center is located at the intersection of Highway 99 and St. Andrews Drive in Murfreesboro. Publix is scheduled to open in November.
MIAMI — Marcus & Millichap has represented both private parties in the sale of the 36,500-square-foot Navarro Tamiami Plaza for $6.67 million. The three-tenant property, which is anchored by Navarro Discount Pharmacy, is located at 12000 S.W. 8th St. in Miami. Navarro is currently fully occupied. Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented the Miami-based seller and the Dania, Fla.-based buyer.