WILMETTE, ILL. — Reed Construction has completed the construction of the first Beal Bank branch in Illinois. Located at 3232 Lake Ave. in Wilmette, the 1,400-square-foot facility features a granite wall and millwork, which was completed by Herner Geissler Woodworking. Nelson provided architectural services for the project. CB Richard Ellis represented the owners, Dallas-headquartered Beal Bank.
Retail
PHILADELPHIA — Indianapolis-based appliance and electronics retailer hhgregg has announced plans to open three new stores in the mid-Atlantic as part of its East Coast expansion. The stores will be located at Christiana Center in Newark, Del.; Paxton Towne Centre in Harrisburg, Pa.; and Wyoming Mall in Wilkes-Barree, Pa. All three power centers are owned by Philadelphia-based Pennsylvania Real Estate Investment Trust.
TEJON RANCH, CALIF. — A $25 million TA travel center has opened within Tejon Industrial Complex (TIC) in Tejon Ranch. The new retail facility offers consumer motorists a 24-pump Chevron gas station; two food courts featuring quick-serve restaurants such as Burger King, Taco Bell, Pizza Hut, Subway and Popeye’s Chicken; a TA Café Express convenience store; and many clean restroom facilities. Professional drivers can find facilities to address all of their truck repair and maintenance needs. Tejon Ranch Co. partnered with TravelCenters of America on the project.
BELLFLOWER, CALIF. — Hanley Investment Group Real Estate Advisors has handled the $2.1 million sale of a multi-tenant retail strip center located at 17141-17167 Bellflower Blvd. in Bellflower. Built in 1980, the 12,155-square-foot Bellflower Plaza was 92 percent occupied at the time of the sale. Hanley Investment Group’s Kevin Fryman and Eric Wohl represented the buyer and the seller, both private investors from Los Angeles, in the transaction.
MT. PROSPECT, ILL. — New York-based Polish and Slavic Federal Credit Union (PSFCU) has entered the Illinois market with a new location at Mt. Prospect Plaza in Mt. Prospect. PSFCU leased 4,326 square feet at the 299,300-square-foot retail center. The credit union plans to open in 2010. Mary Beth Menelli of Oakbrook Terrace, Ill.-based Mid-America Asset Management represented the undisclosed landlord in the transaction. Details of the lease were not released.
PORTSMOUTH, N.H. — North Kingstown, R.I.-based retailer Ocean State Job Lot has acquired a former freestanding Circuit City building located in Portsmouth for $3.5 million. The approximately 35,000-square-foot property is situated at 1700 Woodbury Ave. Lisa Kane of locally based The Kane Company represented the buyer in the transaction. The seller was not disclosed.
WAUKEGAN, ILL. — More than 28,000 square feet of retail space has been leased at the 66,000-square-foot Douglas Centre in Waukegan. In the first transaction, Alex Katz of Millco Investments represented Dollar General in the leasing of 12,156 square feet of retail space. In the second transaction, Ryan Toland of UGL Equis represented Talecris Plasma Resource in a 15,997-square-foot lease transaction. Wayne Caplan and John Skalla of Sperry Van Ness’ downtown Chicago office represented the landlord, Mequon, Wis.-based Douglas Corp., in the transactions. Terms of the transactions were not disclosed.
ROSENBERG, TEXAS — The grand opening has been held for the new Kroger Marketplace located within Brazos Town Center in Rosenberg. The 123,000-square-foot grocery store is twice the size of a regular Kroger. In addition to Kroger's usual store sections, the Marketplace contains a general merchandise section containing outdoor living products, electronics, home goods and toys. It also contains a Fred Meyer Jewelers and a home furnishing section featuring Ashley Furniture. Brazos Town Center is a 550-acre, master-planned community that is being developed by NewQuest Properties at the intersection of U.S. Highway 59 and Reading Road. It features 220 acres of retail space, approximately 940 multifamily units and a medical/professional office park.
WEST HOLLYWOOD, CALIF. — Lee & Associates-LA North/Ventura Inc. has handled Joey Bishop Productions Inc.’s $6.2 million sale of a prime West Hollywood retail property to Sakhi Properties LLC. Located at 359-373 Robertson Blvd., the two multi-tenant buildings totaling 6,876 square feet sold for $901 per square foot. Lee & Associates’ Jay Martinez represented the estate of the entertainer and member of the famed Rat Pack, and the firm’s Mike Tingus represented Sakhi, which will house its business, Amadi Carpets, at the location in one of the most prestigious shopping districts in the Los Angeles metro.
MIAMI — UrbanAmerica has borrowed a $10.78 million loan to refinance the Northside Shopping Center, located at the intersection of NW 79th St. and NW 27th Ave. in Miami. The center is anchored by Walgreens and Payless ShoeSource. Ocean Bank financed the 15-year loan, which carries a 25-year amortization. Cohen Financial's Miami office originated the transaction.