INDIAN WELLS, CALIF. — Stoneridge Capital Partners has acquired The Village at Indian Wells from A&B Properties Inc. in a $20 million all-cash transaction. Located at the corner of Cook Street and Highway 111 in Indian Wells, The Village at Indian Wells is a 104,600-square-foot retail center anchored by a Ralph’s Fresh Fare and CVS/pharmacy. CB Richard Ellis’ Sam Alison represented A&B Properties Inc. in the sale of the property; Newport Beach, Calif.-based Stoneridge did not use broker representation.
ROANOKE, VA., AND OAK RIDGE, TENN. — J&K Commercial has purchased two retail buildings from institutional hedge funds for a combined $3.45 million. The firm bought a 4,252-square-foot Applebee's restaurant, located at 4942 Valley View Blvd. North in Roanoke, for $1.88 million. Ian Schroeder and Maurice Nieman of Colliers International's Irvine, Calif., office represented the buyer. Marcus & Millichap represented the seller. J&K also purchased a 10,403-square-foot Ryan's Grill Buffet & Bakery, located at 401 S. Tulane Ave. in Oak Ridge, for $1.67 million. Schroeder and Nieman brokered the sale.
CHICAGO — Northbrook, Ill.-based River West Plaza-Chicago has filed for Chapter 11 bankruptcy protection from creditors and a reorganization plan in U.S. Bankruptcy Court on behalf of its 95,000-square-foot Joffco Square retail center in Chicago. Located at 555 W. Roosevelt Road, Joffco Square is currently 83 percent occupied. The reorganization plans provides for the company’s trade creditors to be paid in full with interest and the terms of the company’s $26.15 million acquisition and construction loan, which matured in November, to be renegotiated with Bank of America N.A. Illinois-based Meltzer, Purtill & Stelle LLC is representing River West Plaza-Chicago in the bankruptcy petition.
SPEEDWAY, IND. — The Kroger location at Speedway Super Center, located at the intersection of Crawfordsville Road and Interstate 465 in Speedway, has reopened after a more than $9 million expansion and renovation project. The new 94,000-square-foot store is the largest Kroger location in metro Indianapolis. Bob Pionke provided in-house representation for the center’s owner, Centro Properties Group.
NAPERVILLE, ILL. — Suit House has leased 25,650 square feet of retail space at Westridge Court, which is located on the corner of Route 59 and Aurora Avenue in Naperville. The recently opened store specializes in men’s apparel. John Graves of Oakbrook, Ill.-based SRS Real Estate Partners represented the tenant; Brad Ratajczak provided in-house representation for the owner, Centro Properties Group.
FEASTERVILLE, PA. — Deerwood Real Estate Capital has arranged a $3.9 million loan for the refinancing of a 112,000-square-foot shopping center located in Feasterville. Tenants at the center include Michael's and Dollar Tree. The financing carries a 5-year term and a 25-year amortization schedule. It will be used to refinance an expiring CMBS loan. Deerwood's Abe Katz secured the loan on behalf of the undisclosed borrower. The lender's name was also not released.
HIGHLANDS RANCH, COLO. — Marcus & Millichap has brokered the $3.23 million sale of Village Center at Highlands Ranch, a 9,919-square-foot retail property located at 9579 S. University Blvd. in Highlands Ranch. The property was 100 percent occupied by three tenants at the time of the sale. Marcus & Millichap’s Jon Hendrickson, Michael Fassel and Garrette Matlock represented the seller, a limited liability company, in the transaction.
BIRMINGHAM, ALA. — Inland Western Retail Real Estate Trust has sold a 44,271-square-foot Publix to Cole Capital – Cole Real Estate Investments for $6.1 million. The 5-year-old property, located at 3141 Overton Road in Birmingham, is leased to Publix through November 2024. Jim Hamilton of Holliday Fenoglio Fowler represented the seller.
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.
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.