CHICAGO — Chicago-based Fitness Formula Clubs (FFC) has leased the former Crunch Gym, an approximately 54,000-square-foot space at the 939 North Avenue Collection in Chicago’s Lincoln Park neighborhood. The tenant plans to upgrade the existing fitness facility to reflect the FFC brand. Geoffrey Euston and Brian Lafer of U.S. Equities Realty represented the tenant in the transaction. Additional terms of the lease transaction were not released.
PLYMOUTH MEETING, PA. — Construction is complete for the expansion of Plymouth Meeting Mall, which is located at 500 W. Germantown Pike in Plymouth Meeting. The 100,000-square-foot, open-air addition brings the mall's total size to 914,000 square feet. New tenants at the expanded space include Whole Foods Market, Coldwater Creek, Loft, Olly, Jos A. Bank and Chico's. The addition was built atop a 350-space parking garage. Three restaurant pavilions plaza are still under construction and will be occupied by PF Chang's China Bistro, Redstone Grill, Bertucci's, California Pizza Kitchen and Benihana. The general contractor for the project was Malvern, Pa.-based IMC Construction, and the project architect was New York City-based CREATE Architecture Planning & Design. The owner of Plymouth Meeting Mall is Pennsylvania Real Estate Investment Trust.
LANCASTER, PA. — Stan Johnson Co. (SJC) has brokered the sale of a fee-simple ground lease in Lancaster for $10.2 million. The 17-acre property, which is located at 1801 Hempstead Road, is occupied by a 117,000-square-foot Lowe's Home Improvement Warehouse. SJC's Brad Pepin and Joey Odom represented the seller, an institutional client based in the Northeast. Bill Comp of Wilson-Comp Associates represented the buyer, a private investor.
NEWTON, MASS. — The Capital Markets Group of Boston-based Colliers Meredith & Grew has arranged a $7.5 million loan for the refinancing of a 62,589-square-foot retail property located in Newton. The two-building center is situated at 241-281 Needham St. It is 99 percent leased to a tenant roster that includes Marshalls, CVS/pharmacy and AAA Southern New England. The loan includes a 5-year term and a fixed interest rate. It was secured by John Broderick of Colliers Meredith & Grew on behalf of the borrower, Northland Investment Corp. The lender was Washington Trust Co., a subsidiary of Washington Trust Bancorp.
NAPLES, FLA. — Pelican Bay Developments I has sold an 11,200-square-foot retail building to Saiano for $5 million. The property is located at 5296 Tamiami Trail N. in Naples. The building was constructed in 1998 and sits on 1.29 acres of land. David Stevens of Investment Properties Corp. represented the buyer.
GLEN BURNIE, MD. — Bill Libercci of NorthMarq Capital's Baltimore office has arranged first mortgage financing of $2.8 million for a U-Store facility in Glen Burnie. Financing was provided by Advantus Capital Management. The property contains 863 self-storage units.
WEST BEND, WIS. — Prescott Development Group is planning to develop a $10 million grocery store and retail building at the South Main Street Shopping Center in West Bend. The project includes construction of a 63,500-square-foot building on the north end of the 9-acre property and the development of a 17,000-square-foot, multi-tenant retail facility. Additionally, the site will offer two out parcel sites, which can accommodate restaurant or bank tenants. Pending city approval, the company plans to break ground in spring 2010.
DEARBORN, MICH. — Village Farms has signed a lease for 1,359 square feet of retail space at West Village Commons, which is located at 22223 Michigan Ave. in Dearborn. Tony Schmitt and Brooke Wolfe of LaKritz-Weber & Co. represented the landlord, West Village Commons LLC, in the transaction. Additional terms of the lease were not released.
CAMBRIDGE, MASS. — A new Trader Joe's grocery store has opened at 321 Alewife Brook Parkway in Cambridge. The store occupies 14,000 square feet within a 47,000-square-foot shopping center that is being redeveloped by Linear Retail Properties. Additional tenants at the center include co-anchor CVS/pharmacy, T-Mobile, Chipotle Mexican Grille, SavMor Spirits and Sleepy's.
STUART, FLA. — Boston-based Cedar Pointe Plaza LLP has sold the 79,000-square-foot Cedar Pointe Plaza to New York-based Cedar Pointe Properties for $7.45 million. The property, located on East Ocean Boulevard in Stuart, was under contract for $12 million a few years ago. Tammy Roncaglione of Gulfstream Business Bank provided financing for the purchase. NAI Southcoast’s Jeremiah Baron and Boyd Bradfield brokered the sale.