ROBINSON TOWNSHIP, PA. — Chattanooga, Tenn.-based CBL & Associates Properties has held the grand opening for Settlers Ridge, a new 600,000-square-foot, open-air retail center located in the Pittsburgh suburb of Robinson Township. Occupancy at the center is more than 94 percent. It is anchored by a 16-screen Cinemark theater, REI and LA Fitness. A 150,000-square-foot Giant Eagle Market District supermarket will open in November, and Barnes & Noble will open in spring 2010. Other tenants already open at the center include Panera Bread, P.F. Chang’s, Red Robin, Omaha Steaks, Sport Clips, Verizon Wireless and Vitamin Shoppe, among others.
LAKE GROVE, N.Y. — Centro Properties Group has opened a new R Superstore within DSW Plaza in Lake Grove. The 71,343-square-foot store features full-size Toys ‘R Us and Babies ‘R Us locations under one roof. The space was formerly occupied by Stop & Shop but was turned over to Toys ‘R Us in February. Construction consisted of a new storefront façade, new loading docks and the reconfiguring of the parking lot. Centro invested approximately $200,000 in the project. Ronkonkoma, N.Y.-based Lakota Construction served as general contractor.
CHAMPAIGN, ILL. — Champaign-based Sperry Van Ness|Ramshaw Real Estate has completed the sale of a vacant 39,480-square-foot retail property, located at 723 N. Neil St. in Champaign, for $1.05 million. The buyer, a private investor from Champaign, plans to bring a restaurant and retail shops into the one-story building, as well as construct a second story that will feature 11 residential condominiums. Alex Ruggieri of Sperry Van Ness represented the buyer, as well as the seller, a private investor from Urbana, Ill.
INDIANAPOLIS — Indianapolis-based NAI Olympia Partners has brokered the purchase of Raintree Plaza, a 61,718-square-foot shopping center located at 3702 N. Mitthoeffer Rd. in Indianapolis. Tracey Holtzman of NAI represented the undisclosed buyer in the acquisition from Investment Property Exchange. The acquisition price was not disclosed.
MURFREESBORO, TENN. — On behalf of the retailer Vitamin Shoppe, Nashville, Tenn.-based Baker Storey McDonald Properties has purchased the note for an 8,800-square-foot retail property from a local bank. Located near the intersection of North Thompson Lane and Medical Center Parkway in Murfreesboro, the property was in danger of foreclosure. Baker Storey plans to invest a total of $2.5 million into the space, an amount that includes the purchase price and renovation costs. The tenant will open its doors in early 2011.
LIBERTYVILLE, ILL. — MJK Real Estate Holding Co. has purchased the former Miller-Krueger Dodge dealership on Milwaukee Avenue in Libertyville for an undisclosed price. The buyer plans to re-tenant the property with Five Guys Burgers and Fries, Chipotle Mexican Grill, Dunkin’ Donuts, CD One Price Cleaners and T-Mobile. Steve Frishman and David Stensby of Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. represented the buyer and the seller, Liberty Auto City, in the transaction.
BOSTON — Boston-based Fantini & Gorga has arranged $23.75 million in first-mortgage financing for a CVS/pharmacy portfolio. The portfolio consists of 10 retail pharmacies located in 10 states across the country. Some of the properties are situated in strong suburban locations in major metropolitan markets such as Atlanta, Chicago, Dallas, Detroit and Phoenix. Keith Wentzel of Fantini & Gorga arranged the loan on behalf of the undisclosed borrower through one of the intermediary's national life insurance correspondents. Terms of the financing were not released.
MIDDLETOWN, CONN. — NorthMarq Capital has secured $3.3 million first-mortgage construction/permanent financing for a new 14,820-square-foot Walgreens located at the intersection of Main Street Extension and Saybrook Road in Middletown. The financing includes a 12-month construction loan followed by a 6-year permanent loan with a 30-year amortization schedule. Ernest DesRochers and Deanna Polizzo of NorthMarq's New York Metro Regional office arranged the loan on behalf of the borrower, Sound Middleton LLC. The lender was an undisclosed regional bank.
ATLANTA — Vince Hughes of Q10|iCap’s Atlanta office has arranged a $4.47 million loan for a retail refinance project. The 33,550-square-foot property is located in the Virginia-Highland neighborhood in Atlanta. The 9-year loan carries a 6.25 percent interest rate and a 25-year amortization schedule. A life insurance company provided funding for the loan.
FULTON, MD. — Calkain Cos. has brokered the $8.2 million sale of two triple-net-leased retail buildings between two undisclosed parties. The properties, a SunTrust Bank and an M&T Bank, are located in the Maple Law mixed-use development in Fulton. Rick Fernandez and Jeff Bogart of Calkain brokered the sale.