STOW, OHIO — The Akron, Ohio, office of NAI Cummins has completed the sale of a 2.5-acre land parcel located in Stow. The property is situated on Kent Road, adjacent to Hollywood Video and Super Target. The buyer, Pacific Bells Corp., plans to construct a Taco Bell restaurant in the near-term and possibly save part of the site for future development. NAI’s Jeff Davis and David Kaplan represented the private seller. Daniel Clark of Goodman Real Estate represented the buyer.
EXETER TOWNSHIP, PA. — Exeter Commons, a 490,000-square-foot retail center, has opened in Exeter Township. The center is located at the intersection of Business Route 422, Bypass Route 422 and 47th street. A 132,000-square-foot Target and an 81,000-square-foot Giant Foods have already opened their doors, and a 171,000-square-foot Lowe’s Home Improvement is slated to open in October. Additional retailers now open for business include Sonic, Sleepy’s, Five Below, Red Robin, Chick-Fil-A, PETCO, Famous Footwear and America’s Best Contacts & Eyeglasses. Other tenants set to open this month include Five Guys Burgers & Fries, T-Mobile, GameStop and Supercuts. September openings include Staples and Affinity Bank. A Wachovia branch is set to open in late October or early November. The retail center is being developed by a joint venture between The Goldenberg Group and Ironwood Property Group. Construction on the $75 million project commenced in April 2008 and was completed on schedule. The center is currently 96 percent leased.
BEVERLY HILLS, CALIF. — Hong Kong-based Allied Golden has purchased an 11,333-square-foot retail property, which is located at 414 N. Rodeo Dr. in Beverly Hills, for $28 million. The property is currently leased to Hugo Boss. Orbell Ovaness of National Equity Advisors Inc. represented the seller, Spain-based Llardo, in the transaction.
MEDFORD, ORE. — A private investor has acquired A-1 Secured Storage, a 47,065-square-foot self-storage facility located at 1011 Narregan St. in Medford. The property consists of eight buildings and offers 252 storage units. Joel Deis, Michael Morgan, Christopher Secreto and Tony Cassie of Marcus & Millichap represented both parties in the transaction. The seller was not disclosed.
MIAMI — Orlando, Fla.-based Keene Construction Co. is eyeing a November completion of the 67,931-square-foot Promenade at Silver Palm shopping center, located at the intersection of Southwest 232nd Street and Southwest 112th Avenue in Miami. The property, which was designed by Coral Gables, Fla.-based Alleguez Architecture, is anchored by a 46,031-square-foot Publix.
CHICAGO — Cohen Financial has arranged $23 million in non-recourse financing for a newly opened Whole Foods located in Chicago’s Lincoln Park neighborhood. The three-story, 85,301-square-foot grocery store is situated on 3.16 acres at 1550 N. Kingsbury St. It is the grocer’s third largest location, behind flagship stores in Austin, Texas, and London. It was developed by CRM Properties Group and designed by Gensler. Joel Simmons of Cohen arranged the loan, which includes a 5-year term and a fixed interest rate. The lender was Milwaukee-based TCF National Bank.
VINCENNES, IND. — A 12,414-square-foot shopping center shadow-anchored by a Walmart has been sold in Vincennes. Situated on 1.84 acres at 630 Kimmel Rd., the property is tenanted by Verizon Wireless and Sun Tan City. Christopher Hake of Thompson Thrift represented the seller, Old National Bank. Ryan Sarbinoff of Marcus & Millichap represented the buyer, Kimmel Square LLC. The acquisition price was not disclosed.
SOUTHINGTON, CONN. — Jones Lang LaSalle (JLL) has brokered the sale of Queen Plaza, 172,000-square-foot shopping center located in Southington. The property is anchored by TJ Maxx and Bed Bath & Beyond; additional tenants include Bob’s Discount Furniture, Dollar Tree, Fashion Bug and Radio Shack. Occupancy was 97 percent at the time of closing. The buyer, R.K. Associates, has subsequently renamed the property RK Queen Plaza. JLL brokers Jim Koury, Nathaniel Heald and Robert Borden represented the seller, Centro Properties Group, and procured the buyer. The acquisition price was not disclosed.
ROCKLEDGE, PA. — Conshohocken, Pa.-based Equity Retail Brokers has completed the sale of a 38,000-square-foot neighborhood shopping center located in Rockledge. Situated on approximately 2.25 acres at 410-412 Huntingdon Pike, the center is anchored by Blockbuster Video; additional tenants include Pennsylvania Wine & Spirits, Acker’s Hardware and Vincent’s Pizza. Bart Delfiner and Edward Ginn of Equity Retail Brokers represented the undisclosed seller. Good Rock Realty Partners purchased the center and plans to continue day-to-day operations.
LOS ANGELES — Ryan Noto Ventures has purchased a 14,270-square-foot building from Seward Property Investments for $4.3 million. The property is located at 712 Seward St. in Los Angeles. Klabin Co./CORFAC International’s Keith Fielding represented the buyer, and Grubb & Ellis’ Martin McDermott represented the seller.