CHICAGO — Mid-America Real Estate Corp. has arranged the sale of a 7,000-square-foot restaurant and bar located in Chicago’s Lincoln Park neighborhood. The building, which formerly housed Ranalli’s Restaurant & Beer Garden, was acquired by locally based 1925 North Lincoln LLC for an undisclosed amount. The buyer plans to open a new restaurant and bar in the space by May. Mid-America’s Luke Molloy represented the seller, Chicago-based Park West Properties. The buyer utilized in-house representation. The acquisition price was not disclosed.
LANCASTER, CALIF. — Los Angeles-based Investment Real Estate Associates (IREA) has completed the sale of a Del Taco restaurant location in Lancaster. Innovative Property Partners LLC sold the property to an undisclosed buyer for $2.25 million. Located at 1751 E. Ave., the property offers 2,547 square feet of space. Warren Berzack of IREA represented the buyer; Matthew Mousavi and Dennis Vaccaro of Faris Lee Investments represented the seller in the transaction.
FORT LAUDERDALE, FLA. — Fort Lauderdale-based Miller Construction Co. has begun an interior and exterior renovation of the 35,000-square-foot Imperial Point Shopping Center. Located at the intersection of Federal Highway and Cypress Creek Road in Fort Lauderdale, the center will receive new mechanical, electrical and plumbing systems. Exterior upgrades include new paint and extending the existing covered walkways. The center, owned by A.M. Davis Mercantile Co., was formerly occupied by Publix. Bruegger’s Bagels recently signed a 2,000-square-foot lease for space in the property.
ORLANDO, FLA. — Marcus & Millichap Real Estate Investment Services has brokered the sale of a 2,227-square-foot Burger King between two undisclosed parties for $1.23 million. The property is located at 728 S. Alafaya Trail in Orlando. Marcus & Millichap’s Orlando office, along with Glen Kunofsky of the firm’s New York City office, represented the buyer and seller.
ALLEN, TEXAS — Dallas-based The MGHerring Group is developing the second phase of The Village at Allen. The second phase is marked with the openings of Super Target, PetSmart and Anderson’s Furniture. Additionally, the second phase will add 275,000 square feet of retail and restaurant space. Other stores slated to open this spring and summer include Ross Dress For Less, Hemispheres, Cheddars Casual Café, Dodie’s Place & Sports Grill, Eye Masters, James Avery, Movie Trading Co., Ooo La La, Radio Shack, Saxby’s Coffee, Scottrade, Tacone Flavor Grill, The Kid Salon, Yogilicious and Zeus Boutique. Upon completion, the Village at Allen and The Village at Fairview is slated to have more than 3 million square feet of retail, office, residential and hotel space. The mixed-use development is located on Stacy Road off U.S. 75 in Allen and Fairview.
DENVER — Denver Pavilions, which is located in downtown Denver, has unveiled a $25 million renovation plan for the retail center. Key features of the renovation include energy efficient escalators; Glenarm Street improvements, including valet service, enhanced customer entrances, new lighting and a pedestrian crosswalk; LED signs along 16th Street; elevator upgrades; enhanced lighting throughout the center; courtyard improvements; new landscape treatments; a new paint scheme; and clear way-finding signage and directories throughout the center. Companies working on the project include Semple Brown Design, CommArts and Buchanan Yonushewski Group. Completion is slated for the end of October.
SCRIPPS RANCH, CALIF. — Coast Income Properties Inc. has planned a $4 million renovation for a 70,720-square-foot shopping center, which is located at 9838-9890 Hibert St. in Scripps Ranch. Renovations to the ranch-themed center will include new storefronts and corrugated roofs, as well as enhancements to the parking layout, hardscape and landscape features. Trader Joe’s will anchor the new center with a 15,000-square-foot location, which is slated to open this summer. Other tenants include Chuck E. Cheese and Supercuts. KTGY Group Inc. is providing architectural services for the project. BYCOR is serving as general contractor.
PLYMOUTH MEETING, PA. — Pennsylvania Real Estate Investment Trust (PREIT) is continuing its $100 million redevelopment of Plymouth Meeting Mall, located in Plymouth Meeting. New construction includes a new Whole Foods Market and Café, which is scheduled to open later this year. Also under construction is Plaza Shops, an open-air retail wing that will connect the Whole Foods to the existing enclosed mall. Plaza Shops will include a landscaped plaza with textured concrete, enhanced lighting and wrought-iron seating. Retailers Ann Taylor Loft, Coldwater Creek, Chico’s and Jos. A Bank have already signed leases for spaces within Plaza Shops. In addition, Benihana recently opened its new restaurant concept, joining California Pizza Kitchen, P.F. Chang’s China Bistro and Redstone American Grill, which all opened freestanding restaurants in 2008. Dave & Busters also opened a new location at the mall in 2008. Finally, this spring will see the opening of a two-story, 23,000-square-foot Krazy City children’s entertainment attraction.
KENNESAW, GA. — Hobby Lobby has signed a 45,000-square-foot lease with Developers Diversified Realty for a former Goody’s store. The space is located in Kennesaw’s Barrett Pavilion shopping center. Steve Gunning and Mike Leonard of Dallas-based SRS Real Estate Partners represented the tenant.
KOHLER, WIS. —Marcus & Millichap has arranged the sale of a PetsMart-anchored strip center located along an full interchange of Interstate 43 in Kohler for $3.4 million, or $169.03 per square foot. The 21,800-square-foot property, which also features Cost Cutters and L.A. Weightloss, is shadow-anchored by Target, The Home Depot and Best Buy. PetsMart signed a 15-year, triple-net lease with four 5-year options in 2004. Evan Halkias and Michael Marks of Marcus & Millichap’s downtown Chicago office represented the seller; Eric Rapp of the firm’s Wisconsin office represented the undisclosed buyer.