SOUTH LAKE TAHOE, CALIF. — Reno, Nev.-based Blackfire Investors has acquired a 18,852-square-foot former auto dealership building, which is located at 1875 Lake Tahoe Blvd. in South Lake Tahoe. The buyer plans to reposition the property as a retail building. The seller and acquisition price were not disclosed.
WOODSTOCK, GA. — Marcus & Millichap has brokered a Boca Raton, Fla.-based private investor’s sale of a 115,396-square-foot BJ’s Wholesale Club to an undisclosed party for $16.05 million. The property is located at 105 Long Dr. in Woodstock, just off I-575. Sonny Molloy of Marcus & Millichap’s Atlanta office represented the seller, and Jason Vitorino and Philip Levy of the firm’s Dallas office represented the buyer.
HILLSIDE, ILL. — Metro Commons LLC has opened Hillside Town Center, a 350,000-square-foot power center located on Mannheim Road in the Chicago suburb of Hillside. Chicago-based Sierra Realty Advisors represented Metro Commons in leasing the center, which is anchored by a Super Target. Additional tenants within the development include Petco, Michaels, Staples, The Roomplace, Panda Express, Qdoba Mexican Grill, American Mattress, Visionworks, GameStop and Sally Beauty.
CHICAGO — Milwaukee-based Roundy’s Supermarkets Inc. has signed a long-term lease to anchor The Metropolis, a $50 million planned retail development located in Chicago’s Bronzeville area. The 123,000-square-foot development is a joint venture between the Capri Select Income II Fund and Judson Investment Co. of Chicago. Locally based The Prime Group Inc. is developing the project. Roundy’s is scheduled to open a 60,000-square-foot, full-service supermarket at the center in the fall of 2010. CB Richard Ellis is the exclusive leasing agent for The Metropolis.
RED BANK AND TOMS RIVER, N.J. — Cronheim Mortgage has arranged $5.5 million in financing for a three-property portfolio located in Red Bank. The first property consists of two multi-tenant retail buildings, a single-tenant office building and two office and retail buildings that total 42,182 square feet and are located near the Garden State Parkway in Red Bank. The property’s largest tenant is SCS Red Bank Cinema. The second property is a 12,153-square-foot retail building located at 1726 Route 37 East in Toms River that is leased to Rite Aid. The final property is City Centre Plaza, a 34,668-square-foot retail center located along Water Street in Red Bank. The largest tenant here is also Rite Aid. Cronheim’s Bruce Theuerkauf and Lisa McMahon arranged the loan. The borrower and lender, a well as terms of the loan, were not disclosed.
HAMILTON, N.J. — Meridian Capital Group has arranged a $2 million loan for an approximately 42,000-square-foot retail property located in Hamilton. The property comprises five one-story buildings and is located at 2021 Nottingham Way. Shimon Weiner of Meridian’s New Jersey office arranged the financing, which includes a 10-year term and a 6.25 percent interest rate. The borrower and lender were undisclosed.
FRISCO, TEXAS — The grand opening has been held for the new Main Event Entertainment, a 65,000-square-foot entertainment and restaurant venue located within Frisco Market Center in Frisco. Main Event Entertainment features interactive games, bowling, billiards, laser tag, a ropes course and a restaurant. The entertainment center is located at The Frisco Market Center Promenade, which will include an additional 66,000 square feet of restaurants, retail and office space when it is completed in the fall. Frisco Market Center is an 88-acre master-planned development located at the corner of Main Street and Dallas North Tollway. Upon full build-out, it will feature retail, restaurants, multifamily units, hospitality and entertainment. Additional tenants already signed on for the center include Howard Wang’s China Grill and IHOP. In March, construction will commence for Courtyard by Marriott’s new concept hotel, Go Marriott. Frisco Market Center is owned by Dallas-based Hermansen Land Development.
SAN LUIS OBISPO, CALIF. — Steiner Trusts has completed the disposition of University Square Shopping Center in San Luis Obispo. Located at 171 N. Santa Rosa St. and 948-972 Foothill Blvd., the asset totals 27,500 square feet. The buyer group, which is lead by local architect and developer Rob Rossi, acquired the property for $7.15 million. The center is currently tenanted by Hurley’s Health-Plus, Bank of America, Special Olympics, Quest Diagnostics and SLO Kickboxing.
BALTIMORE — A 20,000-square-foot Barnes & Noble will anchor The Fitzgerald at UB Midtown, a $77 million mixed-use project under development by Greenbelt, Md.-based The Bozzuto Group. When complete in spring 2011, The Fitzgerald will encompass 275 luxury apartments, 25,000 square feet of retail and a 1,245-space parking garage. The two-floor Barnes & Noble, which will include a Starbucks Coffee and a section reserved for textbook sales, is expected to deliver next fall.
CHESTNUT HILL, PA. — Conshohocken, Pa.-based Beacon Commercial Real Estate has brokered the sale of the former Caruso’s Market building, located at 8418-8424 Germantown Ave. in Chestnut Hill. The 6,700-square-foot building contains the retail store, as well as six residential apartments located above the storefront. Beacon Commercial’s Mike Flynn, Gene McHale and John O’Dea represented the owner, Wynnewood, Pa.-based CMS Cos. The seller, Weaver’s Way Co-op, was represented by Bill Elfant of Elfant Wissahickon Realtor. Weaver’s Way is a co-op grocery store that currently has a location in Mt. Airy. It will renovate the Chestnut Hill property and open an additional grocery store by mid-to-late summer. It is not known if the apartments were included in the sale.