FLORIDA — Dollar Tree Stores has signed leases for four new stores in Florida. The stores range in size from 11,473 square feet to 15,590 square feet. The properties are located in Magnolia Shoppes in Broward County; Shoppes at Boynton Beach in Boynton Beach; Commons at Royal Palm in Palm Beach County; and Homestead Pavilion in Dade County, Fla. Further details about the leases were not released. Steve Miller of Fort Lauderdale, Fla.-based The Rotella Group represented Dollar Tree.
Retail
KENOSHA, WIS. — Marcus & Millichap has completed the sale of Glenwood Crossings Shopping Center, a 77,504-square-foot retail property located in Kenosha. Situated at the corner of 30th Avenue and 18th Street, the grocery-anchored property was 95 percent occupied at the time of closing. Stephen Rachman, Brian Parmacek and Scott Niedergang of Marcus & Millichap’s downtown Chicago office represented both undisclosed parties in the transaction. Non-recourse, acquisition financing was procured through a regional lender.
CHICAGO — Two new tenants have been announced at Marshfield Plaza, a 454,000-square-foot power center located at the intersection of West 119th Street and South Marshfield Avenue on the Southside of Chicago. LA Fitness plans to break ground mid-year for a 35,000-square-foot location, which will be one of the co-anchors of the center. Completion is scheduled for early 2010. In addition, locally based City Sports will open a 3,000-square-foot location in August. Richard Spinell, Paul Bryant and Mary Beth Manelli of Oakbrook Terrace, Ill.-based Mid-America Asset Management represented the landlord, locally based Primestor Development. Dan Tausk and Jeff Kuchman, also of Mid-America Real Estate Corp. represented LA Fitness in its lease negotiations. Kenny Kang of MHK Investments represented City Sports. Phase I of Marshfield Plaza, totaling 164,688 square feet, opened in October 2008. Phase II is scheduled to open this summer.
PHOENIX — De Rito Partners has closed a 54,000-square-foot lease at Bell & 3rd Plaza, which is located on Bell Road between 3rd and 7th avenues in Phoenix. America’s Incredible Pizza Co. will begin construction for its new restaurant in the space. The restaurant is slated to open in May. Mark Roady of Strategic Retail Group represented the tenant; Judi Butterworth and Paul Serafin of De Rito Partners represented the landlord, Bell & 3rd Plaza LLC, in the transaction.
CHULA VISTA, CALIF. — MDS Contracting Inc., serving as general contractor, has completed the construction of Nico’s Steak & Chop House, which is located within Otay Ranch Town Center at 2015 Birch Rd. in Chula Vista. The $3.5 million, 6,500-square-foot steakhouse/bar is owned by Jimmy DiMatteo. The 250-seat restaurant was designed by Graham Downes Architecture.
CLEARWATER, FLA. — West Bay Drive LLC has sold the 38,569-square-foot Belleair Bazaar shopping center to Sunrise Plaza Holdings for $6.45 million. The property, located on West Bay Drive in Clearwater, is 82.3 percent occupied by Bonefish Grill, Cold Stone Creamery and Westshore Pizza. Jim Michalak, Anthony Blanco and Jess Wirts of Tampa, Fla.-based Plaza Advisors represented the seller.
ARAB, ALA. — Indianapolis-based Riser Retail Group has brokered a private party’s sale of the 72,980-square-foot Arab Center to a private investor for $2.95 million. The property is located on N. Brindlee Mountain Parkway in Arab. The three-tenant strip center is fully occupied by Marvin’s, Dollar Tree and Tractor Supply Co.
MCCORMICK, S.C. — Gold Rush Investment Group has sold the 40,000-square-foot Gold Rush Shopping Center to an undisclosed buyer for $1.48 million. The center, located at 710 S. Mine St. in McCormick, is anchored by a 29,000-square-foot Food Lion. Mike Early of Marcus & Millichap’s Williamsburg, Va., office and Matt Greenspon of the firm’s Charlotte, N.C., office brokered the sale.
WICHITA, KAN. — NorthMarq Capital has secured two loans for two Wichita retail properties totaling $14.6 million. First, Gary McGlynn of NorthMarq’s Washington, DC, office and Joseph Burke of the firm’s Baltimore office arranged $8 million in first-mortgage financing for Westgate Market. The 133,771-square-foot shopping center is fully leased to a tenant roster that includes Best Buy, TJ Maxx and Michael’s. The financing comprises a floating rate, interest-only loan based on a 3-year term with two 1-year extension options. The borrower was KIR Westgate Market LP and the lender was a life insurance company. In addition, McGlynn and Burke arranged $6.8 million in first-mortgage financing for Tall Grass Center. The 96,011-square-foot retail property is fully occupied by a tenant roster that includes Dick’s Sporting Goods and Gordmans. The loan carries the same terms as the one for Westgate Market. The borrower was KIR E Wichita LP and the lender was a life insurance company.
BUFFALO, N.Y. — The Upstate New York office of NorthMarq Capital has arranged $1.4 million in first-mortgage financing for a 14,550-square-foot Walgreens pharmacy located in Buffalo. Michael James of NorthMarq originated the loan on behalf of the undisclosed borrower through Sun Life Assurance Company of Canada. Terms of the loan were not disclosed.