CUMMING, GA. — Sean Leahy of Phoenix-based Tradition Realty Advisors has represented an undisclosed buyer in the sale of a 14,820-square-foot Walgreens, located at 2595 Peachtree Parkway in Cumming, for $4.95 million. Marcus & Millichap represented the undisclosed seller.
OVERLAND PARK, KAN. — The developer of Cherokee South Plaza, a 118,000-square-foot shopping center located at the intersection of 95th Street and Antioch Road in Overland Park, recently signed Walgreens to a lease for a freestanding store within the property. The $23 million shopping center redevelopment, which is being handled by Westchester, Ill.-based developer Tri-Land Properties, includes the complete demolition of one building, the construction of three new retail buildings and the addition of new tenants. The property’s current tenants will remain open during the redevelopment endeavor, which is expected to begin this fall.
CHICAGO — Chicago-based NAI Hiffman has brokered the sale of an approximately 11,000-square-foot tract of land located at 3019 Peterson Ave. in Chicago. The property is leased on a long-term basis to Bank of America, which will be constructing a retail bank branch building with drive-thru lanes at the site. Chad Firsel of NAI Hiffman’s Investment Services Group represented Interra-Vision Development Partners of Chicago in the disposition of the property for approximately $4.45 million.
WAUKESHA, WIS., AND YORKVILLE AND GLENWOOD, ILL. — Melissa Glick of Marcus & Millichap’s National Retail Group in Chicago has brokered three retail transactions totaling $5.59 million. Glick represented the buyer of Silvernail Center, a 6,857-square-foot retail center located in Waukesha. A local Chicago investor has acquired the property for $1.9 million in a 1031 exchange. Tenants at the center include Verizon Wireless, Wisconsin Vision and a chiropractic office. Jason Ladner of Marcus & Millichap’s National Retail Group in Milwaukee represented the seller in the transaction. In Illinois, Glick has represented a local developer in the sale of a JP Morgan Chase Bank ground lease located in Yorkville. Chase holds a 30-year ground lease, which includes a 10 percent rent increase every 5 years. The property was traded at $3.1 million. The buyer was a privately owned company based in the United Kingdom. Additionally, Hickory Bend Plaza, a 3,800-square-foot, multi-tenant center was sold in Glenwood. Tenants at the center, which traded for $590,000, include H&R Block, Jackson Hewitt and American Family Insurance. Glick represented the seller; Nick Pipikios of GNP Management represented the undisclosed buyer in the transaction.
SANTA ANA, CALIF. — Santa Ana-based Red Mountain Retail Group is opening four of Wal-Mart’s new Marketside neighborhood grocery store concepts in Arizona. The stores are located in Gilbert, Mesa, Chandler and Tempe, Ariz., and are slated to open October 4th. The stores will offer a wide selection of complete meal solutions and fresh ingredients. The Arizona locations are the first Marketside stores to open in the United States.
SPARTANBURG AND GREENWOOD, S.C. — Charleston, S.C.-based Ziff Properties has acquired two shopping centers totaling more than 220,000 square feet. Mike Burkard and Steve Shields of CB Richard Ellis represented an undisclosed seller in Ziff’s purchase of the 208,703-square-foot Cedar Springs Shopping Center in Spartanburg for $10.8 million. The property features a 34,928-square-foot Food Lion. Ziff also purchased the 16,144-square-foot Greenwood Commons, located on the Interstate 72 Bypass in Greenwood, for $2.75 million. Marcus & Millichap’s Andrew Margulies represented the undisclosed seller in the Greenwood transaction.
GREENSBORO, N.C. — Ten retailers have pledged to join the 1.3 million-square-foot Friendly Center, located near Holden Road in Greensboro. Custom Diamond Creations, SportClips, WineStyles and AT&T Mobility have already opened, with Oreck, Poblano’s and Yankee Candle set to open in October. Carter’s and Williams-Sonoma will follow in November, and Anthropologie is planned for a January 2009 delivery. The new tenants join Belk, Macy’s, Sears and a host of others already housed in the center.
OAK LAWN, ILL. — Chicago-based NAI Hiffman has brokered the sale of an investment disposition located at 9633 S. Cicero Ave. in Oak Lawn. Tenants at the 77,500-square-foot shopping center, which was 98 percent leased at the time of sale, include The Sports Authority, Corner Bakery, Staples and Men’s Warehouse. Inland Real Estate Group has acquired the property from Mid-America Development Partners for approximately $16 million. Chad Firsel of NAI Hiffman’s Investment Services Group represented the seller in the transaction.
LINDALE, TEXAS — Tulsa, Okla.-based Stan Johnson Co., has arranged the sale of a 6,786-square-foot Auto Zone store in Lindale for $1.21 million. The building is situated on 1.18 acres at 720 S. Main St. Ryan Butler and Brad Moulder of Stan Johnson Co. represented the seller, a private family trust. The buyer was represented by Dave Austin of northern California-based Cornish & Carey Commercial.
VISTA, CALIF. — Sheila Alimadadian of NAI Capital’s Newport Beach, Calif., office represented Brooks Family Trust in the investment purchase of a retail center located at 912-926 Escondido Ave. in Vista. The 9,040-square-foot property sold for more than $2.7 million. Tenants occupying the portion of the center that sold include Yum Yum Donuts, Cricket Wireless, a travel agency, a nail salon, a gift shop and a Mexican restaurant. Peter Fisher of Coldwell Banker represented the seller, Paolo and Lucia Le Medico, in the transaction.