Retail

MONTGOMERY, ILL. — Edgemark Commercial Real Estate has brokered the sale of an outlot within Orchard Crossings shopping center, which is located at the corner of Orchard Road and Route 30 in Montgomery. Burger King has purchased the approximately 35,000-square-foot outlot for an undisclosed amount. The company plans to open a new restaurant at the property, which is situated in front of a new Wal-Mart store. Additional tenants within the 53-acre center include Walgreens, Firestone, Aldi and Starbucks Coffee. Les Kristof of Edgemark represented Burger King in the transaction.

MINNEAPOLIS — Minneapolis-based NorthMarq Real Estate Services has been selected to manage six retail properties totaling 845,000 square feet, which are located in and around Minneapolis. The new third-party retail assignments have positioned NorthMarq as the largest manager of retail properties in the Twin Cities. The six centers include the 170,000-square-foot Calhoun Square in Minneapolis; the 115,000-square-foot Southdale Square in Edina; the 173,000-square-foot The Shoppes at Oak Park Heights in Oak Park Heights; the 26,000-square-foot Plymouth Town Center in Plymouth; the 110,000-square-foot Fountain Place in Eden Prairie; and the 251,000-square-foot Fischer Marketplace in Apple Valley. Plymouth Town Center, The Shoppes at Oak Park Heights, Fischer Marketplace and Southdale Square are all owned by Principal Real Estate Investors. Fountain Place is owned by LaSalle Investment Management. Various tenants within the developments include Applebee’s, Kohl’s, Pier 1 Imports, Bed Bath & Beyond, and Michaels. NorthMarq began overseeing leasing and management for Calhoun Square in November. The center, which is owned by BlackRock, is undergoing major renovations that are slated for completion in early 2010. As part of the project, a 35,000-square-foot LA Fitness will open at the center in 2009.