WINTER PARK, FLA. — The Sorensen Trust has sold a 3,872-square-foot commercial building, located at 935 N. Orange Ave. in Winter Park, to 935 Orange Avenue LLC for $1.41 million. Mark Squires of Maitland, Fla.-based Coldwell Banker Commercial NRT and Palkiper Real Estate Services’ Marie Boyle brokered the transaction.
CAMBRIDGE, MINN. — Minneapolis-based Opus Northwest has held a groundbreaking ceremony for its multi-phased Spirit River Crossings power center, which will be located in Cambridge. The 250,000-square-foot project is situated on a 30-acre site. Site work has commenced for the first phase of the development, which will include Kohl’s and Lowe’s Home Improvement Warehouse. Subsequent phases of the project will include junior box retailers, smaller shops, restaurants and banks. Construction is slated to begin next spring, with completion of Phase I expected in the fall of 2009.
WOODSTOCK, ILL. — Midland Equities LLC has sold Catalpa Commons, a 14,000-square-foot retail center located at 11605-11621 Catalpa Lane in Woodstock. Catalpa Commons Woodstock LLC has acquired the center. The single-story development is situated on a pad site adjacent to a Wal-Mart Supercenter. Tenants at the property include Cardinal Fitness and Great Clips. The acquisition price was not disclosed.
TERRELL, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has secured $3.5 million for the refinancing of Towne West Shopping Center, a 113,348-square-foot retail property located at the intersection of Interstate 20 and U.S. Highway 80 in Terrell. The property is 99 percent leased to a tenant roster that includes Payless Shoe Source, Zip Cash, Radio Shack, Subway, Big Lots, World Acceptance, Aaron’s Rental, Bealle’s Department Store, Robinson Furniture and Family Dollar. Todd McNeill of MCA originated the financing on behalf of O.R.D.A. Corp. with Viewpoint Bank. Terms of the financing include a 6.75 percent fixed interest rate and a 5-year term.
LYNNWOOD, WASH. — MulvannyG2 Architecture is designing Northpointe Retail Center and a 186,000-square-foot Fred Meyer store in Lynnwood. Located at the intersection of 164th Street SW and Alderwood Mall Parkway, the center will offer nearly 42,000 square feet of mixed-use space consisting of office, retail and restaurant options. The development will encompass seven buildings, ranging in size from 4,000 to 8,000 square feet. The 18.3-acre site will feature a family-friendly, pedestrian-oriented main street at the heart of the development. The design will also include plazas with outdoor seating.
ROME, GA. — MetroGroup Development has commenced construction on the 37,000-square-foot Berry Crossing, located at the intersection of Veterans Memorial Highway and Martha Berry Boulevard in Rome. The 5.8-acre site is 50 percent pre-leased and will be home to a CVS/pharmacy and a renovated Wachovia Bank. The center is expected to deliver in spring 2009.
ALGONQUIN, ILL. — Deerfield, Ill.-based Alliance Equities LLC, in a joint venture with Orange County, Calif.-based Nelson Brothers, has acquired the 83,441-square-foot Algonquin Galleria retail center, which is located at 1515 Randall Rd. in Algonquin. Mid-America Development Partners has sold the property for $22.5 million. The center is anchored by Best Buy and La-Z-Boy, and is shadow-anchored by Dania and Ethan Allen.
DE FOREST, WIS. — Stan Johnson Co. has arranged the sale of a 14,490-square-foot freestanding retail building located at 807 S. Main St. in De Forest. The property, which is 100 percent leased to Walgreens, was acquired by the buyer through a 1031 exchange. Vintage 76 Apartments LLC has acquired the property from Edward Hines Lumber Co. for approximately $3.89 million. Joey Odom on the Hughes Team of Stan Johnson Co. represented the seller; Benjamin Flinders of Investment Real Estate Associates represented the buyer in the transaction.
SUPERIOR, WIS. — Cleveland-based NAI Daus and Brookfield, Wis.-based NAI MLG have brokered the sale of a freestanding building triple net leased to Kmart, which is located at 3015 Tower Ave. in Superior. An undisclosed Boca Raton, Fla.-based buyer has acquired the 87,407-square-foot store from Zeisler Morgan Properties Ltd. The property was sold for approximately $2.24 million. Dan Cooper and Bob Havasi of NAI Daus’ Cooper Commercial Investment Group represented the seller in the transaction.
WEBSTER AND HUDSON, MASS. — Jones Lang LaSalle (JLL) has completed the sale of a two-property retail portfolio in two separate transactions totaling $27.88 million. The first property is Price Chopper Plaza, a 101,000-square-foot shopping center located in Webster. The property is anchored by Price Chopper Supermarket, with additional tenants including Papa Gino’s, D’Angelo’s, and freestanding CVS/pharmacy and Burger King locations. It was acquired by Cedar-Webster LLC for $17.58 million. The brokers were not disclosed. The second property is Washington Square Plaza, a 46,512-square-foot strip center located in Hudson. The center was 98 percent occupied at the time of closing; tenants include CVS/pharmacy, Family Dollar, Applebee’s, Dominos Pizza, and Dunkin’ Donuts. Jim Koury and Nathaniel Heald of JLL represented the undisclosed seller and the buyer, RK Associates, in the $10.3 million transaction. The property traded at a price of $222 per square foot.