CHICAGO — Grosvenor has leased 11,175 square feet of retail space on Chicago’s Magnificent Mile to Columbia Sportswear Co. The two-story facility, which will be open in mid-2009, will be within Grosvenor’s 125,000-square-foot retail property located at 830 North Michigan Ave. Other tenants in the building include Filene’s Basement, Borders Books & Music, and Ghirardelli Ice Cream and Chocolate Shop. Stanley Nitzberg of Mid-America Real Estate represented Grosvenor; Victor Fandel of Fandel Retail Group represented the tenant in the transaction. Terms of the lease were not disclosed.
PENNDEL, PA. — Marcus & Millichap has brokered the sale of Glenview Plaza, a 15,060-square-foot shopping center located in Penndel, for $1.5 million. Adam Simon of the Philadelphia office of Marcus & Millichap represented the seller, a locally based investment group, and procured the buyer, an individual investor from northern New Jersey. The buyer purchased the property as value-add opportunity and plans to re-tenant the vacant space.
CORPUS CHRISTI, TEXAS — Fort Worth, Texas-based Trademark Property has acquired the approximately 1 million-square-foot Padre Staples Mall located in Corpus Christi, and will undertake a $50 million renovation of the property. The name of the mall will be changed to La Palmera. Renovations include a transformation of the main entrance into an outdoor lifestyle court with lush palm seating areas and new entrances to the stores. Indoor landscaping will be installed, and the food court will be given an aquatic theme, which includes a large aquarium. A children’s play area also will be built. The project will be applying for LEED certification from the U.S. Green Building Council. Trademark’s joint venture partner in the mall renovation is Institutional Mall Investors, an institutional investment entity jointly owned by the California Public Employee’s Retirement System and an affiliate of Skokie, Ill.-based Miller Capital Advisory. Completion is scheduled for fall 2009.
LA JOLLA, CALIF. — Broadway & 9th LP has purchased a multi-tenant retail building located at 7643-7645 Girard Ave. in La Jolla for $6.6 million. The 10,700-square-foot property includes three local antique retailers: Ark Antiques, Pied-e-Terre and Skolout & Tilghman Estate Company. Mike Slattery of Grubb & Ellis|BRE Commercial represented the seller, Girard Avenue Investments LLC, in the transaction. The buyer was represented in-house.
GOOSE CREEK, S.C. — Old City Hall, LLC’s 10,000-square-foot Advance Auto, located at 125 Saint James Ave. in Goose Creek, has sold to AGCE and AGCB for $2.8 million. Ken Butler of Columbia, S.C.-based NAI Avant brokered the 1.9-acre sale.
SHEPHERDSVILLE, KY. — The retail distributor Alliance Entertainment has leased the 404,000-square-foot Cedar Grove Business Park, a $30 million facility located in Shepherdsville, from Crossdock Development for an undisclosed amount. David Davis of Commonwealth Commercial Real Estate represented Crossdock, and David Abell of Dallas-based Mohr Partners and Kevin Grove of CB Richard Ellis’ Louisville office worked on Alliance’s behalf.
FARMINGTON HILLS, MICH. — Farmington Hills-based Agree Realty Corp. has secured a $24.8 million loan, providing capital for future projects. The loan is secured by seven of the company’s existing retail properties. Financing is based on an original term of 5 years, with interest at 150 basis points over LIBOR. The loan can be extended for an additional 2-year period. LaSalle Bank Midwest National Association and Raymond James Bank arranged the financing.
ROCHESTER HILLS, MICH. — On August 6, Whole Foods Market will open within Birmingham, Mich.-based Robert B. Aikens & Associates’ The Village of Rochester Hills in Rochester. Whole Foods Market is relocating from its existing store in the area. The new facility, which is twice the size of the retailer’s existing area property, occupies the former Food Emporium space at the center. Features of the store include a café with seating for 80 people, free Wi-Fi and cooking demos by notable Detroit-area chefs.
BOUND BROOK, N.J., AND LATHAM, N.Y. — NorthMarq Capital has arranged a total of $24 million in financing for two properties in New Jersey and New York. In Bound Brook, NorthMarq secured an $18 million loan for a 105,000-square-foot neighborhood retail center. The loan carries a 10-year term with a 30-year amortization schedule. The borrower was a Somerset County-based developer. In Latham, NorthMarq arranged $6 million in first-mortgage financing for the Sunmark Federal Credit Union Building, a 43,753-square-foot office building located in Latham. The financing includes a 10-year term with a 22-year amortization schedule. The lender was State Farm Realty Mortgage.
ARLINGTON, TEXAS — Palm Beach Gardens, Fla.-based Ram has arranged the sale of a former Home Depot Landscape Supply Center, located at 5301 S. Cooper St. in Arlington, for $3.4 million. The property comprises a 12,383-square-foot building and an adjacent 25,890-square-foot outdoor landscape area. Casey Cummings of Ram, along with Mike Stevens of Steveco Commercial Real Estate Group, arranged the transaction. The property was acquired by Fort Worth, Texas-based North Texas Acquisition. The seller was undisclosed.