LAS VEGAS — The PENTA Group has completed construction of the third building and parking structure at the 57-acre World Market Center Las Vegas complex. Located at 495 S. Grand Central Pkwy. in Las Vegas, the $550 million project offers 2.1 million square feet of space. Designed by JMA, the 16-story, steel-framed structure features contemporary architectural design with state-of-the-art amenities and technology. Additionally, the building features 34 escalators and 16 elevators. The project was awarded to PENTA by World Market Center LLC.
Retail
WEST POINT, MISS. — Mississippi CVS Pharmacy LLC has sold a 1.86-acre, 11,945-square-foot CVS/pharmacy, located at 750 W. Main St. in West Point, to Florida-based El Cid 60 LLC for $3.73 million. The property has a new 25-year NNN lease with 25 years remaining and options every 5 years. Boca Raton, Fla.-based Realty Associates represented the buyer, and the seller was represented by Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office.
GLENVIEW, ILL. — The investment sales group of Mid-America Real Estate Corp. has brokered the sale of Glenbrook Market Place, a 62,815-square-foot retail center located at the northeast corner of Willow Road and Pfingsten Road in Glenview. Additional tenants at the development, which is anchored by Walgreens, include Cartridge World USA, Jimmy John’s Gourmet Sandwiches and MB Financial Bank. Chicago-based Newport Capital Partners acquired the center for $16.2 million. Mike George and Joe Girardi of Mid-America represented the seller, Chicago-based Centrum Properties, in the transaction.
THE WOODLANDS, TEXAS — Houston-based Hunington Properties Inc. (HPI) has brokered the sale of a 14,613-square-foot retail property located at the intersection of Woodlands Parkway and FM 2978 in The Woodlands. Jamie Bouterie and Sandy Aron of HPI represented the seller, Shops at Terramount Ltd. The retail property was acquired by a Houston-based limited liability corporation for an undisclosed amount.
TUKWILA, WASH. — The Westfield Group has completed the renovation of Westfield Southcenter, a shopping center located in Tukwila. The $240 million renovation featured a three-level, approximately 400,000-square-foot expansion of retail space, which brings the total to 1.7 million square feet. The center is anchored by Nordstrom, JC Penney, Macy’s and Sears. The revitalized center also features a 16-screen, stadium-seating AMC cinema and more than 75 new specialty shops, including a flagship H&M, Gilly Hicks and a Borders® concept store. Additionally, the center offers a restaurant promenade that features five new signature restaurants.
SEATTLE — Allstate Real Estate Investment Group, through its commercial mortgage division, has provided a $28.65 million loan for the refinancing of Northgate North Shopping Center in Seattle. The borrower, Inland Western Retail Real Estate Trust Inc., acquired the 303,255-square-foot property in 2004. Currently the center is 97 percent leased and anchored by Target, Best Buy and Ross Dress For Less. Joel Simmons of Cohen Financial arranged the financing on behalf of Allstate.
NATIONAL CITY, CALIF. — Vancouver, Canada-based Amir Khalili has purchased a 68,084-square-foot shopping center, which is located at the intersection of Euclid Avenue and East Plaza Boulevard in National City. Tiburon, Calif.-based National Properties VII LLC sold the property for $15 million. At the time of acquisition, the property was 100 percent occupied by Ralphs, Walgreens, Blockbuster Video and Firestone Tires. Edward Hanley of Hanley Investment Group Real Estate Advisors represented both parties in the transaction.
MIAMI GARDENS, FLA. — Construction is underway on Miami-based DZD Holdings’ 107,000-square-foot shopping center Palmetto Gardens Plaza, located at 3791 N.W. 167th St. in Miami Gardens. The center, which will also include a 20,000-square-foot outparcel, is being built by Aventura, Fla.-based Vercon Construction, marketed by the Miami offices of Macken Realty and Behar Font & Partners is serving as the building’s architect. The property is expected to deliver in 14 to 18 months.
GRAND RAPIDS, MICH. — Grubb & Ellis|Paramount Commerce has represented both parties in the sale of a 37,000-square-foot former AMF Bowling Center located at 3700 Plainfield Ave. NE in Grand Rapids. 3700 Plainfield LLC has acquired the facility for an undisclosed amount. The buyer, which has a business across the street, plans to use the new building and sell its existing facility. Kurt Suidinski of Grubb & Ellis|Paramount Commerce represented the buyer; Dave Denton, also of Grubb & Ellis|Paramount Commerce, represented the seller, AMF Bowling Centers Inc., in the transaction.
JOHNSTOWN, PA. — Gemini Real Estate Advisors has acquired Johnstown Galleria, a 354,625-square-foot enclosed regional mall located in Johnstown. The retail property is anchored by a 101,000-square-foot JC Penney’s. A Sears, Bon Ton and Boscov’s that were not included in the purchase also anchor the mall. Other tenants include Aeropostale, American Eagle, Champs and Hollister. The acquisition price and the seller were undisclosed.