LAKE ELSINORE AND MONTCLAIR, CALIF. — Faris Lee Investments has brokered two retail property sales in the Inland Empire of Southern California for a total consideration of more than $12 million. In the first transaction, Dana Point, Calif.-based Eletreby Enterprises Inc. acquired a freestanding Rite Aid drug store for $7.61 million in a pre-sale transaction. Located at 16491 Lakeshore Dr. in Lake Elsinore, the 17,272-square-foot property includes a drive-thru. The property offered the buyer a 20-year triple-net lease with Rite Aid. CB Richard Ellis represented the buyer; Jeff Conover of Faris Lee represented the seller/developer, Newport Beach, Calif.-based Peninsula Retail Partners, in the transaction. In a separate transaction, Los Angeles-based Gindi Family Trust purchased Brighton Retail Plaza, which is located at the corner of Ramona Avenue and Mission Boulevard in Montclair. Ontario, Calif.-based Brighton Retail Plaza LLC sold the property for $4.45 million. Built in 2006, the approximately 11,742-square-foot property is currently 95 percent leased and anchored by a 4,942-square-foot McDonald’s, which is on a ground lease. Conover and Dennis Vaccaro of Faris Lee represented the seller; RE/MAX represented the buyer in the transaction.
GAINESVILLE, FLA. — Brett Chetek and Jonathan Brackman of Marcus & Millichap’s Jacksonville, Fla., office brokered Northwood Shoppes’ sale of the 15,293-square-foot Shoppes of Northwood, located at 5000 NW 34th St. in Gainesville, to Alachua, Fla.-based Dalvar for $2.2 million. Chetek and Brackman also represented the buyer.
NOBLESVILLE, IND. — Verus Partners has completed leasing Building 100 within the company’s 180,000-square-foot Saxony Corporate Campus in Noblesville, and has begun construction for Building 200. Located at 14470 Bergen Blvd., Building 100 is a 90,400-square-foot office/warehouse facility. Weaver Popcorn Co., Rock Tops Inc. and Ambassador Medical have signed leases at the property, which features offices-to-suit, docks and drive-in doors. Weaver Popcorn Co. was represented in its transaction by Paul Dick of Resource Commercial Real Estate, Rock Tops was represented by Fritz Kauffman of Colliers Turley Martin Tucker, and Ambassador Medical was represented by Todd Vannatta and John Crisp also of Colliers Turley Martin Tucker; Verus Partners was represented in the transaction by Jeremy Woods and Brad Williams of Summit Realty. Currently under construction on the same campus is the 89,600-square-foot Building 200. Upon completion, the building will feature 20-foot clear-height ceilings, offices-to-suit and drive-in doors. The multi-tenant property, which is also being developed by Verus Partners, will be available for occupancy in October.
CHICAGO — Chicago-based Baum Realty Group has negotiated a lease agreement between First Elysian Properties and Marc Jacobs International to open a Marc Jacobs Collection boutique at the Elysian Chicago, which is located on Rush and Walton streets in Chicago. As the first property developed for Elysian Hotels & Resorts, Elysian Chicago is scheduled to open in early 2009. Marc Jacobs’ 10-year lease stipulates that the new boutique will occupy 2,700 square feet of retail space within the facility. Adam Secher and Janika Brenner of Baum represented First Elysian Properties in the transaction. Terms of the lease were not disclosed.
SEATTLE — Sea-Mar Community Health Center has acquired a 30,000-square-foot retail property, which is located at 9635 S. Des Moines Dr. in Seattle. Northshore sold the property for $4.6 million. Kurt Sorensen of GVA Kidder Mathews represented the seller; Brian Petro of Odella Pacific Properties represented the buyer in the transaction.
MANISTEE, MICH. — The Little River Casino Resort has reopened after undergoing exterior and interior expansions and additions. The 292-room facility, which is owned by Little River Band of Ottawa Indians, is located at 2700 Orchard Highway in Manistee. Exterior renovations include the Winter Garden, which features a waterfall, river and bridges, an outdoor bar area with heated floors, a giant fish tank and a 70-foot glass ceiling. Additions include a 14,000-square-foot event center with 1,675 seats. Texas-based TBG provided site planning and landscape architectural services for the project; Alpena, Mich.-based DeVere Construction Co. served as the general contractor at the site; and Memphis, Tenn.-based Hnedak Bobo Group served as the project’s architect. The cost of completion was not disclosed.
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.