OCEANSIDE, CALIF. — Grubb & Ellis|BRE Commercial has brokered two transactions in Oceanside. John Orlando of Grubb & Ellis|BRE Commercial represented Plaza Blvd. LLC in the disposition of a 9,400-square-foot retail center. Ken and Ban Yako acquired the property, which is located at 2640-2642 Oceanside Blvd., for $2.7 million. Additionally, Bradley D’Angelo LLC purchased a six-unit multifamily investment property, which is located at 1318 S. Pacific St. Kirk and Laila Bottomly sold the 2,600-square-foot property for $1.1 million. Ray Adams of Grubb & Ellis|BRE Commercial represented the sellers in the transaction.
FAIRVIEW, N.C. — Thomas D. Wood and Co. has secured $3 million in financing for Fairview Crossings Shopping Center in Fairview. StanCorp Mortgage Investors provided the 25-year loan at a fixed rate of 6.10 percent with a 25-year amortization with a loan to value of 70 percent. The 43,120-square-foot, Food Lion-anchored retail center is located at 1350 Charlotte Hwy.
CHICAGO — Geoffrey Kasselman of Op2mize has represented the National Association of Realtors in the long-term lease of 14,713 square feet of retail space within The Realtor Building on the Magnificent Mile to Charles Schwab & Co. The National Association of Realtors owns the property, which is located at 430 North Michigan Ave., and has leased the space to Charles Schwab through the year 2019 for an undisclosed amount. Kasselman was assisted on the project by KB Real Estate; Charles Schwab was represented by David Burden at Cushman & Wakefield of Illinois. Charles Schwab’s new space features a 50-foot high street-level entry, a private 13,105-square-foot mezzanine and a two-story, wrap-around window line that fronts Michigan Avenue.
CREVE COEUR AND FLORISSANT, MO. — Tom Gershman of NorthPoint Capital – Chicago, has arranged $7.5 million in financing for the owner of two St. Louis area retail centers. Westgate Centre is located at 12316-12392 Olive Blvd. in Creve Coeur, and Flower Valley Shopping Center is located at Lindbergh Boulevard and New Halls Ferry Road in Florissant. The 60,000-square-foot Westgate Centre includes two strip retail buildings occupied by 20 tenants and a freestanding T.G.I. Friday’s. Flower Valley is a 100,000-square-foot property with three strip retail buildings anchored by a freestanding Shop ’n Save. Southern Farm Bureau Life Insurance Co. has provided the 10-year fixed rate loans, which have a 25-year amortization schedule.
BEE CAVE, TEXAS — Phoenix-based Opus West Corp. has announced 11 new retail tenants for Hill Country Galleria, a 1.3 million-square-foot mixed-use project located in Bee Cave. Last month, a 10,000-square-foot Backwoods joined the tenant roster. This month will see the opening of Baby Birgitte, The Walking Company, Oriental Rug Gallery, Merle Norman Cosmetics, and Toni & Guy’s. July will see the opening of James Avery Craftsman, Panera Bread, Tony C’s and Zinger’s Sports Bar & Grill. Finally, a 55,000-square-foot Dick’s Sporting Goods will open in August. Hill Country Galleria, which opened in October 2007, contains 650,000 square feet of retail space, 300,000 square feet of for-rent residential space, 145,000 square feet of Class A office space, 100,000 square feet of residential condominiums, 80,000 square feet of retail pad space and 50 acres of green space. Opus developed the project with Lincoln Property Co. International Development Management and Robert Baldwin Interests.
DAVENPORT, FLA. — The second phase of Ovation Town Center in Polk County is underway. Orlando, Fla.-based Cuhaci & Peterson Architects has been awarded the design contract for 60,000 square feet of space. The property is located at the southwest corner of CR 532 and Lake Wilson Road in Polk County. Included in the design is a 45,000-square-foot Publix. A.G. Armstrong is developing the property.
LARGO, FLA. — Dugagjin Zejnullahu of Grand Capital Advisors has represented Weston Plaza LLC in the $2.45 million sale of Weston Plaza in Largo. The 22,083-square-foot retail center is located at 13220 Belcher Rd. and was acquired by Largo Holdings LLC, which was represented by Fred Ruiz of Future Home Realty.
SAN CLEMENTE, CALIF. — Abdelmuti Development Co. LLC has acquired a 10,118-square-foot retail store, which is located at 166-176 Avenida del Mar in San Clemente. The property sold for $6.206 million or more than $600 per square foot. The property is slated to become Orange County’s sixth Jack’s Surf & Sport retail store. The store is scheduled to open in the first half of 2009. David Knowlton of NAI Capital’s Newport Beach, Calif., office represented the buyer; Dennis Weisberg and Steven Bunge of Marcus & Millichap represented the seller, a private partnership.
ROCKFORD, ILL. — On behalf of American Theatre Corp., Cincinnati-based Paul Hemmer Cos. has arranged a $22 million lease of a 38,847-square-foot space at Riverside Pavilion, a retail center located at 5875 E. Riverside Blvd. in Rockford, Ill. The tenant plans to open Village Grille, a multi-screen movie/dinner theater complex that will serve as a major anchor tenant at the 87,000-square-foot development, which was acquired and renovated by Hemmer in 2007. The theater will feature stylish décor, DTS digital sound systems, upgraded interior finishes and high-definition projection systems.
GLENVIEW, ILL. — Elmhurst, Ill.-based International Contractors has broken ground on a 42,000-square-foot Fields auto dealership located at 2800 Patriot Blvd. in Glenview, Ill. To prepare the approximately 6-acre site for construction, International Contractors has installed the facility’s stormwater detention center, and is currently conducting mass grading and constructing the building pad. The new sales and service facility for Chrysler, Jeep and Dodge will include a stucco outer finish with a glass curtain wall, approximately 20-foot vaulted ceilings, a large showroom, a service area with parts department, a café and executive offices.