INDIANAPOLIS — Spectrus Real Estate has completed the 1031 exchange sale of Southport Pavilion, a 16,369-square-foot retail strip center located on Southport Road in Indianapolis. Situated on 2.22 acres, the center includes Panera Bread, Game Stop, Great Clips, Azteca Mexican Restaurant, Domino’s Pizza and Jimmy John’s Gourmet Sandwiches. Tom Georges of Spectrus represented the undisclosed seller; Stuart Singer of NAI Eric Bram & Co. represented the buyer. The sale price was not disclosed.
IRVINGTON, N.J. — The Kislak Company has brokered the sale of a retail center in Irvington. The 5,638-square-foot retail center is located at 1173-1181 Springfield Ave. at the intersection of Springfield and Stuyvesant avenues. The center is tenanted by Kennedy Fried Chicken, a delicatessen, a Dollar tree and a salon. The property was sold for $784,000 by an undisclosed buyer to an undisclosed seller. Robert Squires of Kislak represented the buyer in the transaction.
HIGHLAND VILLAGE, TEXAS — The Shoppes at Highland Village, which opened last September, has added seven new tenants to its lineup. Ben & Jerry’s, WIK Candle and Blue Goose Cantina will join The Shoppes at Highland Village this summer, and Adventure Kids Playcare, Giada, Apricot Lane Boutique and Island Fashions recently have opened their doors at the upscale lifestyle center. Barnes & Noble and AMC Theaters anchor the 352,000-square-foot center, which is located at the northwest corner of FM 2499 and FM 407. Regency Centers is the property owner and developer.
SPARKS, NEV. — Primestor Development has broken ground for the expansion and renovation of Paradise Plaza, a 164,000-square-foot retail center in Sparks. The development includes a 22,000-square-foot expansion and a complete façade renovation. Located at Oddie Boulevard, El Rancho Drive and Sullivan Lane, the 15.5-acre property includes the existing Paradise Plaza center, which is anchored by K-mart, Wells Fargo Bank, Jack in the Box, H&R Block, Payless Shoe Source and Dollar Tree. The expansion will include a 14,550-square-foot Walgreens store, two new building pads and a drive-through ATM.
WABASH, IND. — CB Richard Ellis | Sturges (CBRE) has arranged the sale of a 93,200-square-foot retail property located at 1550 North Cass St. in Wabash. The building, which is situated on 10.91 acres, will be occupied by Big R, a home and farm retailer. Alex Genova of CBRE represented the buyer, Illiana Realty, as well as the seller, Wal-Mart Realty Co. The acquisition price was not disclosed.
FRANKFORT, ILL. — Oak Brook, Ill.-based Inland Real Estate Sales has brokered the sale of Crown Centre, a 48,000-square-foot retail center located in Frankfort, for $7.55 million. The sale also included an adjacent 1.3-acre outlot. The two properties are located at 20606 S. La Grange Rd. and 9645 W. Lincolnway Lane. Tenants at Crown Centre include Salon Rhapsody, Prudential Financial, and Flectere Health & Tanning Center. The center offers space for retail and office tenants. Paul Montes, Mitch Silverman and Eric Spiess of Inland represented the undisclosed seller; the buyer was also not disclosed.
BOURBONNAIS, ILL. — Chicago-based Preferred Development has broken ground for the construction of Main Street Marketplace, a 7,000-square-foot retail center located at the intersection of Main Street and Stratford Drive East in Bourbonnais. The center is situated on approximately 1.5 acres and contains 50 parking spaces. Starbucks Coffee is the first tenant to sign on at the $2.8 million center, and will lease 1,785 square feet. The coffee shop will include a drive-thru window and an outdoor patio. Preferred is in negotiations to lease the remaining space, with potential tenants including a wireless communications dealer and a wine outlet.
SOUTH BRUNSWICK, N.J. — CB Richard Ellis (CBRE) Capital Markets Group has arranged $16.5 million in financing for a Heritage Square Shopping Center in South Brunswick. The new 80,509-square-foot center contains three buildings and is fully leased to Target, Best Buy, Staples and Petsmart. The center is located at Route 1 and Stouts Lane. James Gunning and Donna Falzarano of CBRE arranged the financing for the borrower, The Morris Companies. Northwestern Mutual Life funded the loan.
APPLE VALLEY, CALIF. — A joint venture between Weingarten Realty and Malcolm Riley & Associates has completed the development of Jess Ranch Marketplace, a new retail center located at the corner of Bear Valley Road and Jess Ranch Parkway in Apple Valley. The 507,000-square-foot center is anchored by Mervyn’s Department Store, PetsMart, Rite Aid and WinCo Foods. Other tenants include Best Buy, Bed Bath & Beyond, 24 Hour Fitness, a 12-screen Cinemark Theatre and various restaurants. Weingarten will manage the property.
RIVERSIDE, CALIF. — Marinita Development Co. is currently developing Orangewood Centre, a 26,400-square-foot retail center located at the corner of Van Buren Boulevard and Dauchy Avenue within the master-planned Orangecrest in Orangewood in Riverside. Situated on 2.7 acres, the project will consist of four buildings ranging in size from 6,000 to 8,100 square feet. Tenants of the 85 percent pre-leased project include Firestone Tire, Kragen Auto Parts, 7 Eleven, Subway, Sip’s Coffee, a dry cleaner and a nail salon. Completion is slated for this summer.
