PARK FOREST, ILL. — New York-based Nassimi Realty Corp. has acquired Norwood Square, a 129,000-square-foot shopping center located at the corner of 26th Street and Western Avenue in Park Forest. Located on 15 acres, the property is currently occupied by Family Dollar and Currency Exchange. Nassimi is planning a multi-million dollar redevelopment of the property to increase occupancy; at least $1 million will be spent in the first 12 to 15 months. Jason Berngard of Baum Realty Group and Chad Firsel of NAI Hiffman represented the undisclosed seller. Nassimi utilized in-house representation. The acquisition price was also undisclosed.
Retail
PARK FOREST, ILL. — New York-based Nassimi Realty Corp. has acquired Norwood Square, a 129,000-square-foot shopping center located at the corner of 26th Street and Western Avenue in Park Forest. Located on 15 acres, the property is currently occupied by Family Dollar and Currency Exchange. Nassimi is planning a multi-million dollar redevelopment of the property to increase occupancy; at least $1 million will be spent in the first 12 to 15 months. Jason Berngard of Baum Realty Group and Chad Firsel of NAI Hiffman represented the undisclosed seller. Nassimi utilized in-house representation. The acquisition price was also undisclosed.
HENDERSON, NEV. — Forest City Enterprises, on behalf of a subsidiary, has closed on a 10-year, $160 million loan with the New York State Teachers Retirement System. The loan will refinance The Galleria at Sunset, an approximately 1 million-square-foot retail center in Henderson. Current tenants of the center include Dillard’s, Macy’s, Mervyn’s, Dick’s Clothing and Sporting Goods and JC Penney.
SANFORD, FLA. — Oakbrook, Ill.-based Inland Atlantic Development is building Seminole Commons, a $20 million, 81,000-square-foot retail center in Sanford. The property broke ground last December, and is scheduled for completion in the fourth quarter. Indiana-based hhgregg will open a store in the 11-acre center in May, and the retailer is set to open additional stores in Northern and Central Florida, including Jacksonville, Tallahassee and Daytona Beach, this spring.
LEE’S SUMMIT, MO. — The Kansas City office of Colliers Turley Martin Tucker (CTMT) has arranged the sale of Douglas Square Shopping Center, located at 1301-1667 Northeast Douglas St. in Lee’s Summit. The shopping center comprises four inline retail buildings totaling 59,436 square feet. Tenants at the shopping center include Panera Bread Co., Sprint, Jose Peppers, Countrywide, Mr. Goodcents and Children’s Orchard. Peter Stadler of CTMT represented the seller, Douglas Square I LLC. The property was acquired by BF Partners for an undisclosed amount.
LEE’S SUMMIT, MO. — The Kansas City office of Colliers Turley Martin Tucker (CTMT) has arranged the sale of Douglas Square Shopping Center, located at 1301-1667 Northeast Douglas St. in Lee’s Summit. The shopping center comprises four inline retail buildings totaling 59,436 square feet. Tenants at the shopping center include Panera Bread Co., Sprint, Jose Peppers, Countrywide, Mr. Goodcents and Children’s Orchard. Peter Stadler of CTMT represented the seller, Douglas Square I LLC. The property was acquired by BF Partners for an undisclosed amount.
ALGONQUIN, ILL. — Oak Brook, Ill.-based Mid-America Development Partners has announced the opening of two anchor tenants at of Algonquin Galleria, the developer’s 35-acre shopping center currently under construction in Algonquin. A 30,000-square-foot Best Buy and a 20,000-square-foot Ethan Allen have opened, anchoring Phase I of the development. Additional plans call for a 60,000-square-foot Brunswick Zone and a 40,000-square-foot Dania to open soon. La-Z-Boy, Golden Corral and Famous Dave’s are scheduled to open by mid-year. The development’s 10,685-square-foot outlot building has already been completed, and is fully leased by tenants including Potbelly Sandwich Works and Jamba Juice, which are both already open. LensCrafters and 2nd Wind Exercise Equipment will open in the outlot building soon.
ALGONQUIN, ILL. — Oak Brook, Ill.-based Mid-America Development Partners has announced the opening of two anchor tenants at of Algonquin Galleria, the developer’s 35-acre shopping center currently under construction in Algonquin. A 30,000-square-foot Best Buy and a 20,000-square-foot Ethan Allen have opened, anchoring Phase I of the development. Additional plans call for a 60,000-square-foot Brunswick Zone and a 40,000-square-foot Dania to open soon. La-Z-Boy, Golden Corral and Famous Dave’s are scheduled to open by mid-year. The development’s 10,685-square-foot outlot building has already been completed, and is fully leased by tenants including Potbelly Sandwich Works and Jamba Juice, which are both already open. LensCrafters and 2nd Wind Exercise Equipment will open in the outlot building soon.
CHICAGO — Primestor Development has announced that Jewel-Osco will open a 62,000-square-foot location at Marshfield Plaza, the developer’s 454,000-square-foot community shopping center set to open this fall at the interchange of 119th Street and Interstate 57 in Chicago’s South Side. The grocer will join a tenant roster that includes Target, Staples, Petco, Marshalls, Fifth Third Bank and Panda Express, among others.
CHICAGO Primestor Development has announced that Jewel-Osco will open a 62,000-square-foot location at Marshfield Plaza, the developer s 454,000-square-foot community shopping center set to open this fall at the interchange of 119th Street and Interstate 57 in Chicago s South Side. The grocer will join a tenant roster that includes Target, Staples, Petco, Marshalls, Fifth Third Bank and Panda Express, among others.