SIOUX CITY, IOWA — Sioux City-based NAI LeGrand & Co. has arranged the sale of a 68,000-square-foot retail building located in Sioux City. The building is located in Perry Creek Shopping Center, and was formerly occupied by Cub Foods. Ritch LeGrand of NAI represented the seller, Supervalu. The property was acquired by Sioux City-based retailer Bomgaars for an undisclosed price.
Retail
NAPERVILLE, ILL. — Edgemark Commercial Real Estate Services has completed the sale of Waterside Center, a 52,101-square-foot retail center located at 2764-2768 Aurora Ave. in Naperville. The building is situated on 5.97 acres and is anchored by Michaels. Jeffrey Kowal of Edgemark represented the seller, a locally based partnership; Rueben Helich of Wilson Bros. Commercial represented the buyer, a California partnership participating in a 1031 exchange. The acquisition price was not disclosed.
ALLEN PARK, MICH. — Southfield, Mich.-based Bernard Financial Group has secured a $13.7 million loan for Fairlane Green, a 125,450-square-foot retail center located in Allen Park. The borrower was DBSI Housing, and the lender was Goldman Sachs Commercial Mortgage Co. The terms of the loan were not disclosed.
LODI, N.J. — Goldstein Development Co. and ARC Properties, a joint venture, have completed construction of Essex Square Shopping Center in Lodi. The 15,000-square-foot retail center is almost fully tenanted with retailers such as North Fork Bank, 7-Eleven, Ranch One, Sleepy’s and Rita’s Water Ice. Located at the intersection of Route 17 and Essex Street, the center is situated in close proximity to national retailers such as Home Depot and Stop & Shop. Lew Finkelstein of The Goldstein Group represented the tenants and owners in each lease transaction.
EAST LYME, CONN. — Steven Siegel, L.A. Drinkwater, and Seth Richard of the National Retail Group of Marcus & Millichap have completed the $5.15 million sale of Bob’s Discount Furniture in East Lyme. The retail store is situated on 5.88 acres at Exit 74 of Interstate 95. Bob’s Discount Furniture will continue to occupy the 42,210-square-foot store based on a 10-year lease. Marcus & Millichap represented the seller and the undisclosed buyer.
GREELEY, COLO. — Greeley Plaza LLC has purchased Chase Plaza, a 122,000-square-foot property located at 822 7th St. in downtown Greeley. Greeley Lincoln Park Properties, Colorado Recovery Properties and Robert G. Tointon sold the property for $9.9 million. Taylor Turano and Barry Higgins of Marcus & Millichap’s Denver office represented both parties in the transaction.
SAN FRANCISCO — Lambert O’Connor Development has completed the disposition of the Potrero Hill Whole Foods Market property, which is located at 450 Rhode Island in San Francisco. A Southern California-based trade buyer acquired the 40,516-square-foot property for an undisclosed price, which was near the list price of $17 million or approximately $400 per square foot. Andy Bogardus and Doug Longyear of NAI BT Commercial represented the seller in the transaction.
FUQUAY-VARINA, N.C. and DAVIDSON COUNTY, TENN.— Brentwood, Tenn.-based GBT Realty is developing two regional shopping centers in Fuquay-Varina and Davidson County. The Shoppes of Park Grove, a 50-acre, 340,000-square-foot center in Fuquay-Varina, is scheduled to break ground in the fall and open in late 2009. The project is located at the northwest corner of Old Powell Road and Broad Street and will include 100,000 square feet of specialty shops and retail, several large anchor tenants and eight outparcels featuring stand-alone restaurants, banks and other retailers. The Shoppes of Cedar Pointe, a 51-acre, 425,000-square-foot center in southeast Davidson County, will feature several large anchor tenants and big box retailers, in addition to 100,000 square feet of specialty shops and restaurants. The center will also include six outparcels with stand-alone restaurants, banks and other retailers. Construction is slated for completion in spring 2010. The project is located along Nolensville Pike between Pettus Road and Burkitt Road.
QUINCY, ILL. — Quincy-based Niemann Foods will open or remodel six County Market grocery stores in Illinois in the first quarter of this year. The County Market in Quincy is located at 4830 East Broadway, and is the redevelopment of an approximately 85,000-square-foot retail property. The building was subdivided into three spaces occupied by The County Market, Pet Supplies Plus, which is also owned by Niemann, and Jane’s Pampered Pet Grooming & Pet Boutique. The other two retailers have already opened, with County Market scheduled to open in April. Niemann also purchased two former Jewel locations in Springfield and Dixon to redevelop as County Markets. The Springfield location was completed in January, and the Dixon location is set to open in April. A ground-up development in Pittsfield is scheduled to open by the end of February, and a redeveloped location in Chatham is set to open in March. Finally, an existing County Market in Champaign, located on Glen Park Drive, is undergoing a renovation, and will reopen at the end of March.
SOUTH BARRINGTON, ILL. — L.L. Bean is expanding outside of the Northeast for the first time with a 30,000-square-foot location within The Arboretum of South Barrington, a 600,000-square-foot, open-air lifestyle center located in the Chicago suburb of South Barrington. The project is being developed by The Jaffe Companies. The L.L. Bean store is currently under construction, with completion set to coincide with the completion of the retail center in September. L.L Bean is seeking LEED certification, and will incorporate the use of recycled and reclaimed materials in the construction of the building, as well as use energy-efficient climate control and lighting systems. L.L. Bean plans to open 32 stores nationwide by 2012.