HOT SPRINGS, ARK. — Savannah, Ga.-based David Garfunkel & Co. has purchased Cornerstone Market Place, a 149,802-square-foot retail center in Hot Springs, for $18.4 million. Located at 200-500 Cornerstone Blvd., the property is anchored by Office Depot, Goody’s Family Clothing, Shoe Carnival, Books-A-Million, Pier 1 Imports, Kirkland’s and T.J. Maxx.
Retail
GLEN ELLYN, ILL. — The Chicago and Dallas offices of Holliday Fenoglio Fowler (HFF) have brokered the sale of Market Plaza, a 162,705-square-foot shopping center located at 525 Roosevelt Rd. in Glen Ellyn. The property is anchored by Jewel-Osco, and features Panera Bread, Blockbuster and Dollar Tree. Paul Barile, Janice Sellis, Jim Batjer and Barry Brown of HFF represented the undisclosed seller. The property was acquired by Ramco-Gershenson Properties Trust as part of a joint venture. The acquisition price was undisclosed.
SCHAUMBURG, ILL. — IPic Entertainment is developing a new location for its entertainment venue in Schaumberg. The 55,000-square-foot facility will feature an eight-screen movie theater, a 250-seat restaurant and bar, and 16 upscale bowling lanes with plush couches and a 65-foot high definition video wall. Completion is anticipated to occur this year. IPic recently opened its first location at Bayshore Town Center in Glendale, Wis., and has two more locations under development in Arlington and Plano, Texas.
NEW YORK CITY — Eastern Consolidated has completed the $21 million sale of a 35,287-square-foot retail and loft building in Manhattan, New York City. The six-story building is located on the corner at 167-177 Lafayette St. in between SoHo and Little Italy. The new owner plans to renovate the building for both retail and office use. Samuel Schneider, Daniel Glaser, Eric Anton and Ronald Solarz of Eastern Consolidated represented the seller, Edwin Bass, and procured the buyer, The Eretz Group. David Greene of Murray Hill Properties also aided in securing the buyer for the property.
MIDDLEBOROUGH, MASS. — WP Realty has acquired Middleborough Crossing, a 132,158-square-foot, grocery-anchored shopping center in Middleborough, for $13.6 million. Situated on 26.17 acres on Route 28, the property comprises a 24.84-acre parcel that contains the existing shopping center and an adjacent 1.33-acre parcel that features a vacant office building. The second parcel will allow the owner to add a 5,000-square-foot retail pad. Currently, the property is 93 percent leased to tenants such as a 35,340-square-foot Hannaford and a 25,000-square-foot Ocean State Job Lot. Robert Griffin, Geoffrey Millerd and Michael d’Hemecourt of Cushman & Wakefield procured the buyer and represented the undisclosed seller.
FORT OGLETHORPE AND DALLAS, GA. — Joe Montgomery and Tony D’Ambrosio of Colliers Spectrum Cauble have completed the disposition of two retail centers in two separate transactions. The company represented the seller, AIG Baker, in the $12.5 million sale of Battlefield Centre, a 214,889-square-foot shopping center located in Fort Oglethorpe, to an undisclosed private investor. Developed in 1991 and currently 93 percent leased, the center is anchored by Bi-Lo Supermarket, Tractor Supply and Hamricks Department store. Additionally, the company represented a private investor in the $8.25 million sale of Merchants Square, a 107,050-square-foot shopping center located in Dallas, to an undisclosed buyer. Fully renovated in 1997, the 100-percent occupied property is anchored by Ingles Supermarkets and Big Lots.
DAVENPORT, FLA. — Crosland LLC is developing Davenport Marketplace, an 11.23-acre neighborhood shopping center located at U.S. 27 and County Road 547 in Davenport. Anchored by a 38,144-square-foot Sweetbay Supermarket, the center will feature 16,000 square feet of specialty shops and three outparcels, for businesses such as banks or restaurants. Construction is expected to begin in June, with Sweetbay Supermarket slated to open in July 2009.
LAUDERHILL, FLA. — University Crossing Five LLC and University Crossing Seven LLC have acquired University Plaza, for $4 million. Built in 1986, the 28,265-square-foot strip center is located at 4499 N. University Dr. in Lauderhill. Richard Matricaria of Marcus & Millichap’s Fort Lauderdale office represented both the seller, Intuition Consolidated Inc., and the buyers in the transaction.
ELMHURST, ILL. — Elmhurst-based International Contractors Inc. (ICI) has completed construction of four Chicagoland Wal-Mart projects. In Rockton, the firm completed a 205,147-square-foot Wal-Mart Supercenter that totaled $18 million. In Joliet, ICI completed the $11.5 million expansion and renovation of a Wal-Mart located at Route 59, converting it to a Wal-Mart Supercenter. Also in Joliet, ICI completed the $16.15 million Supercenter expansion of a Wal-Mart located at Route 52 and Joyce Road. Finally, ICI completed construction of a 198,000-square-foot Wal-Mart Supercenter located at Route 26 and Fairground Road in Freeport. The $16.35 million project is a Wal-Mart prototype, and will be used as a training center for Wal-Mart store planners.
SHREWSBURY, N.J. — Allstate Real Estate Investment Group has provided $50 million in financing to Metrovation for the refinance of The Grove at Shrewsbury. The 148,000-square-foot lifestyle retail center is situated on 21 acres in Shrewsbury and is 100 percent leased to 35 tenants including Brooks Brothers, Anthropologie and Pottery Barn. Kevin Hicks of Wachovia Maher Partners arranged the 10-year loan on behalf of Allstate.