LOS ANGELES — Unibail-Rodamco-Westfield (URW) has received $925 million in new financing for Westfield Century City, a 1.4 million-square-foot mall in Los Angeles. URW fully owns the mall, which was 95 percent occupied at the time of financing. The financing is in the form of a two-year, floating-rate commercial mortgage-backed security (CMBS).
QUEEN CREEK, ARIZ. — Sprouts Farmers Market has opened a 50,000-square-foot store at Vineyard Towne Center, a 23-acre retail development that Vestar is currently developing in the Phoenix suburb of Queen Creek. Sprouts is the anchor tenant of Phase I of the project. A 145,000-square-foot Target is scheduled to open in April 2025 and anchor the development’s Phase II. Other tenants at Phase I, which is currently 90 percent leased, include Chunk Cookies, Cinnaholic, Dentists of Queen Creek, European Wax Center, MOD Pizza, Mountain America Credit Union, Mr. Pickles, Nekter Juice Bar, Ono Hawaiin BBQ, Over Easy and Zara Nail Bar.
BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists has brokered the $3.3 million sale of the former Ovation 10 Entertainment Complex in the Chicago suburb of Bloomington. Located at 415 Detroit Drive, the property originally opened as Carmike Cinemas in 1999 and was renovated in 2015 to include a full-size kitchen and bar with in-theater dining service. The Ovation Cinema Grill closed at the start of the pandemic and never reopened after parent company, New Vision Theaters, filed for bankruptcy. Michael O’Neal and Meghan O’Neal-Rogozinski of AXIS 360 represented the seller, NV Propco Acquisition. Sherye Przybyla of Berkshire Hathaway Home Services represented the buyer, FMB Holding Inc.
OTTAWA, ILL. — Goodwill Industries of Northern Illinois has purchased a 17,295-square-foot retail building located at 501 W. Stevenson Road in Ottawa. Marc Hildenbrand of Friedman Real Estate brokered the sale. The seller and sales price were not disclosed.
BALTIMORE AND ELDERSBURG, MD. — KLNB has brokered the sale of two retail properties in metro Baltimore totaling 54,000 square feet. Don Schline and Ryan Wilner of KLNB represented the seller, Creative Holdings LLC, in both transactions. Located at 1848 Reisterstown Road in Baltimore, the first property totals 42,244 square feet. An undisclosed local investor acquired the property and plans to retenant the space with medical office, flex and retail tenants. Ryan Minnehan and Alex Shearer of KLNB will manage retail leasing at the site, and Colin McGonical of KLNB will lead the medical office leasing. Situated at 1720 Liberty Road in Eldersburg, the second property comprises 12,022 square feet and was fully leased at the time of sale to three tenants.
CHICAGO — Greenstone Partners has brokered the $3.6 million sale of an 11,500-square-foot apartment and retail building in Chicago’s Lincoln Square neighborhood. Located at 2200 W. Lawrence Ave., the building is anchored by Roots Pizza and The Sixth, a two-concept retail tenant signed to a long-term lease. The property’s six apartment units were built in 2014 when the building underwent a full rehab. Danny Spitz, Jordan Multack and Tom Galvin of Greenstone represented the seller and procured the buyer, a New York-based private investor.
OAK BROOK, ILL. — General contractor Skender has completed a 6,877-square-foot build-out for Bettinardi Golf at 1225 W. 22nd St. in the Chicago suburb of Oak Brook. The experiential showroom opened Tuesday, Aug. 15. Bettinardi offers a high-tech putter fitting facility called Studio B. There is also The Hive, which sells unique and high-end putters built and designed in-house by master club designer Robert Bettinardi. There is also ample space for special events and workshops. Cresa managed the project’s design and build-out, and provided turnkey services such as site selection, building analysis, program confirmation, architect selection, design review, general contractor selection, owner integration, fixture integration and grand opening set-up. Cresa’s Bradley Metzger negotiated Bettinardi’s lease in October. Cresa’s Eric Nolin spearheaded the project management. RGLA Solutions designed the space. Bettinardi’s corporate headquarters and manufacturing facility will remain in Tinley Park.
ORANGE, CONN. — Locally based brokerage firm Pearce Commercial has negotiated the sale of a 29,750-square-foot retail building in Orange, located in the southern coastal part of Connecticut. According to LoopNet Inc., the freestanding building at 401 Boston Post Road was originally constructed in 1945. Carl Russell of Pearce Commercial represented the buyer, Tessa Marie Holdings, in the deal. Tyler Lyman of True Commercial Real Estate represented the seller. Through an affiliate, the buyer has committed to opening a baseball and softball training facility that will occupy half of the building under a separate lease agreement. The other half remains available for lease.
GILBERT, ARIZ. — Pinnacle Real Estate Advisors has brokered the purchase of a retail property located at 777 W. Ray Road in Gilbert. Lanwin 120 Windsor LLC acquired the asset from an undisclosed seller for $5.8 million. A gas station occupies the 2,044-square-foot property on an absolute, triple-net, 20-year lease with zero landlord responsibilities and 3 percent annual rent increases. The asset was built in 2000 and remodeled in 2023. Barton Thompson of Pinnacle Real Estate Advisors represented the buyer in the deal.
CLAY, N.Y. — Locally based investment firm Hart Lyman Co. has purchased Great Northern Mall, a shuttered retail and dining development located in the northern Syracuse suburb of Clay, for $9 million. The new ownership plans to redevelop the 120-acre property into a mixed-use destination and has partnered with Conifer Realty for the residential component. Britt Raymond and Kyle Fant of SRS Real Estate Partners represented the seller, New York-based Kohan Retail, in the transaction. The duo also procured Hart Lyman as the buyer.
