LOGANSPORT, IND. — Chicago-based Park Development has unveiled plans to redevelop the vacant Logansport Mall in central Indiana into an open-air retail center named The Junction. Built in 1968, the mall has sat largely vacant for the past decade. Design plans by GEA Architects call for nearly 160,000 square feet of retail space along with three outlots. The Junction is shadow anchored by a Walmart Supercenter and Home Depot. Existing tenants Dollar Tree and Dunham’s Sports will also remain. Planet Fitness opened a new location last spring, Harbor Freight Tools is slated to open in January and a Home2 Suites hotel is scheduled to open this fall. Randall, Miller & Associates will serve as project engineer, and Lee & Associates will market the property for lease. A timeline for completion was not provided. Park Development also plans to build a single-family housing project less than a mile from The Junction. Dubbed Lexington Village, the community will consist of 52 homes ranging in size from 900 to 3,000 square feet.
INDIANAPOLIS — BridgeCore Capital has provided a $2.5 million bridge loan for the acquisition of a vacant grocery store property in Indianapolis. The loan features a fixed interest rate of 8.5 percent and a 70 percent loan-to-purchase price. BridgeCore says that the loan’s 12-month term provides the borrower with breathing room to pursue a number of potential exit strategies. The options include refinancing the asset upon stabilization with new tenancy or selling the property. The borrower was undisclosed.
GEORGETOWN, KY. — Stan Johnson Co. has arranged the $15 million sale of Washington Square, a 122,554-square-foot shopping center located at 1002 Lexington Road in Georgetown. Ryan Roedersheimer of Stan Johnson Co.’s Cincinnati office represented the seller, a Lexington-based investment firm, in the transaction. The buyer is a private investment firm based in Austin. Washington Square was built in 1972 and is situated on a heavily trafficked corner spanning 13.9 acres about 10 miles north of Lexington. The property was fully leased at the time of sale to tenants including anchor LifePoint Health.
ZIONSVILLE, IND. — Marcus & Millichap has arranged the $3.9 million sale of Whitestown Parkway in Zionsville, a northwest suburb of Indianapolis. Built in 2018, the 11,332-square-foot retail property is home to five tenants. Alex Perez and Chris Garavaglia of Marcus & Millichap brokered the transaction. Both the buyer and seller were limited liability companies.
RIALTO, CALIF. — NewMark Merrill Cos. has broken ground on Rialto Village, a 96,000-square-foot shopping center in Rialto. Brian McDonald, Walter Pagel and Hannah Curran of CBRE, along with Greg Giacopuzzi of NewMark Merrill, are marketing the center for lease. Currently, 18 tenants are slated to join the project, which is located at the southwest corner of San Bernardino and Riverside avenues. Signed tenants include Sprouts Farmers Market, Burlington, Ulta, Five Below, Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash, In-N-Out Burger, Cold Stone Creamery, The Joint, Nekter Juice Bar, Coffee Bean & Tea Leaf and West Coast Dental, along with multiple local tenants. NewMark Merrill Cos. closed escrow on the 10.9-acre site in early August with lease commitments representing 97 percent of the total shopping center square footage. One 2,700-square-foot retail suite remains available for lease.
CHICAGO — Continental Realty Corp. (CRC), a Baltimore-based real estate investment and management company, has entered the Chicago market with its acquisition of a five-property shopping center portfolio for $93.6 million. The properties total more than 900,000 square feet of gross leasable area and are located in Cicero, Mount Prospect, Naperville and Palatine. Specifically, the properties include Cicero Marketplace in Cicero, Northwest and English Valley shopping centers in Palatine, Golf Plaza II in Mount Prospect, and Fox River Commons in Naperville. DiMucci Cos. was the seller. Tucker Development served as an acquisition and development consultant on the transaction. The portfolio was 84 percent leased at the time of sale. Major tenants include Sam’s Club, The Home Depot, Jewel-Osco, Kroger, Walgreens and Ross Dress for Less. CRC utilized its Continental Realty Opportunistic Retail Investment Fund I, a private equity fund formed last year that is focused on acquiring value-add and income-producing retail properties throughout the U.S. Jeff Kowal of Edgemark Commercial Real Estate Services LLC and John Thompson of Retail Focus represented DiMucci in the sale.
ROCK FALLS, ILL. — Newmark has brokered the $4.5 million sale of a 14,820-square-foot retail property net leased to Walgreens in Rock Falls, a city in Northwest Illinois. Matt Berres, Samer Khalil, Karick Brown and Carrie Frye of Newmark represented the seller, a private investor. The property sold to an undisclosed REIT. Walgreens has 13 years remaining on its lease.
LIVONIA, MICH. — Gerdom Realty & Investment has completed the lease-up of Century Plaza in Livonia. Marco’s Pizza leased the final 2,000 square feet remaining at the retail center, which is located at the northeast corner of Five Mile and Newburgh roads. Michael Murphy and Tjader Gerdom of Gerdom Realty represented the landlord, Kimco Realty Corp. Gordon Denha of CBRE represented the tenant.
NORTH MIAMI, FLA. — Coral Rock Development Group, a real estate developer based in Coral Gables, Fla., plans to build Kayla at Library Place, a mixed-use affordable housing project located at 13100 W. Dixie Highway in North Miami. The 10-story property will comprise 138 affordable and workforce housing units ranging between 660 to 930 square feet, as well as amenities including a fitness center, rooftop patio, business center and a conference room. Fifty-five apartments will be reserved for households earning 60 percent of area median income (AMI) while 83 units will be designated affordable at 100 percent of AMI. Additionally, Kayla at Library Place will feature 10,000 square feet of retail space on the ground level, an adjacent parking garage and 8,000 square feet of office and conference space preleased to the Greater North Miami Chamber of Commerce. Behar Font designed Kayla at Library Place to achieve LEED Silver certification. Coral Rock expects to break ground in the second quarter of 2023 and deliver the project by the end of 2024.
RUSSELLVILLE, ARK. — Mid-America Real Estate Corp. has brokered the sale of Valley Park Centre, a 282,608-square-foot regional shopping center in Russellville, a town within the Arkansas River Valley region. Dallas-based The Woodmont Cos. purchased the big-box retail center for an undisclosed price. Ben Wineman of Mid-America, along with Hank Kelley of Kelley Commercial Real Estate Partners, represented the seller, a joint venture between Atlanta-based RCG Ventures and an unnamed investment partner based in New York City. Valley Park Centre was 95 percent leased at the time of sale to tenants including T.J. Maxx, Ross Dress for Less, Belk, JC Penney, Shoe Carnival, Hibbett Sports, Hobby Lobby, PetSmart and Five Below.