LEMONT, ILL. — The Cooper Commercial Investment Group has brokered the sale of Centennial Plaza in the Chicago suburb of Lemont for $8.1 million. Jewel-Osco shadow-anchors the 38,500-square-foot retail center, which was 97 percent leased at the time of sale. Bob Havasi and Dan Cooper of Cooper Group represented the seller, a New Jersey-based private investment group. A California-based private group was the buyer. The asset traded at a cap rate of 7.4 percent.
NEW LENOX, ILL. — Marcus & Millichap has arranged the $4.9 million sale of a retail strip center in New Lenox, a southwest suburb of Chicago. A Chipotle restaurant with a drive-thru anchors the 9,907-square-foot property. Other tenants include MOD Pizza, Smoothie King, Classy Nails and Vino Gaming Wine Bar. Brian Parmacek of Marcus & Millichap represented the seller, a Chicago-based developer. The buyer was undisclosed.
SUGAR LAND, TEXAS — Department of Wonder, an entertainment concept that combines interactive theater with puzzle-solving and immersive technology, will open a 10,000-square-foot venue at Sugar Land Town Square on the southwestern outskirts of Houston. The opening of the flagship venue is slated for early 2022. Department of Wonder was created by a team of storytellers, technologists, designers and producers with decades of collective experience producing novel forms of digital and interactive entertainment.
PHILADELPHIA — Stan Johnson Co., an Oklahoma-based brokerage firm specializing in net-leased retail assets, has negotiated the $10.8 million sale of a 12,485-square-foot retail condo in Philadelphia that is leased to CVS. The store is housed within a 62-unit multifamily building known as Shirt Corner that is located in the Old City District. Brandon Duff, Austin Duff, Matt Spangenberg and Mack Wolfgram of Stan Johnson Co. represented the seller, a Chicago-based private investor, in the transaction. The buyer was a 1031 exchange investor from Indiana.
FRISCO, TEXAS — JLL has brokered the sale of South Frisco Village, a 227,041-square-foot retail power center located on the northern outskirts of Dallas. Built in 2001, the property was 92 percent leased at the time of sale to tenants such as Bed Bath & Beyond, Jo-Ann Fabrics, buybuy Baby and Painted Tree Marketplace. Ryan Shore, Chris Gerard, Barry Brown and Jack Copher of JLL represented the seller, Illinois-based InvenTrust Properties, in the transaction. Vista Property Co. purchased the asset for an undisclosed price.
WOODLAND PARK, COLO. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Gold Hill Shopping Center, a multi-tenant retail center in Woodland Park. A local private investor acquired the asset from an undisclosed seller for $10.2 million. City Market, a Kroger-branded supermarket, anchors Gold Hill Shopping Center. The 47,978-square-foot retail center was fully occupied at the time of sale. Ryan Bowlby and Drew Isaac of IPA represented the buyer and secured the seller in the transaction.
PHOENIX — An entity formed by Canada-based Allard Developments has purchased Arcadia Fiesta, a shopping center located at the southwest corner of 32nd Street and Indian School Road in Phoenix. An entity formed by a joint venture between Arizona-based DeRito Partners and Van Tuyl Cos. sold the asset for $41.6 million. The 154,436-square-foot Arcadia Fiesta was fully leased at the time of sale with 96 percent of tenants national retailers. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.
ATLANTA — CBRE National Retail Partners has brokered the sale of Park Place, an 82,097-square-foot retail property in Atlanta’s Central Perimeter district. Edens purchased the property from Atlanta-based Coro Realty Advisors for an undisclosed amount. Chris Decoufle, Kevin Hurley and Matt Karempelis of CBRE represented the seller in the transaction. Located at 4505 Ashford Dunwoody Road, Park Place is located directly across from Perimeter Mall at the intersection of Ashford Dunwoody Road and Perimeter Center West. Built in 1978, the property is anchored by Alon’s Bakery and Market, Fidelity Investments and Jared Galleria of Jewelry. The property was 92.2 percent occupied by tenants such as Allen Edmonds, Expedia Travel, Balance Salon and The Brass Tap.
MICHIGAN, INDIANA AND ILLINOIS — The Boulder Group has brokered the sale of a portfolio of properties net leased to Dollar General for $5.4 million. The four single-tenant buildings are located in Battle Creek, Mich., Bedford, Ind., Sheffield, Ill. and Streator, Ill. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based private individual, as well as the buyer, a Midwest-based institution. Each property has 10 to 12 years remaining on its lease term.
NEW YORK CITY — The Port Authority of New York and New Jersey has reached an agreement with a consortium of private financial sponsors to build a 2.4 million-square-foot international terminal that will anchor the south side of John F. Kennedy International Airport (JFK) in New York City. The $9.5 billion project will comprise 23 gates and be built in phases at the airport’s T1, T2 and the former T3 terminals, with groundbreaking anticipated for next year. The port authority expects for the first gates at the new terminal, dubbed New Terminal One, to debut in 2026, with full project completion expected in 2030. The overall development is expected to support 10,000 new jobs, including 6,000 construction jobs. “The time to get large infrastructure projects done is now, and I’m committed to getting JFK’s brand new Terminal One underway and completed as soon as possible,” says New York Gov. Kathy Hochul. The design-build team for the project includes AECOM Tishman and Gensler. The passenger facilities at New Terminal One will feature larger check-in, security and concessions areas. Design elements will include high ceilings, natural light, interior green space and local artwork. Technology that will be supported at the terminal include …
