O’FALLON, ILL. — Midwest BankCentre has opened a loan office in O’Fallon near St. Louis. The new office serves both commercial and mortgage loan customers. Midwest BankCentre also serves the needs of businesses and nonprofits in southern Illinois, including dozens that received Paycheck Protection Program loans through the bank earlier this year. Due to COVID-19 restrictions, the bank is currently open by appointment only. Its location at 920 Talon Drive is situated near I-64. Midwest BankCentre employs a staff of about 280 workers at 18 bank locations around metro St. Louis. Orvin Kimbrough serves as chairman and CEO.
WESTFIELD, IND. — The Woodmont Co., a national developer specializing in retail, has begun development of a new 10,759-square-foot Kiddie Academy in Westfield near Carmel. Located at 1367 Waterleaf Drive, the school will offer full-time care as well as after-school programs and summer camps for children between six weeks and 12 years old. Three Colors Flag LLC will own and operate the property, which is slated for completion in spring 2021.
KNOXVILLE, TENN. — Regal Cinemas will temporarily suspend operations at all of its 536 U.S. theaters beginning Thursday, Oct. 8. British owner-operator Cineworld (LON: CINE) owns Knoxville, Tenn.-based Regal Cinemas, which has about 7,000 screens across its U.S. portfolio of theaters. Cineworld also announced plans to close all of its theaters in the United Kingdom this week. The closures will impact about 40,000 employees, according to Cineworld. “This is not a decision we made lightly, and we did everything in our power to support a safe and sustainable reopening in the United States,” says Mooky Greidinger, CEO of Cineworld. “From putting in place robust health and safety measures at our theaters to joining our industry in making a collective commitment to the CinemaSafe protocols to reaching out to state and local officials to educate them on these initiatives, we are grateful for and proud of the hard work our employees put in to adapt our theaters to the new protocols,” he adds. While theaters in several major markets, most notably New York City, remain closed, many large cities have permitted theaters to reopen at limited capacities in recent weeks. Venues located in Manhattan’s famous Broadway District that showcase plays also …
EAST RUTHERFORD, N.J. — Triple Five Group has reopened the American Dream shopping and entertainment destination in East Rutherford, located just outside New York City. American Dream is located in the Meadowlands Sports Complex by MetLife Stadium, home of the New York Jets and Giants and features some 3 million square feet of retail and entertainment space. According to local media reports, marquee attractions include such as the Nickelodeon Universe theme park, DreamWorks water park, Angry Birds mini-golf and an NHL-sized ice skating rink are now open under limited capacities. Masks are mandatory, and social distancing guidelines will be enforced. A limited number of shopping and dining options will also be available under similar restrictions. Other attractions at American Dream, a project that went through various ownership groups and redevelopment obstacles, include a Sea Life Aquarium, Lego Discovery Center and an indoor ski and snow park.
SHAWNEE, KAN. — An investment group headed by Block & Co. Inc. Realtors has sold Monticello Center, an 8,000-square-foot retail building in Shawnee. The sales price was undisclosed. The property is fully leased to Chipotle, Farmers Insurance, Domino’s, Lush Nail Spa and Yoga Fit. Block & Co originally developed the building in 2004 and has remained its leasing and property management company. David Block and Larry Graves of Block & Co. represented the seller. Cory DeLong of AREA Real Estate Advisors represented the undisclosed buyer.
DAVENPORT, IOWA — Marcus & Millichap has brokered the sale of a 3,305-square-foot retail property occupied by T-Mobile in Davenport. An undisclosed buyer purchased the asset for $2.2 million. The building is located at 3150 E. 53rd St. T-Mobile has more than eight years remaining on its 10-year lease. Dominic Sulo and Samuel Malato of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Jon Ruzicka assisted in closing the transaction as broker of record in Iowa.
CARSON, CALIF. — Woodland Hills-based NewMark Merrill Cos. has purchased The Shops at SouthBay Pavilion, a multi-building retail complex in Carson. Seritage SRC Finance sold the asset for an undisclosed price. Burlington, Ross Dress for Less, Sola Salons, Norms Restaurant, Chipotle, Smashburger, Jersey Mike’s Subs, Buffalo Wild Wings and Olive Garden are tenants at the 182,193-square-foot retail property. IKEA, Target, Cinemark Theatres and JCPenney anchor the balance of the 1 million-square-foot mall. Sandy Sigal, Jim Patton and Brad Pearl provided in-house representation for NewMark Merrill, and Seritage SRC Finance worked directly with NewMark Merrill to consummate the transaction.
WEST COVINA, CALIF. — Waterford Property Co. has acquired Marketplace at the Lakes, a value-add retail property located at 904-907 Lakes Drive in West Covina. CIM Group sold the asset for $18.6 million. Built in 1994 on seven acres, Marketplace at the Lakes features 95,628 square feet of retail space. At the time of sale, the property was 80 percent occupied by Michaels and Jerome’s Furniture. In November 2015, Waterford acquired The Lakes, an office campus adjacent to the recently purchased retail center, and repositioned the property into a Class A office project for small to mid-size tenants. The acquisition of Marketplace at the Lakes allows for the possibility to redevelop the retail asset into a multifamily property, which Waterford says offers more opportunities.
SARASOTA, FLA. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has purchased two retail properties in Sarasota for $15.5 million. The properties are located at 362 and 371 St. Armands Circle on Lido Key, four miles west of downtown Sarasota. French pastry shop Le Macaron, fashion retailer Breezin’ Up and women’s clothing store Sahara occupy the property at 362 St. Armands. Tommy Bahama occupies the space at 371 St. Armands. Florida-based Ocean Bank provided acquisition financing to the buyers. The seller(s) was not disclosed.
CHICAGO — JLL Capital Markets has arranged the sale of a new 3,000-square-foot retail property occupied by 7-Eleven in Chicago for $5.9 million. Located at 3159 N. Clybourn Ave., the property opened in July. Alex Sharrin, Alex Geanakos and Truman Tiernan of JLL represented the seller, GW Property Group. The buyer was undisclosed. With more than 68,000 stores across 23 countries, 7-Eleven is the world’s largest store chain in the convenience retailing industry, according to JLL.