ORLAND PARK, ILL. — Marcus & Millichap has arranged the sale of Concordia Commons in Orland Park for $2.2 million. The 23,125-square-foot retail strip center is located on the corner of La Grange Road and 147th Street. US Bank anchors the property, which is home to service-oriented tenants. Mitchell Kiven, Michael Volini, James Ziegler and Keith Zelenika of Marcus & Millichap marketed the property on behalf of the seller.
NEWARK, N.J. — Cronheim Mortgage has arranged a $10 million financing loan for Ferry Plaza, a retail center in Newark. One America provided the loan, which carried a10-year term and a 22-year amortization schedule. Seabra Supermarket anchors the 63,433-square-foot retail center, which also houses a post office, bank and several other retailers and restaurants. Cronheim arranged the loan on behalf of the borrower, an entity affiliated with Urstadt Biddle Properties Inc.
HOUSTON — CBRE has negotiated the sale of Northbrook Shopping Center, a 174,181-square-foot retail property located along U.S. Highway 290 in Houston. El Rancho Supermarket anchors the center, which was approximately 97 percent occupied at the time of sale. Mark Witcher, Chris Cozby, Jim Batjer and Blaine Dozier of CBRE represented the seller, Weingarten Realty, in the transaction. Wu Family Trust purchased the asset for an undisclosed price.
WICHITA, KAN. — WS Development has formed a joint venture with Laham Development to acquire Bradley Fair in Wichita. The purchase price was not disclosed. Built in 1990, the 280,000-square-foot shopping center is home to more than 50 stores and restaurants, including Barnes & Noble, Sephora, Pottery Barn, Gap and soon-to-open Trader Joe’s. The property also features a lake, walking paths, gardens and community events. The seller was not disclosed.
CHANDLER, ARIZ. — Newmark Knight Frank has negotiated the sale of Alma Elliot Square, a shopping center in Chandler. TriGate Capital sold the asset to Orange County, Calif.-based Investment Concepts for $9.6 million. At the time of sale, the 62,164-square-foot asset was 62 percent leased to a mix of national and regional tenants, including Starbucks Coffee, O’Reilly Auto Parts, AT&T, Great Clips and Pizza Hut. Fry’s Food and Drug and IHOP also shadow-anchor the property. CJ Osbrink, David Guido, Joe Doucett, Joseph Hoye and Ryan Moroney of Newmark Knight Frank represented the seller in the deal.
HANOVER, MASS. — PREP Property Group has unveiled plans to redevelop Hanover Mall in Hanover, approximately 22 miles southeast of downtown Boston. The project costs are estimated at $250 million. PREP will rebrand the mall as Hanover Crossing, an open-air, mixed-use project that will feature 297 multifamily units and will be anchored by an 80,000-square-foot Market Basket Supermarket. Market Basket will feature Market’s Kitchen and Café, a prepared foods department offering a variety of freshly made meals, sandwiches, salads, subs, brick oven pizza and Niji sushi. The location will also provide café seating, complimentary Wi-Fi and large screen TVs. Market Basket expects to hire about 400 employees for the new store. “We’ve seen tremendous potential in this landmark property since day one and believe the transformation to mixed-use provides unlimited potential,” says Lloyd Sova, PREP vice president of development. “Hanover Crossing will be an exciting location combining an open-air retail experience that is rich in amenities with high-end apartments to provide a sought-after ‘live, work, play’ environment.” The retail component of Hanover Crossing will be 150,000 square feet smaller than the current Hanover Mall, which was built in 1971. Hanover Crossing will offer 30,000 square feet of green space. “We’ve …
NEW YORK CITY — Madison International Realty has signed multiple new leases and lease renewals with several food and beverage tenants in preparation for the opening of a new 1,500-square-foot food court at Queens Place Mall, located in the Elmhurst neighborhood of Queens. Dunkin Donuts and Mrs. Fields have both renewed leases at the 440,000-square-foot mall. In separate negotiations with three new tenants, Chipotle has leased 2,532 square feet, Teriyaki One has leased 1,134 square feet and TeaCups has leased 400 square feet. Diana Boutross, Alan Schmerzler, Ian Lerner and Brandon Singer of Cushman & Wakefield represented Madison International in the negotiations. Boutross and Lerner represented Chipotle, Dunkin Donuts, Mrs. Fields and TeaCups. Peter Yoon of Ripco represented Teriyaki One. Construction is slated for completion by summer 2020.
EDISON, N.J. — Twin Boro Physical Therapy has signed a 1,600-square-foot retail lease in Edison, located approximately 30 miles southeast of New York City. The property is situated within the 20,000-square-foot Colonial Village Shopping Center, which is 100 percent leased. Twin Boro specializes in orthopedic pediatrics, sports-related injuries and worker’s compensation cases. Steve Battista of Jeffrey Realty represented Twin Boro in the lease negotiations. Matthew Weiss of Weiss Realty represented the landlord, Colonial Village Associates LLC.
PHILADELPHIA — A joint venture between PREIT and Macerich has launched Fashion District Philadelphia, a 900,000-square-foot retail district housing dozens of shopping, dining and entertainment destinations. The $400 million project is a redevelopment of a former mall, the Gallery at Market East. A range of clothing and accessory retail options include Aeropostale, Burlington, Columbia and ULTA. The Fashion District also houses coworking spaces from REC Philly and Industrious. Other notable anchors of the district include City Winery, AMC Theaters, rotating art installation Wonderspaces, Market Eats food hall, mini theme park Candytopia and Yards Brewing Co.
LAKE FOREST, CALIF. — Foothill Ranch LLC has completed the disposition of a portion of Foothill Ranch Towne Center, a 1 million-square-foot, master-planned regional retail center in Lake Forest. A private family trust acquired a 121,883-square-foot portion of the retail center, located at 36532 Towne Center Drive, for $22.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller in the transaction. At the time of sale, five tenants fully occupied the sold portion: At Home, PetSmart, Chipotle Mexican Grill, Red Robin Gourmet Burgers and Brews and a nail salon. Walmart and Target anchor the overall retail center.
