IRVING, TEXAS — Weitzman will renovate Irving Towne Center, a 240,000-square-foot retail center located at the intersection of State Highway 183 and North Belt Line Road in Irving. Originally built in 1986 and anchored by Target, the center houses tenants such as Tuesday Morning, On The Border and Anytime Fitness. Hodges & Associates is the architect for the renovation project, which is expected to begin in late 2019 or early 2020 and to be complete by the end of 2020.
ROXBURY, N.J. — Cushman & Wakefield has arranged a $72.5 million construction loan for the redevelopment of The Shops at Ledgewood Commons, a retail center in Roxbury, located about 40 miles west of New York City. Santander Bank provided the loan, exact terms of which were undisclosed. The borrower, Advance Realty Advisors, plans to reposition the former enclosed mall into an open-air retail center. John Alascio, Sridhar Vankayala, T.J. Sullivan and Zachary Kraft of Cushman & Wakefield arranged the loan.
YOUNGSTOWN, OHIO — Washington Prime Group Inc. has unveiled plans to develop a four-acre athletic and entertainment venue to be named DeBartolo Commons at Southern Park Mall in Youngstown. The venue will be situated at the site of a former Sears department store. Demolition of the store has commenced. Washington Prime also plans to develop an additional entertainment area adjacent to DeBartolo Commons. Plans call for a 37,000-square-foot indoor golf center and new food and beverage offerings. Southern Park Mall was originally built by Edward J. DeBartolo Corp. in 1970.
CHICAGO — Marcus & Millichap has brokered the sale of a 21,916-square-foot retail center in Chicago for $3.4 million. The property, occupied by Dollar Tree and One Hope United, is located at 707 E. 47th St. It is shadow anchored by a $46 million mixed-use building that includes a Walmart Neighborhood Market. Adrian Mendoza, Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller, a fund manager. A California-based family trust purchased the asset.
RENO, NEV. — K Corp. has purchased a portion of retail space at The Crossing at Meadowood Square, a shopping center in Reno. The company acquired the 31,400-square-foot portion for $4.4 million. This transaction completes its ownership of the 63,000-square-foot center, after purchasing 32,000 square feet of space in 2014. The 31,400-square-foot portion is an anchor site currently occupied by Goodwill, which will vacate the space in October. The new owner plans to redevelop the property. Additional tenants include FedEx Office, Subway, Nevada Home Fitness and Animal Emergency. The name of the seller was not released.
BUCKEYE, ARIZ. — Marcus & Millichap has negotiated the sale of a retail property located at 1341 S. Watson Road in Buckeye. A limited liability company sold the property to an undisclosed buyer for $3.6 million. Planet Fitness occupies the 20,091-square-foot property, which was built this year, on a double-net-leased basis. The tenant just signed a 15-year lease for the property. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller in the deal.
GARLAND, TEXAS — Berkadia has arranged a $3.5 million loan for the refinancing of Duck Creek Community Shopping Center, a retail center located at the intersection of North Jupiter Road and East Arapaho Drive in Garland, a northeastern suburb of Dallas. Wells Fargo provided the 10-year loan for the borrower, an affiliate of Dallas-based Retail Plazas Inc. The deal closed on Aug. 20.
BENSALEM, PA. — JLL has arranged the sale of Bensalem Square, a 70,378-square-foot retail center in Bensalem, a northeastern suburb of Philadelphia. Redner’s Markets grocery store anchors the property. The center also houses tenants in the restaurant, service and medical sectors. Chris Munley, James Galbally and Colin Behr of JLL represented the seller, Brixmor Property Group, in the transaction. LS Property Investment was the buyer.
SOUTHPORT, N.C. — Marcus & Millichap has arranged the $2.3 million sale of a Dollar General-occupied building that was delivered in March of this year in Southport. The 9,026-square-foot building is located at 4421 Long Beach Road SE, about 30 miles south of downtown Wilmington. Par 5 Development Group LLC sold the asset, which Sedgemoor Properties LLC acquired. Don McMinn of Marcus & Millichap represented both the buyer and seller in the transaction.
CINCINNATI — Kroger Co. is set to open a downtown Cincinnati store on Wednesday, Sept. 25. This is the first downtown store in a half-century for the Cincinnati-based grocer, according to the Cincinnati Business Courier. The new store is located at the corner of Court and Walnut streets, across from the company’s headquarters. The 45,000-square-foot, two-story store will include five restaurants within a food hall. It will be known as Kroger on the Rhine, replacing an existing Kroger store in the Over-the-Rhine district. Besides the Kroger store, the 18-story building comprises a 139-unit apartment complex known as 1010 on the Rhine.
