KILDEER, ILL. — A joint venture between DRA Advisors and Pine Tree LLC has acquired The Shops at Kildeer, a 171,339-square-foot retail center located in the Chicago suburb of Kildeer, for $32.5 million. Bed Bath & Beyond, Ulta Beauty, Michael’s, Old Navy, Uncle Dan’s and Cost Plus World Market anchor the center. George Good and Christian Williams of CBRE brokered the transaction. William Barry of Draper and Kramer arranged acquisition financing through Wells Fargo on behalf of the joint venture. The seller was undisclosed.
ZION, ILL. — JSM Venture Inc. has acquired a former Kmart store located at 3355 Sheridan Road in Zion for $2.3 million. JSM plans to convert the 90,426-square-foot building into a self-storage facility with 69,750 rentable square feet. Of the 619 total units, 96 percent are expected to be climate-controlled. Patrick Turner and Brendan Green of Colliers International represented JSM. Paine/Wetzel represented the seller, Amin & Shah Solutions LLC.
ATLANTA — EDENS and Crescent Communities have broken ground on Phase II of Moores Mill, a mixed-use development in Atlanta’s Upper Westside neighborhood. Charlotte-based Crescent Communities, a multifamily developer, will build 345 units across three buildings over five acres called NOVEL Upper Westside. The complex will total 300,000 square feet and offer one- , two- and three-bedroom options. Amenities are set to include a fitness center, pool, courtyard, refined rooftop lounge and a dog park. EDENS, a national retail real estate owner, will develop 15,000 square feet of retail. The Columbia, S.C.-based developer built the 45,000-square-foot Publix in Phase I of Moores Mill and has invested in green space renovation at nearby Sara Gonzalez Park. Completion of Phase II is expected in 2020.
SUMMERVILLE, S.C. — Nexton and RealtyLink Commercial have announced a list of 22 tenants that will occupy Nexton Square, a shopping center in Summerville that is set to open this summer. The vendors include Tropical Smoothie Café, The Bicycle Shoppe and Fuji Sushi, as well as other restaurants, apparel, beauty, fitness, entertainment and finance tenants. The first buildings are scheduled to be available to tenants for up-fit later this year. Nexton Square will be located in Summerville’s Nexton master-planned community, which is located about 25 miles northwest of downtown Charleston. The design team includes architect McMilan Padzen Smith Architects, civil engineer and landscape architect Seamon Whiteside, construction manager Landmark Construction and general contractor Ordner Construction.
SAN LEANDRO, CALIF. — Newmark Knight Frank has arranged the sale of Westgate Center, a grocery-anchored mixed-use retail center located at 1933 Davis St. in San Leandro. SKB and WHI Real Estate Partners sold the property to a New York-based global private equity firm for an undisclosed price. The 586,407-square-foot property features a 361,132-square-foot retail component and 225,275 square feet of flex office and prototyping space. Walmart, Home Depot, Ross Dress for Less, Burlington and Dollar Tree are tenants at the retail portion. The second-floor flex space, branded as Gate510, offers an environment for entrepreneurs and creators to collaborate, invent, work and manufacture. Nicholas Bicardo, Brandon Rogoff and Grant Lammersen of NKF represented the seller in the deal.
CONIFER, COLO. — Dormie Capital Holdings has acquired Conifer Marketplace, a shopping center located at 10853 Highway 285 in Conifer, approximately 30 miles southwest of Denver. An undisclosed seller sold the property for $10.6 million. Built in 1984, the 86,659-square-foot retail property was 92 percent occupied at the time of sale. Tenants include Staples, O’Reilly Auto Parts and Anytime Fitness. Legend Investment Group, a division of Legend Partners, represented the seller. Matt Call and Heather Taylor of Navpoint represented the buyer in the deal.
LAKE OSWEGO, ORE. — Asana Partners has purchased Oswego Village, a five-building retail center located at 11 State St. in Lake Oswego, from an institutional seller for an undisclosed price. Situated on 7.7 acres, the 102,809-square-foot property was 84.5 percent leased at the time of sale. Tenants include Whole Foods 365, Ace Hardware, Tuesday Morning, North Lake Physical Therapy, Banfield Pet Hospital, Great Clips and Subway. Nick Kassab and Bryan Ley of HFF represented the seller in the transaction. Asana Partners acquired the property free and clear of existing debt.
PHARR, TEXAS — Dallas-based Topgolf will open a 55,000-square-foot venue in the Rio Grande Valley city of Pharr on Friday, Nov. 16. Topgolf has already hired 350 full- and part-time associates in advance of the opening of the Pharr location, which will be the company’s 50th overall. Topgolf venues feature chef-driven menus, big-screen TVs and private event spaces. The company offers social leagues and tournaments as well.
DETROIT — VICI Properties Inc. (NYSE: VICI) and Penn National Gaming Inc. (NASDAQ: Penn) have purchased the Greektown Casino-Hotel in downtown Detroit for $1 billion in an all-cash deal. VICI Properties will be the majority owner, contributing approximately $700 million for the land and real estate assets. Penn National will supply the remaining $300 million for the operating assets. VICI Properties, a New York-based REIT, simultaneously entered into a triple-net lease agreement with Penn National. The lease will have an initial rent of $55.6 million annually for 15 years with four five-year renewal options. Greektown opened in 2000 and features over 10,000 square feet of casino space, about 2,700 gaming machines, three restaurants and a 400-room hotel. Greektown employs about 1,800 people. “We are proud to expand our partnership with Penn National and add Greektown to our growing portfolio of market-leading gaming, hospitality and entertainment destinations,” says John Payne, president and chief operating officer of VICI Properties. “As the only casino located in Detroit’s historic Central Business District, Greektown, and its 30-story hotel tower, are ideally situated.” The Detroit Free Press reports Dan Gilbert, founder of Quicken Loans and owner of the Cleveland Cavaliers, is the seller. Gilbert is expected …
ST. CHARLES, ILL. — Baum Realty Group LLC has arranged the $3 million sale of a 4,469-square-foot retail building in St. Charles, roughly 40 miles west of Chicago. Starbucks and Verizon fully occupy the property. Patrick Forkin of Baum represented the seller, a national retail developer. An East Coast-based buyer completing a 1031 tax-deferred exchange purchased the asset in an all-cash transaction.