PLAINFIELD, IND. — Poag Shopping Centers has selected Woolpert to provide design and engineering services for the $11 million redevelopment of its 600,000-square-foot retail center in Plainfield. The architecture, engineering and geospatial firm will plan for the reconfiguration of structural, mechanical, electrical, civil and underground utility systems at the shopping center. In October, Metropolis Lifestyle Center will be renamed The Shops at Perry Crossing. More than 44 stores and restaurants, including Dick’s Sporting Goods, JCPenney, Barnes & Noble, Old Navy and Carmike Cinemas, occupy the center. Construction began in July, with a grand reopening slated for this fall.
SAN DIEGO — Meridian Capital Group has arranged a $21.1 million acquisition loan for the purchase and improvement of Sorrento Court Shopping Center in San Diego. The borrower is The Festival Companies, a Los Angeles-based retail developer. The 36-month loan, provided by a debt fund, features full-term, interest-only payments, a floating interest rate and two 12-month extension options. Located at 9420-9460 Scranton Road, the 55,000-square-foot retail center features 17 quick-service restaurants and a variety of tenants, including Starbucks Coffee, Jamba Juice, Staples, Bank of America and J.P. Morgan Chase. At the time of closing, the center was 96 percent occupied. Seth Grossman and Andy Strauss of Meridian’s Carlsbad office negotiated the financing.
NEWCASTLE, WASH. — RPAI has acquired Coal Creek Marketplace, a 56,000-square-foot, grocery-anchored retail center located in the Seattle suburb of Newcastle. The center is currently 95 percent occupied and anchored by Quality Food Centers, a subsidiary of Kroger. Shane Garrison and Michael Hazinski represented RPAI in-house in the off-market transaction.
SACRAMENTO, CALIF. — NewMark Merrill Cos. has acquired the Food Source and Shops portion of the Valley Mack Plaza in Sacramento. Located at 6366 Mack Road, the Food Source and Shops location is a 64,171-square-foot building situated on 4.64 acres. Sands Investment Group sold the property for an undisclosed sum. Additional tenants at Valley Mack Plaza include dd’s discounts, Fallas Paredes, Rainbow Fashions, Auto Zone, Starbucks Coffee and McDonald’s.
NATIONAL CITY, CALIF. — Sperry Van Ness has arranged the $2.75 million sale of a 6,000-square-foot retail building located in National City. The property is an outparcel to South Bay Plaza Shopping Center. Chris Rink of CCIM and Katja Rada of Sperry Van Ness | Finest City Commercial represented the seller, Laundry Land Realty LLC, and the buyer, Plaza Boulevard 111 Partners LLC, in the transaction.
ELLSVILLE, MO. — RCG Ventures (Fund III) has acquired Shop ’n Save Shopping Center located in Ellsville, a city west of St. Louis, for an undisclosed price. The 118,080-square-foot center is situated along Manchester Road, one of the most established retail thoroughfares in St. Louis. Chase Young of CBRE represented the undisclosed seller, while Jeff Miller provided in-house representation for the buyer.
CULLMAN, ALA. — Atlanta-based Bull Realty has brokered the $4.9 million sale of a 13,600-square-foot freestanding CVS in Cullman. Michael Bull of Bull Realty represented the buyer, Guggie H LLC, in the 1031 exchange. John Glass of Marcus & Millichap represented the seller, LL Cullman AL LLC. Strategic 1031 Exchange Advisors LLC acted as a qualified intermediary for the sale. The retail property is triple-net leased to CVS and has 25 years remaining on its primary term.
NIAGARA FALLS, N.Y. — RCG Ventures (Fund III) has acquired Pine Plaza, a shopping center located in Niagara Falls, for an undisclosed sum. The 83,273-square-foot center is anchored by OfficeMax and Planet Fitness. Susan Bands and Sharon Bands of Marcus & Millichap represented the undisclosed seller, while Jeff Miller provided in-house representation for RCG.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a two-building, mixed-use portfolio located at 667 E. 187th St. and 1704 Van Buren St. in the Little Italy and Van Nest neighborhoods of the North Bronx. The properties, which total 36,750 square feet, sold for $7.3 million, or $200 per square foot, in an all-cash transaction. The five-story walk-up buildings feature 39 apartment units and six ground-floor commercial units. The residential mix includes 17 one-bedroom units, 21 two-bedroom units and one three-bedroom apartment. Karl Brumback and Nick Burns of Cushman & Wakefield handled the transaction.
TEANECK, N.J. — Win Development has submitted construction and engineering plans to the City of Teaneck and Bergen County, N.J., for final building plan approval for a new Walgreens location in Teaneck. Demolition of the existing structure and construction of the 10,737-square-foot Walgreens will begin immediately upon purchase of the property. Weiss Realty Co. Inc. assembled three properties — previously occupied by a gas station at 520 Cedar Lane and several defunct stores and restaurants — for the new development on behalf of Win Development. “Walgreens adds an important asset to Teaneck’s central business district and introduces a new use on a site that has been underutilized for many years,” says Jaime Weiss, president of Weiss Realty Co. Inc. All governmental approvals are expected at the beginning of September, with Win Development closing on the purchase of the property by mid-September. The new Walgreens is slated to open next summer and the property will feature on-site parking and exits on both Cedar Lane and Alma Terrace.