EDINA, MINN. — Pentagon Revival LLC has selected Cushman & Wakefield | NorthMarq (CWN) to market a 42-acre future multi-use redevelopment in Edina. The site, formerly known as Pentagon Park, is located at the northeast intersection of Highway 100 and I-494. The proposed redevelopment plan, named The Link, will include 1.4 million square feet of Class A office and medical space and 60,000 square feet of retail, alongside a new hotel and structured parking. The city of Edina approved the redevelopment in May 2014. CWN’s Bob Revoir, Peter Fitzgerald and Tate Krosschell will be in charge of leasing at The Link.
CYPRESS, TEXAS — The Howard Hughes Corp., along with Bridgeland and The Woodlands Development Co., have begun construction on Lakeland Village Center, in which CVS/pharmacy will be the anchor retail tenant. Lakeland Village Center is the first commercial development in Bridgeland, a master-planned community in Cypress. Set on 20 acres along Fry Road, Phase I of Lakeland Village Center will include 84,000 square feet of retail, restaurants, and professional and medical offices. The center will also feature landscaping, views of two bordering lakes and sidewalks. The contractor for the project is VCC LLC. Completion of Phase I is slated for spring 2016. Lakeland Village Center is within walking distance of Lakeland Heights, a traditional neighborhood development in Bridgeland. The 15,300-square-foot CVS/pharmacy will feature a drive-thru pharmacy, along with health, beauty and personal care products. Construction is expected to begin in mid-July, and the store is scheduled to open in early 2016. Genesis Design Group is the architect for CVS/pharmacy. Rip Reynolds of The Howard Hughes Corp. and the J. Beard Real Estate Co. represented Bridgeland in the lease transaction.
ARLINGTON, TEXAS — A local investor has acquired a commercially zoned 30,000-square-foot lot in Arlington. The site at 2317 W. Arkansas Lane is close to the Pantego-Arlington line and zoned for office, retail and select shop uses. Nearly 14,000 vehicles per day travel the north-south artery, used by local residents looking to avoid freeway congestion. Wayne Burgdorf of Coldwell Banker Commercial Alliance DFW in Arlington represented the seller, the Schnitzer Grandchildren’s Trust. Steve Turnbow of MGM Equity Partners in Dallas handled negotiations for the buyer, TPS Family LP.
DETROIT — Meijer has opened a new 200,000-square-foot supercenter located at the intersection of Grand River and McNichols avenues on Detroit’s northwest side. This is the second Meijer store to open in the city. The supercenter was built on the site of the former Redford High School campus. This new location is the latest of 11 new stores the retailer plans to open throughout the Midwest this year. This location offers more than 600 types of fresh produce and a full-service, drive-thru pharmacy. Detroit’s first Meijer store, which opened in July 2013, is located at Woodward Avenue and Eight Mile Road in the Gateway Marketplace.
CHICAGO — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a triple-net, ground-leased property located at 137 S. State Street in Chicago for $7.1 million. NGKF’s Geoffrey Kasselman, Andy Gallas, Gino Tabbi and Boris Shraybman led the brokerage team on behalf of the seller, a local family trust. The property was sold to a California-based private investor at a capitalization rate of 3.1 percent. A 50,530-square-foot cooling plant operated by Enwave Energy Corp., a division of Brookfield Infrastructure Partners LP, occupies the property. The ground floor of the property is leased to CVS/pharmacy; with floors two through four reserved for the plant’s chillers, pumps and ice machines. The plant provides chilled-water cooling services to more than 100 commercial buildings throughout the Loop via an underground network of pipes. The ground lease extends through December 2043 and Enwave has a one-time, 49-year lease option.
RANCHO CUCAMONGA, CALIF. – Rancho Plaza, an 11,691-square-foot retail center in Rancho Cucamonga, has sold to an unnamed buyer for $6.8 million. The center is located at 8678 19th Street. The fully leased center was built in 2007. Notable tenants include Starbucks, Juice It Up, Flame Broiler and Western Dental. The property was marketed by Brad Umansky and Frank Vora of Progressive Real Estate Partners.
TEMPE, ARIZ. – F21 red, the newest retail concept by Forever 21, will soon open at Tempe Marketplace. This will be the new iteration’s first store to open in Arizona. F21 red will debut inside a 13,000-square-foot space this fall. The F21 red brand will offer a larger merchandise selection and lower prices than the typical Forever 21 store. Tempe Marketplace is owned by Vestar.
TOTOWA, N.J. — Rochelle Park, N.J.-based Tulfra Real Estate has purchased Totowa Business Center, a 225,000-square-foot, Class A mixed-use building at 930 North Riverview Dr. in Totowa from a New York-based investment group for $13 million. The property was constructed in 1962 and redeveloped in 1998. It is located on 17.38 acres at Interstate 80 and routes 46 and 23. Tulfra plans more than $5 million of improvements for the property, which includes the 105,000-square-foot, two-story mixed-use portion fronting on Riverview Drive and a 120,000-square-foot section facing on Taft Road, as well as 800 parking spaces. The Riverview space will be retrofitted to attract technical, quasi-retail and recreational tenants. According to the company, the 65,000-square-foot first floor encompasses four units of that would work for tenants such as child and adult daycare, a gym or fitness center, kids’ amusements, or other retail-type recreational uses. The 40,000-square-foot second floor would work well for training, trade and polytechnic schools, an art gallery, or mini-storage. The one-story section of the building houses tenants Tyco, RDD and Passaic County.
New York City — Lev Mavashev of Alpha Realty represented both the seller and buyer in the $5.6 million sale of 3315 and 3401 Avenue H in the Flatbush Section of Brooklyn. The corner buildings are located across the street from each other at the intersection of Avenue H and East 34th Street. The two properties together total 14,350 square feet with a total of 10 commercial units. Total buildable space for the two lots is 52,000 square feet, making the properties a future development play.
DETROIT — Olga’s Kitchen, a Mediterranean restaurant chain headquartered in Troy, Mich., has filed for Chapter 11 bankruptcy court protection in the U.S. Bankruptcy Court in Detroit. Olga’s owes millions in debt to several different creditors, including $2.4 million to Citizen’s Bank and $1.2 million to Sysco Corp., according to Crain’s Detroit Business. The bankruptcy filing came after Olga’s began implementing a strategy to open up to 105 new fast-casual Olga’s locations. Olga’s has closed eight different underperforming locations in the last year alone, reports the Detroit Free Press. Olga’s COO Michael Kosloski states that the company’s 28 remaining locations will stay open throughout the bankruptcy process. “We have had some problems with profitability in the restaurants that we have now fixed,” Kosloski told the newspaper. “The reason we filed for bankruptcy protection is to restructure the debt or to potentially sell the business.”