MT. VERNON AND EVERGREEN PARK, ILL. — Northbrook, Ill.-based Pine Tree Commercial Realty is in the process of redeveloping one retail center and constructing another in Illinois. In partnership with The Sansone Group and Wanxiang America Corp., the company is redeveloping the Times Square Mall at 42nd and Broadway streets in Mt. Vernon with a targeted completion date of late spring. The 281,000-square-foot mall is anchored by JC Penney, Hobby Lobby, Ross Dress for Less and Big Lots. Associated Bank provided $12.8 million in construction financing, which was arranged by Bill Barry of Draper & Kramer. In Evergreen Park, Pine Tree and Inland Real Estate Corp. have joined with lead developer Chicago-based IBT Group to develop Evergreen Promenade, a 92,512-square-foot shopping center. Located west of Western Avenue along 95th Street, the property will be anchored by Mariano’s Fresh Market and Petsmart. Construction is slated for completion late summer of this year. PNC Bank is providing construction financing for the project.
Retail
UNIONDALE, N.Y. — The Boulder Group has brokered the sale of a triple-net leased Walgreens property in Uniondale. Located at 603 Uniondale Ave., the 12,827-square-foot retail building sold for $12.4 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a New York-based development firm, in the transaction. The buyer was an undisclosed New York-based private partnership.
NEW YORK CITY — Wildenstein & Co. Inc. has completed the sale of its Horace Trumbauer-designed gallery space, which is located at 19 East 64th St. in New York City. The State of Qatar acquired the 20,000-square-foot property for an undisclosed price. The off-market transaction, which is slated to close in April, will allow The State of Qatar to open a permanent New York City consulate at the property. Oren Alexander and Tal Alexander of Douglas Elliman represented the buyer in the transaction.
LEWISVILLE, TEXAS — CBRE has brokered the sale of Garden Park Shopping Center, a 170,739-square-foot neighborhood center in the Dallas suburb of Lewisville. The property, anchored by World Gym and Thrift City, was 83 percent occupied at the time of the sale and has seen nine new tenants sign leases in the past 12 months. Retailers include Precision Sports Nutrition, Edward Jones, The UPS Store and Lewisville Soccer. Jennifer Pierson and Beth Pierson of CBRE represented the seller, a special servicer, in the transaction. CIG Retail Properties purchased the asset, which is located at 1565 W. Main St.
HOUSTON — Marcus & Millichap has brokered the $1.6 million sale of an 11,350-square-foot net-leased property occupied by Commercial Alliance Insurance Co. in Houston. The asset is located at 415 Lockhaven Drive. Derek Hargrove of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Justin Miller, also of Marcus & Millichap, secured and represented the buyer, a private investor.
McALLEN, TEXAS — Venture Commercial has arranged a 15,521-square-foot lease in McAllen for Northern Tool + Equipment. The property, located at 505 W. Expressway 83 and adjacent to Sheplers Western Wear, is in proximity to the interchange with Expressway 281, as well as McAllen-Miller International Airport. Clay Mote of Venture represented the tenant in the negotiations, while the landlord represented itself.
LOS ANGELES – A private Dallas investor has purchased the Shops @ The Mercury in Los Angeles for $15.7 million. The retail and commercial center is located at 3800 Wilshire Blvd. in Koreatown. The center was originally known as the Getty Oil Building. The space was renovated in 2007 to include 23,328 square feet of retail and commercial space beneath 238 luxury condos. The Shops was 89 percent occupied at the time of closing. Notable tenants include Coffee Bean & Tea Leaf, Jamba Juice, T-Mobile, Wells Fargo Bank and United Dental Group. The transaction was executed by Eric P. Wohl of Hanley Investment Group and Carlos J. Lopez of Hanley Investment (HI) Urban Retail Advisors.
FRIDLEY, MINN. — Tri-Land Properties Inc. is on track to complete the extensive renovation of the 20-acre Fridley Market in metro Minneapolis by September. The $21 million redevelopment of the 165,000-square-foot center will include significant building, infrastructure, lighting and paving improvements, along with new construction. Tri-Land negotiated new long-term leases with tenants Cub Foods and Fridley Liquor Store, as well as updated their store layouts. Cub Foods downsized its former 104,000-square-foot location to a new 65,000-square-foot store. New tenants at Fridley Market include Great Clips, McDonald's and Teppanyaki Grill.
MIDDLETOWN, R.I. — Marcus & Millichap has arranged the $1.9 million sale of Papa Gino’s, a 3,600-square-foot, net-leased property in Middletown, located about 34 miles south of Providence. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap marketed the property on behalf of the seller, a developer. The duo also procured the buyer, a private investor. Erected in 2006, the brick building is situated on half an acre and includes 39 parking spaces.
SAN DIEGO — Spring Valley Auto Center, a 15,255-square-foot retail property in the San Diego submarket of Spring Valley, has sold to LBM Investments for $2.8 million. The center is located at 8730-8750 Jamacha Road. It contains five suites that are fully occupied by auto care providers. Matt LoPiccolo of Marcus & Millichap’s San Diego office represented both the buyer and seller, Winslow Investments Limited Inc., in this transaction.