MERRIAM, KAN. — DDR Corp. has confirmed plans to sell 22 acres of land to IKEA Property for the construction of its first store in Kansas. The 349,000-square-foot IKEA will be located in Merriam, approximately eight miles southwest of Kansas City. Construction is expected to begin in summer 2013, with a targeted opening in fall 2014. The store will include 1,200 on-site parking spaces.
HASTINGS MINN. AND BRIGHTON, MICH. — Vail Resorts has acquired two urban ski resorts in the Midwest, Afton Alps in Hastings and Mount Brighton in Brighton, for $20 million. Vail Resorts plans to upgrade each of the properties, which serve more than 468,000 active skiers in the Midwest.
CHICAGO — Quantum Real Estate Advisors has arranged the $8 million sale of a single-tenant, 14,716-square-foot Walgreens pharmacy at the intersection of West Lawrence Avenue and North Pulaski Road in Chicago. A private 1031 exchange buyer from California acquired the property and a Chicago-based retail developer was the seller. Chad Firsel and Jordan Kaufman of Quantum represented both parties in the transaction.
NEW YORK CITY — Prudential Mortgage Capital Co. has provided a 15-year, $85 million loan for Kips Bay Plaza, a 171,325-square-foot retail center in Manhattan. The borrowers are MD Carlisle and JD Carlisle. The property is located on Second Avenue between 30th and 32nd streets. Fairway Supermarkets anchors the property. Additional tenants include an AMC movie theater and Rite Aid pharmacy. Evan Stein of MD Carlisle says the financing was a “culmination of a three-year effort on our part to reposition the property.” Chris Lama of NY Urban Real Estate Services arranged the loan.
SECAUCUS, N.J. — One Liberty Properties has acquired the 45,000-square-foot LA Fitness Meadowland building at 485 Harmon Meadow Blvd. in Secaucus for $16.4 million. Hartz Mountain Industries was the seller. The property is part of the master-planned Harmon Meadow complex, which includes 4 million square feet of office, retail, hotel and entertainment space. The complex is located five minutes from Manhattan. Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel of Cushman & Wakefield represented both parties in the transaction.
FEASTERVILLE, PA. — Marcus & Millichap has arranged the $7 million sale of The Shops at Walnut Grove, a 24,803-square-foot neighborhood center at 23 Bustleton Pike in Feasterville. The shops are adjacent to a new 170-unit townhome community called Walnut Grove. Bottom Dollar Food, a discount grocer, anchors the property. Brad Nathanson of Marcus & Millichap represented the buyer, a Pennsylvania-based shopping center operator. Richard Soloff of Soloff Realty & Development represented the seller, a Pennyslvania-based management company.
DALLAS — UCR Investment Sales has secured the sale of Gaston Place, a 33,759-square-foot shopping center located at the intersection of Gaston and Haskell avenues in Dallas. Gaston Place's tenants include T-Mobile, Carter BloodCare and State Farm Insurance. Office Depot formerly occupied the 23,102-square-foot anchor store. Tommy Tucker of UCR represented the seller, Greenway Investment Co., in the transaction. Tucker also procured the buyer, an affiliate of Dallas-based Easton Realty Partners.
MANSFIELD — Marcus & Millichap has brokered the sale of the 10,730-square-foot Lowes Farm Market-North, a shopping center located at 3807 E. Broad St. in Mansfield. Vincent Knipp of Marcus & Millichap's Fort Worth office secured and represented the buyer, a local investment company, in the transaction.
YORK, S.C., AND ATLANTA — Blanchard Real Estate Capital has acquired a 152,000-square-foot Walmart Supercenter at 970 Liberty St. in York. Joe Montgomery and Tony D’Ambrosio of Colliers International represented the unlisted seller. Blanchard has also acquired the former State Bank and Trust at 4241 Roswell Rd. in Atlanta. The 7,300-square-foot building is an outparcel to Chastain Square Shopping Center, which is anchored by Publix. The company plans to redevelop the former bank.
WHEATON, ILL. — Chicago-based developer Centrum Properties has sold a 12,996-square-foot shopping center at the intersection of Main Street and Geneva Road in Wheaton for $4.8 million. The building is fully occupied and tenants include Starbucks Coffee, GameStop, Verizon Wireless and Qdoba Mexican Grill. The property sold to a Chicago-based buyer. Chad Firsel of Quantum Real Estate Advisors represented both parties in the transaction.