BALTIMORE — BCP Investors, a development partnership between Doug Schmidt and Neil Tucker of Chesapeake Real Estate Group and David Strouse of Birchwood Capital Partners, has acquired a 31-acre parcel of land located in the Canton section of Baltimore from Exxon Mobile Corp. BCP Investors plans to break ground on a two-phase retail center next year. Phase one will include 275,000 square feet of retail space, and phase two will include 100,000 square feet of retail space, to be developed once Exxon fully vacates the eastern portion of the site. Doug Kaufman of Grubb & Ellis' Baltimore office represented the buyer in the transaction. Chesapeake Real Estate Group will handle leasing for the project.
CHICAGO — Regency Centers has commenced the $14 million renovation of Riverview Plaza, a 140,460-square-foot shopping center located at 3330 N. Western Ave. in Chicago. Construction will include a new façade, parking lot and walkway improvements, as well as new lighting, landscaping and signage. The center will also be renamed Roscoe Square. In addition, speciality grocer Mariano's Fresh Market has signed a lease for 51,298 square feet of space and will open in late summer. Portions of the project will seek LEED-Core & Shell certification.
WHEATON, ILL. — Grosvenor Americas has commenced the renovation of Rice Lake Square, a 250,000-square-foot shopping center located on Butterfield Road in Wheaton. Construction will include a façade update, lighting enhancements, and a reconfiguration of the center's roads and parking areas. Construction will be complete by the fall. Rice Lake Square was developed in 1989 and is anchored by Whole Foods. Additional tenants include PetSmart, Stein Mart and Panera Bread.
NILES, OHIO — The Macy’s at Eastwood Mall in Niles is currently undergoing a multi-million dollar renovation — the first full-store refresh since its opening in 1969. The two-level, 157,000-square-foot store will receive new flooring, ceiling and wall treatments, accent lighting and new fixtures. The store will remain open through the renovation, which began in June and is slated for completion just before the holiday season.
SAN ANTONIO — Honolulu-based A&B Properties, the real estate subsidiary of Alexander & Baldwin, Inc., has sold Arbor Park Shopping Center, a 139,500-square-foot retail center in San Antonio for $22.5 million to an undisclosed buyer. Arbor Park Shopping Center is located at the southeast corner of U.S. Highway 281 North and Henderson Pass, and includes tenants Ross Dress For Less, Office Max, Sun Harvest Farms and Michaels. A&B Properties purchased the retail property in 1998 for $16 million upon completion of its construction.
LOS ANGELES, PHOENIX — NorthMarq Capital has arranged $19.1 million in mortgages for two shopping centers in California and Arizona. NorthMarq arranged $13.5 million in first-mortgage financing for the 108,809-square-foot Palo Woods Shopping Center in Harbor City, CA. Financing includes a 15-year term and a 15-year amortization schedule. It was arranged by NorthMarq through its correspondent relationship with ING Life Insurance and Annuity Company. In a separate transaction, NorthMarq also arranged $5.6 million in first-mortgage financing for the 28,776-square-foot Charleston Crossing shopping center in Sierra Vista, AZ. The mortgage has a 10-year term and a 25-year amortization schedule. It was arranged by NorthMarq through its correspondent relationship with Symetra Life Insurance Company.
PORTERDALE & CONYERS, GA.; AND PENSACOLA, FLA. — Twin Rivers Capital has sold three of its retail properties: two Family Dollar Stores, located in Porterdale and Pensacola; and an AutoZone in Conyers. The total sale price of the transactions was $4.3 million. The seller was self-represented in the transaction. The buyers of the properties were undisclosed.
OHIO — National pet store chain PETCO has acquired Complete Petmart, an Ohio-based pet specialty retailer. Complete Petmart currently operates 29 stores, which are located primarily in the Dayton, Columbus and Cincinnati metropolitan areas. It also operates two stores in North Carolina and one in West Virginia. The purchase significantly expands PETCO's presence in Ohio, bringing its total number of stores in the state to 41.
BATAVIA, ILL. — Chicago-based @properties Commercial has brokered the sale of an 11,000-square-foot, freestanding retail building located in Illinois. The property is leased to Advance Auto Parts. Esther Berman of @properties represented the seller, an undisclosed Midwest developer. David Berkson of Northbrook, Ill.-based Berkson & Sons represented the buyer, a local investor. @properties also brokered the recent sale of an Advance Auto in Des Plaines, Illinois.
HOUSTON — The 99,727-square-foot Stella Link Center, anchored by Conn's, Citi Trends and O'Reilly's Auto Parts at 91117-9335 Stella Link Dr. in Houston, has sold for $6.8 million. Cincinnati-based Phillips Edison & Co. sold the retail property to Houston-based Festival Properties. Situated on 7.5 acres, the original building was built in 1960 and an additional building was added in 1978. Eric Wohl and Edward Hanley of Hanley Investment Group Real Estate Advisors represented the seller, while Marvin Stapper of M.M. Stapper Co. represented the buyer.