LINCOLNWOOD, ILL. — AECOM-Canyon Partners and Tucker Development are underway on the development of District 1860, a multifamily and retail project in the Chicago suburb of Lincolnwood. Plans call for 299 multifamily units, an Amazon Fresh grocery store and more than 40,000 square feet of additional retail and restaurant space. Pacific Western Bank provided a senior construction loan. Completion is slated for 2023.
WARRENSVILLE, OHIO — A Costa Rica-based private investor has purchased a facility occupied by car sales company Carvana in Warrensville, about 15 miles southeast of Cleveland. The sales price was $6.7 million. Located at 4070 Interchange Corporate Center Road, the 8,408-square-foot property was constructed in 2017. Michael Shover and Matthew Gorman of CBRE represented the buyer. There were 17 years remaining on Carvana’s lease at the time of sale. The seller was undisclosed.
ALTOONA, PA. — Axiom Realty has acquired Orchard Plaza, an 82,438-square-foot shopping center in Altoona, located east of Pittsburgh in Blair County. Built in 1986, the center was 81 percent leased at the time of sale to tenants such as Big Lots, The American Red Cross and CosmoProf. MSC Retail represented the seller, Cincinnati-based shopping center REIT Phillips Edison, in the transaction.
EAST BRUNSWICK, N.J. — New Jersey-based brokerage firm R.J. Brunelli & Co. has negotiated the $4.9 million sale of a 25,000-square-foot retail property in East Brunswick, located in Middlesex County. A Jersey Strong health club occupies the freestanding building. R.J. Brunelli represented the seller, WOW Plaza III LLC, in the transaction. Ellen Quentzel of Jordan Baris Inc. Realtors represented the buyer, New York-based KHC Development Inc.
CHICAGO — L3 Capital has acquired 1051 N. Rush, a high-profile retail property in Chicago’s Gold Coast neighborhood. The purchase price was undisclosed. The two-level asset spans 10,000 square feet and is fully leased to Vans and Uniform Teeth. Marol Rush was the seller. Keely Polczynski of CBRE brokered the transaction.
RIVERTON, UTAH — Matthews Real Estate Investment Services has arranged the acquisition of a retail property located at 12623 S. Redwood Road in Riverton. An undisclosed buyer purchased the asset for $8.4 million in a 1031 exchange. Anthony Connell, Preston Schwartz, David Harrington and Chad Kurz of Matthews handled the transaction.
GOODYEAR, ARIZ. — ORION Investment Real Estate has brokered the sale of Central Marketplace, a 62,000-square-foot retail center located at the northwest corner of Central Avenue and Van Buren Street in Goodyear. A California-based seller sold the asset to an undisclosed buyer for $9.8 million in an all-cash transaction. Ari Spiro, Sean Stutzman, Michael Achtman and Jennifer Eggert of ORION handled the transaction. At the time of sale, the 62,000-square-foot property was 98 percent occupied and anchored by the busiest 99 Cents Only stores in Arizona, according to ORION.
GILBERT, ARIZ. — Newmark has arranged the sale of Centre at Higley-Williams Field, a shopping center located at 2473 S. Higley Road in Gilbert. Bruce Galloway (Higley Evergreen) sold the asset to Brandon Sparks (BedTech) for $5.3 million. Built in 2004, Centre at Higley-Williams Fields features 12,190 square feet of retail space leased to six tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller and buyer in deal.
PHILADELPHIA — JLL has negotiated the sale of Red Lion Plaza, a 236,277-square-foot shopping center in Philadelphia. Built in 1962 and expanded in 2021, the property was 97 percent leased at the time of sale. Tenants include Burlington, Ross Dress for Less, Pep Boys, Planet Fitness, Mattress Firm, Panera Bread, Aspen Dental and Tropical Smoothie Café. Jim Galbally, Chris Munley and Colin Behr of JLL represented the seller, a partnership between Finmarc Management Inc. and New York City-based KPR, in the deal. Michael Pagniucci of JLL arranged acquisition financing through a regional bank on behalf of the undisclosed buyer. The nonrecourse loan was structured with a 12-year term and a fixed interest rate.
ALEXANDRIA, VA. — The City of Alexandria has signed Inova Health System, a nonprofit healthcare provider in Northern Virginia, to a 99-year ground lease at the site of the former Landmark Mall on the city’s west side. Inova plans to invest $1 billion to create a new medical campus that will be anchored by the relocation and expansion of its existing Alexandria hospital, which is located at 4320 Seminary Road. Inova expects the new campus to employ more than 2,000 healthcare workers. The hospital will include a large emergency room, private patient rooms and a prominent oncology department, according to reports from Patch.com. The healthcare campus will also include a medical office building. The landowner for the hospital portion, the City of Alexandria’s Industrial Development Authority (IDA), signed Inova to the longest ground-lease term possible. IDA purchased the 11-acre former Sears site recently from Landmark Land Holdings LLC for $54 million. Landmark Land Holdings LLC is the joint venture ownership comprising Foulger-Pratt, The Howard Hughes Corp. (NYSE: HHC) and Seritage Growth Properties (NYSE: SRG). Development plans for the remaining portions of the overall 52-acre Landmark Mall site include a mix of residential, retail, commercial and entertainment offerings. Plans also call …
