DALLAS — Broe Real Estate Group, an investment manager of commercial real estate assets affiliated with The Broe Group, has completed the $19.5 million sale of a retail property located at 2800 Forest Lane in Dallas. The 163,545-square-foot building is leased to The Home Depot on a triple-net basis under a long-term lease. Broe acquired the building and an adjacent office building in 1998. In 2014, the property was subdivided to sever off the office building and the Home Depot lease was subsequently restructured to extend the lease term.
NEW LENOX, ILL. — A Chicago-based private real estate investor in a 1031 exchange has purchased a 4,000-square-foot retail building in New Lenox, approximately 40 miles southwest of Chicago, for $1.5 million. A California-based development company sold the property, which is leased to American Mattress. The property is located at 751 E. Lincoln Highway and was built in 2015. The building is situated on an outparcel to the New Lenox Town Center, a development anchored by Walmart Supercenter and featuring other tenants such as Ross Dress for Less, T.J. Maxx, Goodwill, Aldi, AutoZone, Discount Tire, PepBoys, Chase Bank and Physicians Immediate Care. The New Lenox Town Center was built in 2010. The 10-year lease for American Mattress expires in 2025. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer in the transaction. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller.
CHICAGO — Amazon is set to open a staffed pickup location on the University of Illinois at Chicago’s campus. The 2,300-square-foot Amazon@UIC will be located in the Student Center East and will provide a place for the campus community to pick up and return Amazon orders. The store is scheduled to open before the end of the year. Amazon Prime members will receive free same-day pickup for orders placed by noon and free one-day pickup for orders placed by 10 p.m. Amazon also plans to open a staffed pickup location at the University of Illinois at Urbana-Champaign by the end of the year.
WARREN, R.I. — KeyPoint Partners has negotiated a lease with Maxx Fitness Clubzz at Ocean State Plaza in Warren. Maxx Fitness Clubzz will occupy 23,042 square feet of space on the Vernon Street side of the 126,200-square-foot shopping center on Metacom Avenue. Other tenants at the center include Ocean State Job Lot, Family Dollar, Fantastic Sams, Elsie’s Bakery and East Bay Printing & Copying. Don Mace of KeyPoint represented the undisclosed landlord in the deal.
CORTE MADERA, CALIF. — New York Life Real Estate Investors has provided a $225 million, 12-year mortgage loan for The Village at Corte Madera, a 460,000-square-foot regional mall located in Corte Madera, just a few miles south of San Rafael. The Macerich Co. and Institutional Mall Investors own the open-air mall, which is home to tenants including Anthropologie, Banana Republic, Free People, J. Crew, Macy’s, lululemon athletica, Nordstrom, Madewell and Restoration Hardware.
OGDEN, UTAH — Time Equities Inc. has acquired Newgate Mall, a 718,035-square-foot regional mall located in Ogden, for $69.5 million. Tenants at the 98 percent occupied mall include Dillard’s, Burlington Coat Factory, Sears, Cinemark, Bath & Body Works, Famous Footwear, Kay Jewelers, Express, Gymboree, Buckle, Victoria’s Secret and Journeys. Coldwell Banker Commercial Advisors will oversee leasing efforts for incoming tenants, while The Woodmont Co. will be in charge of management, marketing and specialty leasing. Thomas Dobrowski of NGKF Capital Markets represented the seller, General Growth Properties, in the transaction.
WASHINGTON, PA. — PREIT has completed the sale of Washington Crown Center, a shopping mall located at 1500 W. Chestnut St. in Washington, a city approximately 30 miles south of Pittsburgh. An undisclosed buyer acquired the property for $20 million, or $313 per square foot. The approximately 63,897-square-foot property had a non-anchor occupancy of 87.4 percent at the time of sale. Anchor tenants include Bon-Ton, Macy’s, Gander Mountain and Sears.
NATRONA HEIGHTS, PA. — Progress Capital Advisors has secured a $16.2 million 24-month bridge loan for Harrison Town Square, a retail center located in Natrona Heights formerly known as Heights Plaza. The borrower, Steve Kogut, plans to use the loan to retire current CMBS debt and rebrand the center into a retail/medical destination. Current tenants at the center include a physical rehabilitation center, Planet Fitness, urgent care facilities for University of Pittsburgh Medical Center (UPMC) and Allegheny Health Network, as well as multi-specialty physician practices. Kathy Anderson of Progress Capital arranged the loan for the borrower.
HOUSTON — Transwestern has represented MOD Pizza in 11 new leases in Houston, bringing the restaurant chain to 15 open and planned Houston locations. Transwestern’s Grant Walker and Chris Reyes, who serve as exclusive advisors for MOD Pizza in the Houston market, represented the chain in the transactions. MOD is operating nearly 150 stores across the United States and the United Kingdom and plans to open 50 more stores by the end of 2016, including five UK locations. MOD Pizza’s most recently opened Houston locations include: Riverpark Shopping Center(3,175 square feet) at 19820 Southwest Freeway in Sugar Land; The Market at Crenshaw (2,600 square feet) at 4541 E. Sam Houston Parkway S. in Pasadena; Meadows Marketplace(2,600 square feet) at 6825 S. Fry Road in Katy; The Boardwalk at Towne Lake(2,443 square feet) at 9925 Barker Cypress Road in Cypress; and Kroger Conroe Shopping Center(2,400 square feet) at 1240 N. Loop 336 W. in Conroe.
HILLSBORO, TEXAS — The Vitorino Group has brokered the sale of Hillsboro Shopping Center, a 15,750-square-foot, multi-tenant retail property built in 2007. Bryce Gissler, Michael Austry and James Mangum of the Vitorino Group negotiated the transaction between a Dallas-based real estate investment firm and a local private investor.