CALIFORNIA, MD. — Scheer Partners has signed with SJS-Wildewood S.C. LP to manage Wildwood Shopping Center, a 289,000-square-foot shopping center located in California, Md. The shopping center’s tenants include J.C. Penney, Belk, Bed Bath & Beyond and Sear’s Appliances. Bed Bath & Beyond, set to open in spring 2014, brought the shopping center to 95 percent occupancy. Marc Schlesinger and Charlotte Cassell of Scheer Partners are responsible for managing the property’s day-to-day activities.
LAKE FOREST, ILL. — L3 Capital, a Chicago-based real estate investment firm, has acquired Market Square, a historic retail property with 26 retailers and restaurants in Lake Forest for $35.5 million. The shopping center features a mix of national and local retailers, including Williams-Sonoma, J. Crew, Bluemercury and Talbots, as well as Kiddles Sporting Goods, Forest Bootery and The Lake Forest Shop. As part of L3’s strategy, the firm intends to invest heavily over the next two years in Market Square with an intensive marketing plan, infrastructure upgrades, life safety upgrades and historic restoration projects. The property consists of seven buildings and totals 100,000 square feet, with 50,000 square feet of retail and 50,000 square feet of office space. The addresses for Market Square include 653 Bank Lane, 659 Bank Lane, 722 Bank Lane and 675 Forest Ave. Market Square was originally developed in 1916 for $750,000 as part of an improvement plan for the Lake Forest area, a northern suburb of Chicago.
CHICAGO — First Western Properties has arranged the sale of a 2,500-square-foot retail building in Chicago for $592 per square foot, which equates to $1.5 million. The seller was Mary Dodas, a longtime cafe operator. The buyer, Yuliang Tan, plans to remodel the space and open a new restaurant at the property. The building is located at 215 E. Grand Ave. in downtown.
NEW YORK CITY — In a public/private retail venture, the Metropolitan Transportation Authority (MTA) has selected Columbus Development LLC to develop and manage Shop//Stop, a retail destination on the concourse of the 59th Street-Columbus Circle subway station in New York City. Shop//Stop will occupy the 27,000-square-foot retail concourse and include up to 30 retailers ranging from food and beverage to apparel and technology accessories. Columbus Development will invest $6.5 million to improve the space, including upgraded signage, furniture and finishes, along with the installation of air conditioning throughout the concourse. The project is slated for an early 2015 completion. Susan Fine, principal with Columbus Development, is the principal developer on the project.
DUNKIRK, N.Y. — The Boulder Group has arranged the $3.5 million sale of a single-tenant, net-leased CVS/pharmacy property in Dunkirk, located about 50 miles southwest of Buffalo. CVS has 25 years remaining on its lease at the 10,125-square-foot building. Developed in 2000, the property is on a 35,980-square-foot parcel at the corner of E. 4th and Main streets. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a private individual based in the Midwest, in the transaction. The seller was a Texas-based investment firm.
SCHAUMBURG, ILL. — CBRE has arranged the $7.3 million sale of The Shoppes at Prime Village, a 38,313-square-foot retail center in suburban Chicago. Barnett Capital sold the property, which is located at 1410-1444 Algonquin Road in Schaumburg, to St. Louis-based Integris Ventures. Barnett Capital originally purchased the loan on the property from TCF Bank and brought the property through foreclosure. CBRE was hired to both lease and manage the building for Barnett after the loan purchase. The CBRE team of Karen Pence-Hollan and Gavin Smith oversaw the management of the center, and Lynn Brackett and Marissa Roussel handled the leasing. The group brought The Shoppes at Prime Village to 100 percent capacity at the time of sale. Aldi anchors the center, which includes 322 parking spaces.
MORTON GROVE, ILL. — Bianco Properties has acquired Lonore Plaza Shopping Center, a 36,603-square-foot retail center in Morton Grove, about 15 miles northwest of Chicago. The property is located at 7130-7188 Dempster St. The purchase marks St. Louis-based Bianco’s second acquisition in the greater Chicago area in the last year. Bianco entered the Chicago market last year, with the purchase of a retail property anchored by CVS/pharmacy and Starbucks Coffee in the West Loop across from Union Station.
FORT WORTH, TEXAS — DSW Designer Shoe Warehouse and Havertys will open locations at Alliance Town Center, the 1 million-square-foot retail component of the master-planned AllianceTexas community in Fort Worth. Construction of the 35,000-square-foot Havertys is set to begin in December, while the 15,000-square-foot DSW will break ground in later this year or early 2014. Both stores are scheduled to open Labor Day weekend of 2014, joining other retailers including Dick’s Sporting Goods, JCPenney, Best Buy, Kroger Marketplace and PetSmart. Alliance Town Center is a joint venture of developers Trademark Property Co. and Hillwood Investment Properties.
BEXLEY, OHIO — Marcus & Millichap has arranged the $1.9 million sale of Bexley Square, a 21,380-square-foot retail property in Bexley, an eastern suburb of Columbus. Erin Patton, Scott Wiles and Craig Fuller, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, marketed the property on behalf of the seller. NAI Ohio Equities represented the buyer, a local entity, in the transaction. Bexley Square is located at 2210-2240 E. Main St.
WESTBURY, N.Y. — HFF has arranged an $85 million loan for Roosevelt Raceway Center, a 428,395-square-foot retail power center in Westbury, located about 27 miles east of New York City. Working on behalf of the borrower, a joint venture between Mattone Group LLC and Gartenstein Properties, HFF placed the fixed-rate loan with New York Community Bank. Completed in 1995, the property is leased to tenants including Fairway Market, The Home Depot, Michaels, Babies “R” Us, Sprint, AMC Theatres, Applebee’s and Chili’s. Robert Delitsky, managing director, led the HFF team representing the borrower.