NEW YORK CITY — Through foreclosure proceedings, Madison Realty has taken ownership of 364 Bay St., a stalled 55,000-square-foot retail center near the St. George waterfront. The firm plans to finish and lease the two-story retail project, which is slated for completion by the end of 2013. Madison purchased the defaulted first mortgage note and second mortgage note with an unpaid principal balance of $2.9 million from a local bank. The previous owner had acquired the land for $4.5 million and had spent an additional $2.5 million on improvements when construction was halted during the downturn. When Madison completes the project, the property will feature more than 40,000 square feet of retail space.
WEATHERFORD, OKLA. — Marcus & Millichap has arranged the sale of a 3,418-square-foot restaurant leased to McDonald's, located at 105 N. Washington St. in Weatherford. Approximately 11 years is remaining on McDonald's 20-year lease. Vincent Knipp and Chance Hales of Marcus & Millichap's Fort Worth office represented the seller, a private investor, and the buyer, a partnership, in the transaction.
XENIA, OHIO — Marcus & Millichap has arranged the $1.6 million sale of Chipotle Center, a 7,487-square-foot retail property at 1620 West Park Square in Xenia. The property is fully occupied by Chipotle, AT&T and Palm Beach Tan. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company, in the transaction. An out-of-state buyer acquired the property at an 8.4 percent cap rate.
ANN ARBOR, MICH. — The Big Salad, a specialty restaurant, has signed a lease for 1,934 square feet of retail space in Plymouth Road Plaza in Ann Arbor. The new location is at 2791 Plymouth Road. Adam Goodman and Tony Schmitt of Mid-America Real Estate-Michigan represented the tenant in the transaction.
WEATHERFORD — Marcus & Millichap has arranged the sale of the 16,185-square-foot Shoppes of Weatherford, a retail property located at 1914 Main St. in Weatherford. The property is fully leased to triple-net tenants. Philip Levy of Marcus & Millichap's Fort Worth office represented the seller, a limited liability company, in the transaction.
HICKORY, N.C. — Beachwood, Ohio-based Chase Properties Ltd., an owner and operator of community shopping centers, has acquired the 144,000-square-foot Valley Corners from Collett & Associates. The shopping center is located directly on Highway 70 in Hickory and is anchored by Michaels, Ross Dress For Less, Ashley Furniture and PETCO. Other tenants include Rack Room Shoes, Dressbarn, Cato, McDonald’s, Olive Garden and Chili’s. David Webb of Berkeley Capital Advisors brokered the transaction.
WAUKESHA, WIS. — Four retailers, T.J. Maxx, Ulta Salon and Cosmetics, Rue 21 and Charming Charlie's, will open new locations at the Shoppes at Fox River development in Waukesha by Oct. 28. Opus broke ground on the first development of Phase II of the Shoppes at Fox River in April. The development, which will house the new retailers, includes 47,000 square feet of retail space on six acres. The first phase of the shopping center opened in 2009 and is fully occupied. Tenants include a 132,000-square-foot Target and a 60,000-square-foot Pick 'n Save.
OVERLAND PARK, KAN. — Block & Co. has been selected as the leasing agent for the 1.1 million-square-foot Corbin Park retail center at the intersection of 135th Street and Metcalf Avenue in Overland Park. The center is anchored by Von Maur, JC Penney and Lifetime Fitness. Big box, junior box and small shop space is available for lease, as well as pad sites surrounding the center. David Block, Greg Roberts, Max Kosoglad and Phil Peck of Block & Co. make up the leasing team assigned to Corbin Park.
MANHASSET, N.Y. — Nordstrom plans to open a new 32,000-square-foot Nordstorm Rack at Manhasset Center, which is owned and operated by Kimco Realty Corp. The store will be the retailer's third Nordstrom Rack location in Long Island and is scheduled to open in fall 2013. Nordstrom Rack is the off-price retail division of Nordstrom Inc. and carries merchandise from Nordstrom stores at 50 to 60 percent off original Nordstrom prices. The new two-level store will be located in the former Filene's Basement at Manhasset Center.
NEW PRAGUE, MINN. — Phillips Edison — ARC Shopping Center REIT has acquired New Prague Commons, a shopping center in New Prauge, for $10.2 million. The property is anchored by Coborn's grocery store and is 98.2 percent leased. Coburn's has leased its space through May 2023. The acquisition brings the company's total portfolio to 21 properties. New Prauge is located 45 miles southwest of Minneapolis/St. Paul.