CHICAGO — Englewood Construction has secured a project for Macerich and Darden Restaurants Inc. to create a new Seasons 52 at The Shops at North Bridge, located on Chicago's Michigan Avenue. Englewood will perform landlord infrastructure work for Macerich, the center owner, at a 9,249-square-foot space and then begin a build-out for Seasons 52 at the same location. The work is projected to be complete February 2013. The restaurant will occupy the ground-floor space at the corner of Rush Street and Grand Avenue. Cuhaci & Peterson Architects will provide design services.
MOORE, OKLA. — UCR Investment Sales has arranged the $102.75 million sale of two shopping centers located in Oklahoma and New Jersey totaling 777,053 square feet. The Oklahoma shopping center, The Shops at Moore, is a 259,996-square-foot power center located in Moore. Anchor tenants include Ross Dress for Less, Best Buy, Bed Bath & Beyond, Office Depot and Hobby Lobby. David Disney of UCR represented the seller, an affiliate of Burk Collins & Co., in the Oklahoma transaction. Disney also represented the seller, an affiliate of Cypress Equities Real Estate Investment Management and Sarofim Realty Advisors, in the sale of the 517,057-square-foot Deptford Landing in Deptford, N.J.
GROVE, OKLA. — Virginia Beach, Va.-based Wheeler Real Estate Investment Trust has purchased a 31,705-square-foot, freestanding retail property in Grove for $4.55 million. The property is fully leased to Harps Food Stores. The initial term of Harps' lease is 20 years and expires in June 2032. This acquisition brings Wheeler's portfolio to nine properties in four states.
PALM SPRINGS, CALIF. — A 51,572-square-foot portion of the Washington Square retail center in Bermuda Dunes, a submarket of Palm Springs, has sold to 42 Washington Square LP for $9.5 million. The sold portion of the 136,314-square-foot center is located at 42-100, 42-200 and 42-400 Washington Street. It was 97 percent occupied at the time of sale. A 30,000-square-foot HomeGoods store was part of the transaction. Dennis Vaccaro of Faris Lee Investments represented both the buyer and the seller, Washington Square S.C., LLC, in this transaction. Matt Mousavi, also of Faris Lee, assisted Vaccaro with the buyer.
DUNEDIN, FLA. — The 74,200-square-foot Granada Plaza, a grocery-anchored neighborhood center, has sold for $10.8 million in Dunedin. Danny Finkle and Luis Castillo of HFF represented the seller, Odyssey DP I LLC, an entity affiliated with Lakeland, Fla.-based Odyssey Diversified Properties Inc. H&R REIT purchased the retail property that sits on a 6.92-acre site at 1491-1575 Main St. in Dunedin. It is 86 percent leased to tenants including Publix, Curves, UPS Store, Hair Cuttery and Firehouse Subs.
MERRIAM, KAN. — DDR Corp. has confirmed plans to sell 22 acres of land to IKEA Property for the construction of its first store in Kansas. The 349,000-square-foot IKEA will be located in Merriam, approximately eight miles southwest of Kansas City. Construction is expected to begin in summer 2013, with a targeted opening in fall 2014. The store will include 1,200 on-site parking spaces.
HASTINGS MINN. AND BRIGHTON, MICH. — Vail Resorts has acquired two urban ski resorts in the Midwest, Afton Alps in Hastings and Mount Brighton in Brighton, for $20 million. Vail Resorts plans to upgrade each of the properties, which serve more than 468,000 active skiers in the Midwest.
CHICAGO — Quantum Real Estate Advisors has arranged the $8 million sale of a single-tenant, 14,716-square-foot Walgreens pharmacy at the intersection of West Lawrence Avenue and North Pulaski Road in Chicago. A private 1031 exchange buyer from California acquired the property and a Chicago-based retail developer was the seller. Chad Firsel and Jordan Kaufman of Quantum represented both parties in the transaction.
NEW YORK CITY — Prudential Mortgage Capital Co. has provided a 15-year, $85 million loan for Kips Bay Plaza, a 171,325-square-foot retail center in Manhattan. The borrowers are MD Carlisle and JD Carlisle. The property is located on Second Avenue between 30th and 32nd streets. Fairway Supermarkets anchors the property. Additional tenants include an AMC movie theater and Rite Aid pharmacy. Evan Stein of MD Carlisle says the financing was a “culmination of a three-year effort on our part to reposition the property.” Chris Lama of NY Urban Real Estate Services arranged the loan.
SECAUCUS, N.J. — One Liberty Properties has acquired the 45,000-square-foot LA Fitness Meadowland building at 485 Harmon Meadow Blvd. in Secaucus for $16.4 million. Hartz Mountain Industries was the seller. The property is part of the master-planned Harmon Meadow complex, which includes 4 million square feet of office, retail, hotel and entertainment space. The complex is located five minutes from Manhattan. Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel of Cushman & Wakefield represented both parties in the transaction.