WEST PALM BEACH, FLA. — A 50,000-square-foot office/warehouse property, which includes a showroom for a building supply store located at 713-715 25th St. in West Palm Beach, has sold for $2.8 million. Bill Reichel and Ken Duke of Reichel Realty & Investments represented the seller, Lainhart & Potter, in the REO transaction. Marjam Supply Co. was the buyer.
CHICAGO — Summit Design + Build has been selected to expand Little Goat, a diner, bar and bakery at 820 W. Randolph St. in Chicago. Stephanie Izard and BOKA Restaurant Group are the owners and developers of the project. Izard is the season four winner of “Top Chef,” a reality show that airs on the TV network Bravo. Little Goat is the second restaurant opened by Izard and BOKA in Chicago. Construction plans include stripping down the 10,000-square-foot building to the bare structure, installing a new elevator and adding square footage to the second floor. The build-out will include multiple custom kitchens, a 100-seat diner and a barista bar. Jonathan Splitt Architects is the project architect and Toronto-based Anacleto Design is the project designer. Construction is scheduled for completion in the third quarter of this year.
SAVAGE, MINN. — The Silver Group has arranged the $7.4 million sale of a single-tenant Walgreens at 4205 County Rd. 42 in Savage. Walgreens has approximately 21 years remaining on its lease. Barry Silver of The Silver Group represented the seller, a developer, in the transaction. The buyer was a family trust.
GRAYLING, OSCODA, MICH. — Kmart Corp. has extended two store leases at shopping centers owned by Agree Realty Corp. in Grayling and Oscoda, Mich. The lease extension are for two years. Both locations are freestanding stores which opened in 1984. The Grayling store is 52,320 square feet and the Oscoda store contains 90,470 square feet. The extended leases will expire on Sept. 30, 2014.
HOUSTON — ALDI has plans to enter the Houston market with 30 new stores and $100 million of capital expenditures in the next 3 years. ALDI is anticipating adding 400 new jobs for these new locations. The grocery chain currently has more than 1,200 stores in 32 states and 37 stores in Texas. The company opened 75 stores in 2011 and expects 80 new stores in 2012. The first ALDI stores in Houston will open in spring 2013, with more than 10 new locations.
ALEXANDRIA, MINN. — The Boulder Group has completed the $5 million sale of a single-tenant, net-leased Walgreens located at 910 Broadway St. in Alexandria. The 14,820-square-foot retail building was developed in 2008. Walgreens has 21 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest family trust, in the transaction. They also represented the buyer, a Chicago-based investment firm.
BIRMINGHAM, MICH. — Related Birmingham LLC has sold a 32,487-square-foot former Borders Books at 34300 Woodward Ave. in Birmingham. Susan Acciaioli and Brad Rosenberg of Mid-American Real Estate-Michigan represented the buyer, a local private investor, in the transaction. They also represented the seller.
LAKELAND, FLA. — Twenty-five shopping centers, located in Florida, have sold for $50 million. The properties, which averaged 10 to 14 percent NOI's and were 70 to 100 percent leased, were auctioned by Lakeland-based Higgenbotham. More than 60 bidders participated online through HAI's online bidding platform.
DETROIT — The Roasting Plant, a New York-based coffee retailer, will open its first store outside of Manhattan this fall in Detroit's First National Building. Located at 660 Woodward, the first-floor shop will include on-site roasting and both indoor and outdoor seating. The Roasting Plant will offer 11 bean choices daily and use its Javabot system to individually create each customer's drink. Rock Ventures LLC, a real estate company owned by Quicken Loans founder Dan Gilbert, purchased the 800,000-square-foot First National Building in August 2011. Bedrock Real Estate Services represented both parties in the lease transaction.
FORT WAYNE, IND. — Morningstar Equity LLC has acquired a 32,700-square-foot retail building at 2200 Goshen Rd. in Fort Wayne. Bill Drinkall of NAI Harding Dahm represented the seller, Key Lanes, in the transaction. Mike Dahm, also of NAI Harding Dahm, represented the buyer.