CHICAGO, BROOKFIELD, WIS. — Real estate investment trust Inland Real Estate Corp. and Dutch pension fund manager PGGM purchased two Midwest retail properties for $43 million. Inland and PGGM, operating in a joint venture, paid $18.9 million for Elston Plaza, an 88,213-square-foot, grocery-anchored center in Chicago. The entity also acquired Brownstones Shopping Center, a 137,800-square-foot, grocery-anchored located in Brookfield, Wis., for $24.1 million. Elston Plaza is 95 percent occupied. Brownstones is about 93 percent leased. The venture plans to invest $270 million in retail centers in select Midwest markets. To date, the venture has purchased seven assets valued at $141.3 million.
HARTFORD, CONN. —Washington Trust's Commercial Real Estate Group has provided a $2.7 million loan to West Hartford Associates for the refinancing and renovation of Shield Street Plaza Shopping Center in West Hartford. The two-building, 77,852-square-foot center is located at 132-162 Shield St.
ABILENE — First Financial Bank, N.A., Abilene, a subsidiary of Abilene-based First Financial Bankshares, will break ground on its new 5,530-square-foot branch today at 2 p.m. CT., located at 1801 Antilley Rd. in Abilene. The bank will feature five drive-thru lanes and a deposit-taking ATM and is slated to open in mid-2012.
EL CAMPO — Houston-based Central Management has been retained to manage the 18,195-square-foot West Loop Village Marketplace, a shopping center located at Highway 71 and West Loop FM 2765 in El Campo. Robert Barton of Central Management has been named the property manager and Trent Vack and Gary Triplett, also of Central Management, are leasing the property.
COLORADO SPRINGS, COLO. – The Marketplace at Austin Bluffs, a 226,626-square-foot, grocery-anchored shopping center in Colorado Springs, has sold to AmCap Austin Bluffs LLC for $32,810,000. The property was redeveloped in 2007 and is anchored by King Soopers. Jon Hendrickson of Marcus & Millichap’s Denver office represented both the buyer and the seller, United Properties.
PLANTATION, FLA. — Marcus & Millichap has arranged the $6.2 million sale of a 12,863-square-foot Walgreens, located at 10181 W. Broward Blvd. in Plantation. There are currently 21 years remaining on the 25-year, triple-net lease with 10 5-year options. Ronnie Issenberg and Scott Sandelin of Marcus & Millichap's Miami office represented the seller, a private developer, in the transaction.
KANSAS CITY AND COLUMBUS — DDR (NYSE: DDR) and Glimcher Realty Trust (NYSE: GRT) have completed an agreement to swap two assets. Glimcher purchased the 650,000-square-foot Town Center Plaza in Kansas from DDR for $139 million. Macy's and Dick's Sporting Goods anchor the center. DDR has purchased the 700,000-square-foot Polaris Towne Center in Columbus from Glimcher for $80 million. Target, Lowe's Home Improvement, Kroger, Best Buy and T.J. Maxx anchor the center.
FLOWER MOUND — CIG Retail Properties has acquired 31,939 square feet of retail space from Town View Plaza Ltd., located at 1900 Long Prairie Rd. in Flower Mound. Jennifer Pierson and Beth Pierson of CBRE's Dallas office represented the seller in the transaction.
BIG SPRING — Houston-based Central Management has been retained as property manager for the 27,074-square-foot Big Spring Marketplace, a shopping center located at 111 E. Marcy Dr. in Big Spring. Jan Echard of Central Management's Dallas office will serve as the property manager.
FORESTVILLE, MD. — Morgan Property Group has sold a 19,620-square-foot retail property, located at the intersection of Marlboro Pike and Donnell Drive in Forestville, to Scottsdale-Miller Associates LP II and HHL & HL-Indiana for $10.8 million. The property is leased to Walgreens and Sherwin Williams. Dean Zang of Marcus & Millichap's Philadelphia office represented both parties in the transaction.