GRAND RAPIDS, MICH. — CB Richard Ellis (CBRE)/Grand Rapids has brokered the sale of the former Big Boy restaurant located at 2817 Kraft Ave. in Grand Rapids. The buyer, Cascade Burgers Real Estate, plans to open a new Bagger Dave's Legendary Burger Tavern location in the 6,488-square-foot building. This will be Bagger Dave's fifth location, and a sixth location is set to open soon in East Lansing, Mich. The Grand Rapids location will open by the end of the year. CBRE's Robert Lotzar represented the seller, Union Bank, in the deal.
CRANBERRY TOWNSHIP, PA. — Butler Promenade, LP., has broken ground on the first phase of the 218,000-square-foot Cranberry Promenade, located at the intersection of Route 19 and Ogle View Road in Cranberry Township. Phase I will include an 18,500-square-foot ALDI, a bank with drive-through service and other unnamed tenants. Construction is scheduled for completion in the second quarter of 2012, with Phase II construction to begin subsquently. Jared Imperatore and J. R. Yocco of Grant Street Associates are the leasing agents for the development.
HUNTLEY, ILL. — The ribbon cutting has been held for the new General RV dealership located at 1400 Automall Drive in Huntley, within the Huntley Automall. Completed by Principle Construction Corp., the project consisted of a 35,244-square-foot showroom and sales area, a 14,500-square-foot vehicle service area and parking for 152 recreational vehicles.
MUSKEGON, MICH. — A new Ulta is is opening at Lakes Crossing, which is located on Harvey Street in Muskegon. The new store will be 11,000 square feet. Michael Lippitt and Richard Shlom of Farmington Hills, Mich.-based Landmark Commercial Real Estate Services represented Ulta in lease negotiations. Brian Mychajluk and Tony Michalak provided in-house representation for the landlord, Centro Properties Group.
ARLINGTON — Arlington-based SkyWalker Property Partners will raze and redevelop the 33,625-square-foot Precinct Center at 1432 Precinct Line Rd. in Arlington. Precinct Line Center, formerly called Old Towne Square, was most recently leased to Marshall's, Subway and Mattress Giant. The 3.4-acre site is being scraped and carved into pad sites, one of which has already been sold to a bank to develop a new branch. According to SkyWalker Property Partners, the site will support one or two more pad sites.
SOUTHLAKE — Southlake-based N3 Real Estate has partnered with Atlanta, Ga.-based JPS Investment Co. to focus on the acquisition of grocery-anchored shopping centers. JPS is sourcing the shopping center acquisitions, the first of which will close next month and be anchored by Publix, with capital coming from a $200 million real estate investment and development fund that N3 Real Estate advises and directs. The goal of the partnership it to take the portfolio to $100 million by the end of 2012.
PELHAM, ALA. — The 74,008-square-foot Pelham Towne Center in Pelham has sold to Dallas-based Encore Retail. The center is anchored by a 45,600-square-foot Publix. Neal Pringle and Mark Cooley of Atlanta-based The Shopping Center Group's Investment Sales Team represented Sharp Realty & Management, the seller.
GAYLORD, MICH. — Cleveland-based Cooper Commercial Investment Group has brokered the sale of a 188,219-square-foot shopping center located in Gaylord for $4 million. Pine Ridge Square is located at 1401 W. Main St. Its anchors include Hobby Lobby, Dunham's Sports, Big Lots, and Family Farm & Home. Dan Cooper of Cooper Commercial represented the seller, Beachwood, Ohio-based DDR Michigan LLC, and procured the buyer, a private group from Birmingham, Mich. The property traded at a 10.25 percent cap rate.
LEE'S SUMMIT, MO. — Faris Lee Investments has completed the sale of a 35,600-square-foot retail building triple-net leased to 24 Hour Fitness for $7.1 million. Constructed in 2007, the property is located on 3.53 acres at 900 NE Deerbrook St. Matthew Mousavi of Faris Lee represented the buyer, a Hawaii-based family trust. Chicago-based Baum Realty represented the Omaha, Neb.-based seller. The property closed at a 9.45 percent cap rate, which will increase to 10.65 percent in 2013 and increase 12 percent every five years thereafter. The buyer is also working with Faris Lee's Capital Markets Group to refinance the property.
WESTCHESTER COUNTY & BRONX, N.Y. — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has recently secured $25.1 million in two transactions in New York. A 10-year, $20.5 million loan was arranged for a 160,000-square-foot, Class A office complex in Westchester County by Meyer Perlman, Mark Silbersher and Abe Katz of Deerwood. Also, a 10-year, $4.65 million loan was closed for A 33,300-square-foot grocery-anchored shopping center in the Bronx. Deerwood's Igor Goldenberg negotiated the financing.