CHICAGO — Construction has begun on a 151,000-square-foot Super Wal-Mart, to be built in the 400,000-square-foot Chatham Market, located at the intersection of 83rd St. and South Holland Rd. in Chicago. The store is expected to open in late 2011. Other tenants of the property include Lowe's, Potbelly Sandwich Works, Aldi and a Wal-Mart express, which will open July 1. The developer of the property is an affiliate of Monroe Investment Partners and Tartan Realty Group is the leasing agent.
PLEASANT PRARIE, WIS. — The 32,000-square-foot, three building Prairie Ridge Market Place, located in Pleasant Prairie, has been purchased for Berwick Properties for an undisclosed price. The center, anchored by Cardinal Stritch University, is currently 40 percent occupied. Other tenants include Target, JCPenney and Dick's Sporting Goods. Kenosha, Wis.-based Bear Commercial represented the seller in the transaction.
FORT WORTH — A Starbucks- and Chick-fil-A-anchored retail center located at 3250 Hulen St. in Fort Worth has sold for $3.6 million. The Mansour Group of Marcus & Millichap facilitated the sale, representing the seller, a private developer. A locally based private investor purchased the property.
STEPHENVILLE — Big Lots has leased 25,020 square feet of space at University Plaza, located at 2029-2133 W. Washington St. in Stephenville. Karen Mitchell of The Woodmont Company represented Big Lots. The Woodmont Company also represented the landlord in the transaction. Current tenants at University Plaza include Sherwin Williams, Quizno's, Merle Norman, Sprint and Burke's Outlet.
FRISCO, CO. — A 2,661-square-foot building, located at 865 North Summit Blvd. in Frisco, has sold for $2.43 million. The building is leased to a local Taco Bell franchisee, who signed a 20-year, triple-net lease in 2004. Drew Isaac of Marcus & Millichap's Denver office represented the seller, the original developer of the property.
NEW YORK CITY — A joint venture between SL Green Realty Corp. and Jeff Sutton has acquired a commercial property located at 1552 Broadway in Times Square. TGI Friday's currently leases the property through the summer of 2012. The seller was The Riese Organization. The deal will close in the third quarter.
COLUMBUS, BEREA AND SANDUSKY, OHIO — Three freestanding Advance Auto Parts stores, located in Columbus, Berea and Sandusky, Ohio, have sold for $4.7 million. Mark Luttner of Luttner Retail Group represented both the seller, a private developer, and the buyer, an out-of-state private investor.
CHICAGO — A 13,439-square-foot, freestanding Walgreens, located at 5753 N. Canfield Rd. in Chicago, has sold for $4.65 million. Isaac Metzger of Syndicated Equities represented both the seller, an affiliate of Chicago-based Syndicated Equities, and the buyer, an institutional investor.
SOMERVILLE, MASS. — The renovation of a commercial building located at 130 Broadway is under way. The gut renovation of the building will be complete this fall. PSG Framing, an archival framing company, will occupy the back portion of the building. Outside of the building a $7 million streetscape improvement is being completed. MassDevelopment provided a $3.5 million loan to acquire and renovate the building. The project team includes Boston-based Harborlight Advisors and LONdesign.
MIAMI BEACH, FLA. — A 13,624-square-foot, single-tenant retail building, located at 745 Collins Ave. in Miami Beach, Fla., has been sold for $17.65 million. The building is occupied by Victoria's Secret, which has a 15-year, double-net lease with 14 years remaining. The undisclosed seller was represented by Lori Schneider of Marcus & Millichap's Fort Lauderdale, Fla., office and Drew Kristol and Kirk Olson of the Miami office. The buyer, a foreign entity with an office in New York City, was represented by Sean Shahar Ziv, a San Diego-based independent agent.