UPTOWN CHICAGO — Oakbrook Terrace, Ill.-based Mid-America Asset Management has brokered the sale of 132,000 square feet of space within Wilson Yard, a 5-acre mixed-use redevelopment that is currently underway in Uptown Chicago. Target has purchased the property from Chicago-based Holsten Real Estate Development Corp. for an undisclosed amount. The retailer plans to open at the development in the fall of 2010, in conjunction with a 20,000-square-foot specialty retail component that is planned for the project. Situated on the site of a former Chicago Transit Authority Rail Yard, the $150 million Wilson Yard development includes a mix of retail, residential and office space, as well as a 700-car parking garage. Mid-America Asset Management’s Development Services is serving as the construction manager for Wilson Yard. Richard Spinell and Paul Bryant of Mid-America Asset Management represented the seller; Adrian Brown of Indianapolis-based Gershman Brown Crowley Inc. represented the buyer in the transaction.
HIGHLAND HEIGHTS, OHIO — Osborne Capital Group has begun the redevelopment of the 87,000-square-foot former Alpha Plaza retail center located at the interchange of Wilson Mills Road and Interstate 271 in Highland Heights. The development, which is being renamed The Shoppes at Alpha Place, will house 110,000 square feet of retail space. Panera Bread, Verizon Wireless and Shish Grill will tenant the 18,000-square-foot newly constructed component of the center. A freestanding Key Bank branch is also being built as part of project. The project has an estimated gross cost of $12 million. Construction is slated for completion in December, with retailers opening in early 2009.
HOUSTON AND DALLAS — Glendale, Calif.-based DineEquity Inc., a franchisor and operator of Applebee’s Neighborhood Bar & Grill restaurants, has sold 66 company-owned restaurants located in Houston, Dallas and Albuquerque, N.M. The 22 Houston-area restaurants were purchased by Wellington Yu, president of Peterson Group Inc. The 37 Dallas-area restaurants were sold to Sunil Dharod, president and CEO of Synned Inc. The seven Albuquerque-area restaurants were sold to Andy Patel, president of Anand Enterprises and Mina Inc. The Texas transactions are expected to close in the fourth quarter of 2008, and the New Mexico transaction is expected to close in the first quarter of 2009. The 66 Applebee’s sold in Texas and New Mexico are part of 110 company-owned locations that DineEquity has sold this year. Other restaurants are located in Nevada, Southern California and Delaware. DineEquity expects to generate approximately $63 million in after-tax proceeds from the sales, as well as approximately $50 million in sale-leaseback agreements related to the franchising agreements. Proceeds will be used to reduce DineEquity’s consolidated funded debt obligations.
FAIRVIEW, TEXAS — JC Penney Co. has broken ground for the construction of a new store in Fairview. The 115,000-square-foot location will serve as one of the anchors for The Village at Fairview, a 1 million-square-foot lifestyle center that is currently under construction. The store is also the first JC Penney to register for LEED certification. Upon completion, it is expected to use 41 percent less energy that an average JC Penney location. Sustainable features include a reflective white roof, native landscaping, low-flow plumbing fixtures, the recycling of construction waste, the use of recycled and local construction materials and an energy-efficient HVAC system. In addition to registering for LEED certification, the project also is anticipated to receive the Energy Star designation. Completion is scheduled for August 2009.
WALNUT AND RANCHO CUCAMONGA, CALIF. — Faris Lee Investments has completed the sales of two retail properties occupied by Tutor Time, a subsidiary of A.B.C. Learning Centers Limited. In Walnut, a Redwood City, Calif.-based private investor acquired a 10,500-square-foot property, which is located at 21639 E. Valley Blvd., for $4.15 million. August Wen of Century 21 represented the buyer; Jeff Conover of Faris Lee Investments represented the seller, Glendale, Calif.-based Walnut Preschool LP, in the transaction. In Rancho Cucamonga, Los Angeles-based Beccaria Partners has purchased a 10,500-square-foot property for $4.1 million. Glendale, Calif.-based Alta Loma Preschool LP sold the property, which is located at 10420 Alta Loma Dr. Clark Everitt of Investment Real Estate Associates represented the buyer; Conover represented the seller. Both properties are long-term leased to Tutor Time.
GAINESVILLE, VA. — A 140,000-square-foot Wegmans supermarket has opened at the Shops at Stonewall, located on Lee Highway and Old Carolina Road in Gainesville. The store features a seafood bar, a cheese shop and a bakery and will employ 600 workers. Co-anchors Staples, Bed Bath & Beyond, Ross Dress For Less and Michaels have already opened in the 317,572-square-foot shopping center. Future tenants include Wink Optometry, The Athlete’s Foot, SunTrust Bank and Bubbles.
RALEIGH, N.C. — Buffalo, N.Y.-based The Rose Hill Group of WNY has secured a $15.9 million construction loan for the 73,000-square-foot Lafayette Village. Located on Falls of Neuse Road in Raleigh, the property is 80 percent preleased to office and retail tenants. Financing for the loan was provided through a national bank.
MIAMI LAKES, FLA. — Miami-based Courtelis Co. has welcomed four new tenants and will soon bring four more to its Red Palmetto Shoppes, located on N.W. 163rd St. in Miami Lakes. A 21,000-square-foot Office Depot has taken up the center’s anchor position, and Glamour Salon & Day Spa has opened a 2,100-square-foot store. T-Mobile has moved into a 1,053-square-foot space, and Express Employment Professionals will occupy a 1,050-square-foot parcel. A 5,000-square-foot Unlimited Fitness & Wellness Center, a 4,500-square-foot Commerce Bank, a 2,100-square-foot Dickie’s BBQ and a 1,529-square-foot Firehouse Subs will open next year.
STATESBORO, GA. — CBL & Associates Properties and Ewing Southeast Realty have completed the 162,000-square-foot Statesboro Crossing shopping center. The 50-acre property, located at the corner of Brannen Street Extension and Veteran’s Memorial Parkway in Statesboro, is anchored by PETCO, T.J. Maxx, Hobby Lobby and Books-A-Million. The center also includes more than 38,000 square feet of specialty stores, such as Rack Room Shoes, Avon and Hibbett Sports.
CHARLOTTE, N.C. — DT Plaza Charlotte has sold the 51,130-square-foot Dollar Tree Plaza to a New York-based private investor for $3.45 million. The 24-year-old center, which is located at 3618 Albemarle Rd. in Charlotte, is anchored by Chuck E. Cheese and Dollar Tree. The center is 90 percent occupied. Sperry Van Ness/Lighthouse Commercial Realty’s Troy A. Legge represented the seller, and the buyer was represented by Atlanta-based Andy Radford Real Estate Investments.