MANSFIELD, OHIO — Cleveland-based NAI Daus has brokered the sale of Willowood Shopping Center, an 18,000-square-foot retail center located at 2016 W. Fourth St. in Mansfield, for approximately $3 million, at an 8.21 percent cap rate. The property is fully occupied by a tenant roster that includes Buffalo Wild Wings, Sprint PCS, U.S. Armed Forces, H&R Block and CheckSmart. Dan Cooper and Bob Havasi of NAI Daus represented the seller, Brookside Centers; the property was acquired by an undisclosed Wisconsin-based buyer.
TUCSON, ARIZ. — Allied Trading and Transacting Corp. has purchased Old Spanish Trail Marketplace, which is located at 9560-9660 E. 22nd St. in Tucson. Brown Tucson LLC sold the 140,652-square-foot retail power center for $33.1 million. Jan Fincham and Patrick Dempsey of Lee & Associates Arizona brokered the transaction.
PELHAM MANOR, N.Y. — Fairway Market is set to occupy 75,000 square feet at Post Road Plaza in Pelham Manor. The 268,000-square-foot retail center is centrally located at the intersection of Pelham Parkway and Boston Post Road adjacent to the Hutchinson River Parkway. The center is currently undergoing a complete renovation in keeping with the resurgence of the neighborhood. The first phase of the renovation is set to be complete later this year. Harry Malakoff of Levin Management represented Fairway Market in the lease negotiations.
LAVEEN, ARIZ. — Phoenix-based Evergreen Development Co. is developing Laveen Ranch Marketplace, a 14.21-acre retail center located at the intersection of 51st Avenue and Baseline Road in Laveen. Safeway is currently constructing a 55,000-square-foot store on the site, and Fletcher Tire is building a freestanding store at the center. Safeway is slated to open in October, while Fletcher Tire and the retail center are expected to open in August. Current tenants include Rosattis Pizza, The UPS Store, Nails of the World and a Mexican restaurant. Butler Design Group provided architectural services for the center, while A.R. Mays served as general contractor.
WEST COLUMBIA, S.C. — Three Fountains Plaza – Columbia LLC has acquired Three Fountains Plaza, a 41,450-square-foot, 4.2-acre shopping center in West Columbia, from Greensboro, N.C.-based T. Cooper James & Associates, for $3.2 million. The center is anchored by Food Lion and Family Dollar. Victor John of Columbia-based NAI Avant brokered the sales transaction. The property is located at the intersection of Platt Springs and Emmanuel Church roads.
CHICAGO — AMB Property Corp. has leased approximately 126,000 square feet of industrial space in Chicago to Ashley Furniture. The furniture manufacturer will occupy AMB Remington Lakes Distribution Center, which is located adjacent to Interstate 55. The company will use the facility as its new Midwest distribution center. Details of the lease were not disclosed.
DES MOINES, WASH. — The Port of Seattle has selected Majestic Realty Co. for the development of Des Moines Creek Business Park. Located just south of Seattle-Tacoma International Airport, the 89-acre park will include a big-box retail center as well as flexible-use business park buildings able to accommodate airport-adjacent tenants. Majestic plans to use the LEED Green Building Rating System as a performance standard for designing the $90 million project. Build-out of the project is expected to occur in three phases over 5 years, with groundbreaking for the first phase slated for summer 2009.
PORT ORANGE, FLA. — Prime Equities has purchased Port Orange Gateway Center, a 14,094-square-foot shopping center in Port Orange, from Port Orange Gateway Center, Inc., for $3.8 million. The center is 100 percent occupied, and tenants include Panera Bread, Cingular Wireless and Tropical Smoothie. Kevin Yaryan and Patrick Skinner of Marcus & Millichap’s Orlando, Fla., office represented the buyer and the seller. The property is located at 1781 Dunlawton Ave.
SAVAGE, MINN. — Milwaukee-based Wanguard Advisors has acquired Savage Town Square, an 87,181-square-foot retail center located at the intersection of Egan Drive and State Highway 13, on behalf of tenant-in-common investors for approximately $14 million. The property was developed by Opus Corp. in 2003 and is 98 percent occupied. It is anchored by a 68,860-square-foot Cub Foods, and sold for a price of $161 per square foot. Opus Northwest will retain property management responsibilities, with United Properties handling leasing for the center.
ARLINGTON HEIGHTS, ILL. — CB Richard Ellis (CBRE) has brokered the sale of Terramere Plaza, a 40,965-square-foot in-line retail center located at 4204-4244 N. Arlington Heights Rd. in Arlington Heights. The property is anchored 7-Eleven, with additional tenants including UPS Store, LA Tan and Dunkin’ Donuts. CBRE’s Bob Mahoney, George Good, Richard Frolik, Christian William and Derrick Almassy represented the seller, Inland Real Estate Corp. The property was purchase by a Buffalo Grove, Ill.-based buyer for an undisclosed amount.