DENVER — Denver-based BZ Investments has acquired Cherry Creek Square, a 35,384-square-foot retail space located at 3000 E. Third Ave. within Cherry Creek North in Denver. Next Realty sold the property for $18 million or more than $500 per square foot. Current tenants include Cherry Creek Dance, Lulu Lemon and Oilily. Dan Grooters, Riki Hashimoto and Steve Suechting of Grubb & Ellis represented the seller in the transaction.
Retail
BURLESON, TEXAS — Burleson Partners has announced the Premiere Cinemas Corp. will open a 42,000-square-foot anchor cinema at its Burleson Commons property located at State Highway 174/Wilshire Boulevard and FM 731 in Burleson. Premiere Cinemas 12 will open the new location this summer at the 37-acre retail center, which was completed in February. The theater will feature stadium seating for 1,400 patrons.
NORCO, CALIF. — Sero Properties LP has purchased Hidden Valley Village, a shopping center located at 1101-1161 Hidden Valley Pkwy. in Norco, for a consideration in excess of $8 million. Anchored by a freestanding CVS/pharmacy, the 32,296-square-foot retail center also has a 13-tenant satellite building. At the time of acquisition, the property was 85 percent occupied. Tanel Harunzade, Brian Jensen and Kevin Byer of Charles Dunn Company, a partner of GVA Worldwide, represented the buyer and the seller, Sena Properties LLC, in the transaction.
FAYETTEVILLE, GA. — Morristown, N.J.-based Lamar Companies has acquired Banks Crossing Shopping Center, a 256,930-square-foot property in Fayetteville, from Birmingham, Ala.-based AIG Baker, for $23 million. Tenants include Kroger, JC Penney, Guitar Center and Farmer’s Home Furniture. Joe Montgomery and Tony D’Ambrosio of Colliers Spectrum Cauble’s Atlanta office represented the buyer in the transaction.
CHICAGO — The investment sales group of Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. has completed the sale of Elston Logan Plaza, a 159,800-square-foot retail center located in Chicago. The three-tenant property is anchored by a two-story XSport Fitness Center, with Panera Bread and Enterprise Rent-A-Car rounding out the tenant roster. Stanley Nitzberg and Bonnie Ferguson of Mid-America represented the seller, a joint venture involving Palatine, Ill.-based Joseph Freed & Associates and Wynn & Associates. The property was acquired by Zurich, Switzerland-based AFIAA for an undisclosed amount.
BALDWIN TOWNSHIP, PA. — Burns & Scalo Real Estate, through a related entity, has acquired a 43,000-square-foot retail center in Baldwin Township. The neighborhood center is situated on Curry Hollow Road in the center of the Baldwin Township school district. The firm plans to commence a $2 million capital improvement program in second quarter 2008. The purchase price of the center was undisclosed.
WALDWICK AND WASHINGTON TOWNSHIP, N.J. — Seth Pollack of Marcus & Millichap has completed the $6.9 million sale of a strip shopping center in Waldwick. The 27,000-square-foot strip center is anchored by a Stop & Shop Supermarket and includes four other tenants. The center was 100 percent leased at the time of the sale. Pollack represented the seller, Waldwick Realty Investments #1, and the buyer, DRC Development, in the transaction. Ben Sgambati and Michael Lombardi of Marcus & Millichap’s New Jersey office have closed the $6.83 million sale of a net leased drug store in Washington Township. The 14,000-square-foot store is located at Gantown Road and Egg Harbor Road. Sgambati and Lombardi represented the undisclosed buyer and seller in the disposition.
SOUTHPORT, IND. — Spectrus Real Estate has arranged the 1031 exchange of Southport Pavilion, a 16,369-square-foot retail strip center located at the interchange of Southport Road and Interstate 65 in Southport. The property is shadow-anchored by Meijer Supercenter, and has a tenant roster that includes Panera Bread, Game Stop, Great Clips, Azteca Mexican Restaurant and Domino’s Pizza. Tom Georges of Spectrus’s northeast regional office represented the seller. Stuart Singer of NAI Eric Bram & Co. represented the buyer. Both parties, as well as the acquisition price, were undisclosed.
WINSTON-SALEM, N.C. — Ionian Investments is developing The Shops at St. George Square, a $10 million, 120,000-square-foot retail center in Winston-Salem, located along Hanes Mall Boulevard near Interstate 40 and South Stratford Road. The project consists of 60,000 square feet of Class A retail and office space, 40,000 square feet of retail shops and an interior boulevard of 20,000 square feet of office space. Two restaurants are expected to open in June and late this year, respectively. The Meridian Realty Group of Winston-Salem is exclusively leasing the property.
LOMBARD, ILL. — Midwest Real Estate Equities has sold a 66,000-square-foot shopping center condominium located in the company’s Landings of Lombard shopping center at the interchange of North Avenue and Interstate 355 in Lombard. The condo was acquired by Restaurant Depot, which was represented in the transaction by Glen Ellyn, Ill.-based Spartan Real Estate & Development. Midwest Real Estate Equities was represented by Buffalo Grove, Ill.-based Horizon Realty Services. Midwest is in the process of redeveloping the 204,000-square-foot Landings of Lombard, which was formerly anchored by Menards. The center is currently shadow-anchored by an 11,000-square-foot Harlem Furniture. The sale price was not disclosed.