ELMHURST, ILL. — Elmhurst-based International Contractors Inc. (ICI) has completed construction of four Chicagoland Wal-Mart projects. In Rockton, the firm completed a 205,147-square-foot Wal-Mart Supercenter that totaled $18 million. In Joliet, ICI completed the $11.5 million expansion and renovation of a Wal-Mart located at Route 59, converting it to a Wal-Mart Supercenter. Also in Joliet, ICI completed the $16.15 million Supercenter expansion of a Wal-Mart located at Route 52 and Joyce Road. Finally, ICI completed construction of a 198,000-square-foot Wal-Mart Supercenter located at Route 26 and Fairground Road in Freeport. The $16.35 million project is a Wal-Mart prototype, and will be used as a training center for Wal-Mart store planners.
Retail
SHREWSBURY, N.J. — Allstate Real Estate Investment Group has provided $50 million in financing to Metrovation for the refinance of The Grove at Shrewsbury. The 148,000-square-foot lifestyle retail center is situated on 21 acres in Shrewsbury and is 100 percent leased to 35 tenants including Brooks Brothers, Anthropologie and Pottery Barn. Kevin Hicks of Wachovia Maher Partners arranged the 10-year loan on behalf of Allstate.
WINSLOW TOWNSHIP, N.J. — New Jersey-based J&T Tsai has acquired Cross Keys Center in Winslow Township from Cross Keys Realty Associates for $1.85 million. The 6,898-square-foot retail center is situated on approximately 2 acres at 100 Cross Keys Rd. It is 100 percent occupied and is anchored by Wawa. Chris Munley, Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the seller in the transaction.
CHINO HILLS, CALIF. — Faris Lee Investments has completed the $6.25 million sale of two retail pads located within Crossroads Entertainment Center at the intersection of State Route 71 and Chino Avenue in Chino Hills. One pad includes a 5,500-square-foot building that will be occupied by Buffalo Wild Wings, which is slated to open in February. The second pad consists of a 5,600-square-foot building that includes a Starbucks Coffee and two other tenants. Built in 2006, the pads are each situated on a 1.3-acre site. Richard Walter and Donald MacLellan of Faris Lee Investments represented the seller/developer, Irvine, Calif.-based LNR Properties, as well as the buyer, Southern California-based Chino Starbuck/Wings LLC, in the transaction.
CHINO HILLS, CALIF. — Faris Lee Investments has completed the $6.25 million sale of two retail pads located within Crossroads Entertainment Center at the intersection of State Route 71 and Chino Avenue in Chino Hills. One pad includes a 5,500-square-foot building that will be occupied by Buffalo Wild Wings, which is slated to open in February. The second pad consists of a 5,600-square-foot building that includes a Starbucks Coffee and two other tenants. Built in 2006, the pads are each situated on a 1.3-acre site. Richard Walter and Donald MacLellan of Faris Lee Investments represented the seller/developer, Irvine, Calif.-based LNR Properties, as well as the buyer, Southern California-based Chino Starbuck/Wings LLC, in the transaction.
MIAMI — Richard Tarquinio and Bill Kent of CB Richard Ellis (CBRE) have closed seven properties for Equity One totaling $39.8 million. A six-property retail investment portfolio, which encompasses 541,518 square feet and includes properties located in Florida, Alabama, North Carolina, South Carolina and Tennessee, was purchased by Waterstone Development. The seventh property, located in North Carolina, was purchased by Blue Ridge Piedmont. Among the anchors for the individual sites are grocery store chains Kroger, Bi-Lo and Winn-Dixie, as well as national credit tenants such as CVS/pharmacy, Big Lots, Aarons Rents and Bealls.
BOSTON — James Koury, Catherine Daume, Nathaniel Heald and Tina Snyder of Jones Lang LaSalle have closed the second phase of the $377 million shopping center sale in Greater Boston. The portfolio is made up of 25 retail properties that total approximately 2 million square feet of space. The portfolio was purchased by Denver-based Dividend Capital Total Realty Trust. WestRidge Realty Advisors advised the buyer in the transaction.
CROCKETT, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $2.32 million acquisition loan for Crockett Shopping Center in Crockett. The 58,050-square-foot retail center, which is located at 1007 E Loop 304, includes Dollar General Martin Home Center, Baskin’s China Buffet, Donut Shop, Tire Max, HEB Gas and Goodwill amongst its tenants.
SCOTTSDALE, ARIZ. — Phoenix-based De Rito Partners Development Inc. has acquired Scottsdale Pavilions, a 1.1 million-square-foot retail center located at the intersection of Indian Bend Road and Loop 101 freeway in Scottsdale, for $88 million. The company plans to invest more than $25 million in renovations, which includes an addition of 150,000 square feet of retail space, for the property. De Rito Partners also plans to initiate a community outreach program to elicit feedback from the community regarding the future plans of the development. Originally developed in 1989 and 1991, Scottsdale Pavilions is located on land that is owned by the Salt River Pima-Maricopa Indian community. Andy Kroot and Brian Gast of De Rito Partners Inc. brokered the transaction between the buyer and the sellers, Robb Horlacher of Spire North LLC and Spire South LLC. Scott McPherson and Eric Inabinet of Capital Advisory Group LC arranged the financing for the transaction through a senior loan from GE Capital and a mezzanine loan from Seattle-based The Wolff Company.
UNION CITY, N.J. — CardioMed Services has acquired 3100 Bergenline Ave., a retail/office property in Union City from 3100 Bergenline Avenue LLC for $5 million. The 42,000-square-foot, two- and three-story building is located between 31st and 32nd streets and Bergenline and New York avenues. TD BankNorth currently occupies the ground floor and CardioMed plans to convert the remaining space into medical offices for its daily operations. Stephen Siegel, Michael Laginestra, Scott Gottlieb and Randy Eigen of CB Richard Ellis represented the seller, and Rick Metjian of The Avanti Group represented the buyer in the transaction.