BROOKFIELD, WIS. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $6.2 million loan for the acquisition of Shoppes of Brookfield Commons, a retail center in the Milwaukee suburb of Brookfield. The two-building property totals 42,356 square feet. At the time of loan closing, the asset was 54 percent leased. Ryan Morris of BWE arranged the loan on behalf of the borrower, CapRock Real Estate. Ameritas Investment Partners provided the three-year loan, which features a fixed interest rate along with $1 million of future funding for capital improvements and leasing efforts.
CHICAGO — Kiser Group has brokered the sale of 701 S State in Chicago’s Loop for $6 million. The building features 36 apartment units as well as a bar on the first floor. The residences are renovated studio apartments, all of which are occupied. Kiser Group’s Birk | Sklar team represented the seller, Nicholas Vranas, who had owned the building for over 40 years. A local restaurant operator purchased the asset. According to Kiser, the buyer was drawn to the property because of its 4 a.m. liquor license, which was transferred upon sale.
MOUNT PROSPECT, ILL. — Big Fish Hospitality has unveiled plans to open a new restaurant named The Prospect in suburban Chicago. The upscale eatery will be situated at 20West, a luxury apartment building located at 20 W. Northwest Highway in Mount Prospect. Big Fish expects to begin construction on the two-story restaurant this summer, with a soft opening planned for late fall and a grand opening toward the end of the year. Chef Mauro Berruti and General Manager Garrett Supples will lead The Prospect. Nicholas & Associates, which completed construction of 20West on behalf of developer Wingspan Development Group, will oversee the build-out of the restaurant space. The Prospect will be able to accommodate 90 to 100 people on the first floor and 50 to 75 people on the second level. A full bar will be situated on each level. The upstairs area will also serve as private event space.
LOUISVILLE, KY. — Hoar Construction has completed the 25,000-square-foot renovations on the southern wing of Oxmoor Center, a regional mall in east Louisville. The project, which also included a 30,000-square-foot addition and 27 acres of surface parking, is on the site of the mall’s former Sears that closed in 2018. Replacing the former department store is a recently opened Topgolf and nine new tenant shell spaces. Hoar’s project team included Strong Tower Exterior Envelope Wall Systems, Louisville Paving & Construction Co. and Hobbs+Black Architects. Owned by Brookfield Properties, Oxmoor Center spans nearly 900,000 square feet and features retailers including Macy’s, Dick’s Sporting Goods, Von Maur, The Lego Store, Apple and Sephora, among others.
BRADENTON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $12.1 million sale of Southwood Shops, a 107,697-square-foot shopping center located in the Tampa suburb of Bradenton. Kirk Olson and Drew Kristol of IPA represented the seller, an entity doing business as Bradwood Shopping Center Co. Ltd., and procured the buyer, a Miami-based partnership doing business as Southwood Shops LLC. Built in 1981 at the intersection of 14th Street and 57th Avenue, Southwood Shops was fully leased at the time of sale to tenants including grocery anchor Winn-Dixie.
Wood Investments to Convert Former Kmart into 80,000 SF Shopping Center in Big Bear Lake, California
BIG BEAR LAKE, CALIF. — Wood Investments Cos. has purchased a former Kmart building in Big Bear Lake, with plans to develop an 80,000-square-foot shopping center. Upon completion, Big Bear Lake Shopping Center will be subdivided into three individual anchor suites. A 17,193-square-foot Grocery Outlet will anchor the property. Another retailer has signed a 23,228-square-foot lease at the property, and a third tenant is in negotiations to lease a 23,228-square-foot space. Construction is scheduled to begin in the fourth quarter of this year, with the opening scheduled for March 2024. Charley Simpson of Colliers International represented Wood in the purchase. Nick Wirick, Chris Beauchamp and Miranda Montgomery of Lee & Associates are handling leasing at the center.
VENTURA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $6.4 million sale of a single-tenant property in Ventura. Planet Fitness occupies the newly renovated, 24,600-square-foot building on a triple-net-lease basis. Bill Asher, Jeff Lefko and Ed Hanley of Hanley represented the seller, an affiliate of MJL Capital Partners. Brian Hughes of M&M Thrift Management Co. represented the buyer, a Ventura-based private investor.
OKLAHOMA CITY — Locally based developer The Medallion Group has broken ground on The Stacks, a 34,000-square-foot retail project in Oklahoma City. The site is located just east of Garth Brooks Boulevard on NW 10th Street. Tenants that have already committed to the development include Mediterranean restaurant Cava, fast-casual eatery Pickleman’s and locally based food-and-beverage concept The Surf Bar. Additional retail and medical users will be announced later this year. The Stacks is scheduled to open in the first half of 2024.
RIVERHEAD, N.Y. — JLL has negotiated the sale of Riverhead Centre, a 395,000-square-foot retail power center in Long Island’s Suffolk County. Grocer ShopRite and The Home Depot anchor the center, which was originally built on 50 acres in 2003 and was 99 percent leased at the time of sale. Other tenants include Bed Bath & Beyond, Best Buy, Petco, Michaels, Designer Shoe Warehouse, Famous Footwear, Barnes & Noble, Ashley Home Store and IHOP. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Mark Belenky of JLL represented the seller, an entity advised by PNC Realty Investors, in the transaction. The buyer was New York City-based Prestige Properties & Development Co. Inc.
NEW YORK CITY — Marcus & Millichap has brokered the $4.3 million sale of an 8,892-square-foot retail property at 4225 White Plains Road in The Bronx. Formerly occupied by Dollar Tree, the building was vacant at the time of sale. Scott Plasky, Alexander Arustamian and Billy Stephan IV of Marcus & Millichap represented the seller, New York-based E&G Realty Group, in the transaction. The buyer was KSR Acquisitions Corp. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.