CRYSTAL LAKE, ILL. — Premier Commercial Realty has brokered the sale of a 56,310-square-foot building formerly occupied by Sports Authority in Crystal Lake for $1.8 million. The property sits on 5.2 acres at 800 Cog Circle, about 45 miles northwest of Chicago. Heather Schweitzer and Heide Casciaro of Premier represented the seller. Steve Pilafas of Great Street Realty represented the buyer, a Chicago-based investor and developer. The new owner has secured an undisclosed tenant for the property.
PALM BAY, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $17.5 million sale of Palm Bay West, a 262,62-square-foot retail center in Palm Bay. Winn-Dixie anchors the property, which was 90 percent leased at the time of sale to tenants including Roses Discount Stores, NCG Cinema, Ollie’s Bargain Outlet, Planet Fitness and Dollar Tree. The property is located at 160 Malabar Road, 10 miles southwest of downtown Palm Bay. Kirk Olson and Drew Kristol of IPA represented the seller, an undisclosed New York City-based investment group, in the transaction. The team also procured the buyer, Palm Bay West LLC.
NEW YORK CITY — Children’s fitness concept My Gym has signed a 3,262-square-foot retail lease on the ground floor of 207 West 79th Street on the Upper West Side of Manhattan. The concept offers physical education, pre-gymnastics and sports programs to children ages six weeks to 10 years. My Gym signed a lease for 10 years at the location, which will be the brand’s second in Upper West Side and fourth in Manhattan. Michael Watson of Lee & Associates represented My Gym in the lease negotiations. Barry Fishbach, David Abrams and Brandon Miller of Newmark Knight Frank represented the landlord, Anbau Enterprises Inc.
ELK GROVE VILLAGE, ILL. — JLL has brokered the sale of Mallard Crossing, an 80,708-square-foot retail center in Elk Grove Village. The sales price was not disclosed. Anchor tenants Aldi, Ross Dress for Less and Dollar Tree have all signed long-term leases within the past year. Located on Meacham Road, the property was recently renovated with a new roof, parking lot and façade. Janice Sellis of JLL represented the seller, IRC Retail Centers LLC. JLL also procured the buyer, a vehicle sponsored by AmCap Management LLC.
CHICAGO — The food and beverage industry dominated much of the programming and sessions at this year’s Chicago Deal Making, hosted by the International Council of Shopping Centers (ICSC). In fact, the keynote speaker was Fabio Viviani, a celebrity chef and hospitality developer. Examples of other food-oriented workshops and panels included “How to Craft Restaurant Deals,” “From Automation to Ghost Kitchens, Understanding the Trends Reshaping F&B” and “Small Bites: New Restaurant Concepts.” The two-day ICSC event took place at Navy Pier on Wednesday and Thursday, Oct. 16-17. The show kicked off with an hour-long session in which retailers pitched their expansion plans in the Midwest. An overwhelming number of participants were restaurants. “Chicago is recognized for being a gastronomical center, not one or two really good chefs and restaurant tours but many,” said Steven Weinstock, first vice president and regional manager of Marcus & Millichap’s Chicago Oak Brook office. “We win as residents of Chicago because they keep trying new concepts.” Weinstock cited the influx of residents in Chicago’s River North, Streeterville and West Loop neighborhoods for helping grow the food industry within the city. This younger, affluent crowd views restaurants as a source of enjoyment and entertainment, he argued. …
RALEIGH, N.C. — First Washington Realty has acquired Harvest Plaza, a 99,479-square-foot retail center in Raleigh. The seller and sales price were not disclosed, although Triangle Business Journal reports Capital Partners and York Properties sold the property for $21 million. Walgreens and Planet Fitness anchor the retail center, which is located at 9650 Strickland Road, 10 miles north of downtown Raleigh.
DELAFIELD, WIS. — An affiliate of Next Realty LLC has acquired Hillside Terrace Shopping Center in Delafield, about 25 miles west of Milwaukee. The purchase price was not disclosed. The 17,000-square-foot retail center is located on Hillside Drive. The property is fully leased to tenants such as Jimmy John’s, Pizza Hut, Stone Creek Coffee and Chris & Co. Salon. This is the seventh acquisition for Next Realty Fund IX LP.
ALBUQUERQUE — Phillips Edison & Co. has completed the sale of Juan Tabo Plaza, an institutional-quality shopping center located at 11000 Montgomery Road NE in Albuquerque. Samco Properties purchased the asset for an undisclosed price free and clear of existing debt. Anchored by Walmart Neighborhood Market, Juan Tabo Plaza features 74,393 square feet of institutional-quality retail space in a mix of grocery, hair salon, restaurants, tax preparation and health tenants. The property has been institutionally owned and maintained since the seller acquired the asset in 2014. Chris Gerard, Ryan Shore, Aaron Johnson and Wesley Gilmer of JLL Capital Markets represented the seller in the deal.
ORLANDO, FLA. — Centennial Bank has originated a $21 million construction loan for Phase II of Celebration West, a planned 84,000-square-foot retail center in Orlando. The property is located at the intersection of Interstate 4 and World Drive, five miles from Walt Disney World. The borrower, Unicorp National Developments Inc., acquired the site in April 2019 from Disney. Dave & Buster’s and a regional grocery chain will anchor Celebration West. Other tenants will include Dunkin’, Walgreens and Burger King, bringing the property to 56 percent preleased. A timeline for Phase II was not disclosed. Robby Barrows of Centennial Bank originated the loan on behalf of Unicorp, which is also underway on a $1 billion mixed-use development in Orlando known as O-Town West.
CAMBRIDGE, MASS. — Urban Spaces has sold 85-95 First Street, a 10,000-square-foot retail building in Cambridge, for $11.2 million. The building was competed in June with 4,600 square feet of space preleased to specialty pet food and supply store Loyal Companion. Paint supply store Sherwin-Williams has also agreed to lease 2,900 square feet, and another undisclosed tenant has agreed to lease the remaining 2,500 square feet. Conviser Property Group represented Urban Spaces in the building sale.