DES PLAINES, ILL. — Quantum Real Estate Advisors has brokered the $710,000 sale of retail building located at 804 S. Elmhurst Road in Des Plaines. Jewel-Osco and Fifth Third Bank shadow anchor the shopping center. A Bartlett, Ill.-based real estate investor sold the property. The buyer was a private real estate investor based in Northbrook, Ill. Chad Firsel of Quantum was the sole broker in the transaction.
In 2014, El Paso, along with the rest of the country, enjoyed a vibrant, active and growing economy, and we anticipate El Paso will continue its solid growth in 2015 and beyond. Similar to the rest of the country, El Paso continued to add jobs across all sectors, resulting in reduced unemployment and increased household income. In addition, a number of factors unique to the region have made El Paso a wonderful place to do business. Fort Bliss, always vital to the El Paso economy, continues its growth. A new 1 million-square-foot medical center, which will employ approximately 4,000 people, will open in 2016. El Paso has experienced substantial additions to its medical sector. Tenet Healthcare Corp. has added a new wing to its Eastside Hospital and recently announced a new hospital to be constructed on the northwest side in conjunction with Texas Tech University Health Sciences Center El Paso. In addition, both Tenet and Hospital Corp. of America (HCA) continue their rapid placement of urgent care, emergency care and other satellite facilities around the city. As many people know, El Paso benefits from economic growth outside its city limits as well. Union Pacific is making huge investments in Santa …
WASHINGTON TOWNSHIP, MICH. — Marcus & Millichap has brokered the $2.5 million sale of a 17,561-square-foot retail property in Washington Township. The asset is located at 8583 26 Mile Road and is fully leased to tenants including Great Clips, The UPS Store, AAA Insurance, Expert Eyes, Miracle Ear and others. The property is an out lot to Meijer and is adjacent to Buffalo Wild Wings. Austin Weisenbeck, Sean Sharko, Aaron Baum, Simon Jonna and Ryan Cockerill of Marcus & Millichap represented the seller, a developer, and the buyer, a limited liability company. Steve Chaben also of the firm assisted in closing the transaction.
COLUMBUS — Marcus & Millichap has arranged the $6.3 million sale of East Broad Commons, a 20,928-square-foot retail property in Columbus. The property is located at 6572-6608 E. Broad St. Tenants at the shopping center include Dunkin Donuts, Rite Rug, Salon Lofts, AT&T Wireless and Gratzi Pizzeria. Arthur Kaplan and Lisa Sickinger of Marcus & Millichap’s Columbus office represented the seller, a developer.
HUBER HEIGHTS, OHIO — Mid-America Real Estate Corp. has arranged the sale of Waynetown Plaza located in Huber Heights, a suburb of Dayton. Baltimore-based Broad Reach Retail Partners purchased the 192,332-square-foot, grocery-anchored center. Waynetown Plaza is located at the southwest corner of Old Troy Pike (State Route 22) and I-70. Kroger anchors the shopping center. Other tenants include a Buffalo Wild Wings, TGI Friday’s, Chipotle, Burger King and Davita Dialysis. Ben Wineman of Mid-America and Chris Conley of Oberer Realty Services Ltd. represented the seller, a private investment group.
BLOOMFIELD HILLS, MICH. — A. Alfred Taubman, the founder of Taubman Centers Inc., has died at the age of 91. Robert S. Taubman, president and CEO of Taubman Centers, shared in an email message to Taubman employees on Saturday, April 18, that his father passed away of a heart attack at his home in Bloomfield Hills. Recognized as a pioneer in America’s retailing and shopping center industries, Alfred Taubman founded Taubman Centers, a real estate developer and operator of upscale regional malls, 65 years ago. Taubman, a life-long resident of the Detroit area, was active in numerous businesses, philanthropic and civic initiatives.
Attention retailers — Baton Rouge is the place to be. For the first time in the area’s history, the Baton Rouge MSA is expected to exceed 400,000 overall jobs in 2015 according to economists Loren Scott and James Richardson. The surge in employment is being fueled by numerous projects including $16 billion in industrial construction projects in the Baton Rouge MSA, along with $1 billion in public construction. Construction is underway downtown on a $55 million office tower and residential complex, which will be the home of the new IBM Technology Center where 800 highly skilled computer savvy individuals will be employed. Construction is also underway on a state-of-the-art water research facility in downtown Baton Rouge. The “Water Campus” situated on 30 acres next to the Mississippi River will initially consist of three buildings totaling $45 million in construction costs. This research park will provide an opportunity for academics and private-sector scientists and engineers to collaborate in producing the best available science on water management and coastal issues. For a state heavily weighted in the energy and petrochemical sectors, this will be a catalyst for economic diversification. Newsworthy Projects Juban Crossing: The most significant new mixed-use project to come on …
NEW YORK — BFC Partners has broken ground on Empire Outlets, a 340,000-square-foot retail complex with a total of 100 designer outlet stores on the North Shore of New York’s Staten Island. The project will be situated near the Staten Island Ferry Terminal and the Richmond County Bank Ballpark, home of the minor league Staten Island Yankees, in St. George. The new development will also include a 190-room hotel and a 1,250-space parking garage. The parking structure will be located below the retail and hotel components. A number of open corridors and pedestrian walkways that lead to the water will also be integrated into the project, which is slated for completion next year. It is being designed by SHoP Architects. “Empire Outlets is a well-timed catalyst that will trigger the transformation of the North Shore and position Staten Island for sustained growth into the foreseeable future,” says Donald Capoccia, a principal at BFC Partners. “This project will be a dynamic economic engine for New York City, creating more than 1,800 construction and permanent jobs that will benefit its residents, businesses, cultural and community organizations for generations to come.” Notable retailers that have signed onto the project so far include Nordstrom …
LYNDHURST, OHIO — Columbus-based Steiner + Associates has arranged two retail leases at Legacy Village in Lyndhurst, a suburb of Cleveland. L.L. Bean and The Capital Grille executed leases at the 610,000 square-foot mixed-use town center. The 16,000-square-foot L.L. Bean will sell active and casual apparel and footwear, outdoor gear including hiking, fly-fishing, kayaking and camping products. L.L. Bean will open in the space currently occupied by Talbots, which will be relocating to a new space within the shopping center. The Capital Grille will occupy a 9,000-square-foot space. The restaurant is known for its dry-aged steaks and fresh seafood. First Interstate Properties owns Legacy Village.
SCHAUMBURG, ILL. — Mid-America Real Estate Corp. has arranged a retail lease on behalf of Kuma’s Corner in Schaumburg. Kuma’s Corner will occupy 3,747 square feet at Woodfield Village Green, which is located at the intersection of Golf and Meacham roads. Kuma’s is a casual dining restaurant and bar with a heavy metal theme. The new location is expected to open summer 2015. Steve Frishman and Andrew Becker of Mid-America represented the tenant in the transaction. In addition to the Schaumburg lease, Kuma’s operates two existing locations in Chicago, which are located at 2900 W. Belmont Ave. and 666 W. Diversey Parkway.