Oak Lawn, Ill. — Quantum Real Estate Advisors Inc. has brokered the $3.5 million sale of a 13,000-square-foot retail building in the Chicago suburb of Oak Lawn. Built in the mid-2000s and known as 51st Avenue Station, the property was fully leased at the time of sale to Chiro One, Miracle One, Cold Stone Creamery and other local and national tenants. Chad Firsel and Brett Berlin of Quantum represented the seller, a private fund based in Illinois, in the 1031 exchange.
Vernon Hills, Ill. — Perry’s Restaurants, a Texas-based boutique restaurant group, is opening its third Chicago-area location. Perry’s Steakhouse & Grille is set to debut at Hawthorn Mall in Vernon Hills in late 2023. The 11,000-square-foot restaurant will include a main dining room and four private dining rooms. Chicago-based Aria Group Architects Inc. designed the Vernon Hills restaurant, which will accommodate up to 350 people. Perry’s also operates locations in Oak Brook and Schaumburg.
Los Angeles — Parkview Financial has provided a $35 million senior construction loan to a venture between Ratkovich Co. and Jerico Development for the development of West Harbor, a retail center along the Los Angeles waterfront in the San Pedro neighborhood. The financing from Parkview is in addition to $55 million of Commercial Property Assessed Clean Energy financing, as well as $85 million of investor equity. Situated on 42 acres at 1200 Nagoya Way, West Harbor will feature more than 125,460 square feet of multi-tenant retail space. Scheduled for completion …
Springfield, Va. — A 32,000-square-foot LEGO Discovery Center is scheduled to open next summer at Springfield Town Center in Springfield. Designed for families with children ages 2 to 12, the Discovery Center will feature interactive activities, workshops and play. Experiences will include a digital “Space Mission,” wherein children and families can build — and then digitally scan and fly — space rockets. Offerings will also include a preschool-focused LEGO DUPLO area tailored to younger children. Of the addition of the LEGO location to Springfield Town Center, Joseph Coradino of the …
Portland, Maine — Wilder has taken on the role of development partner at Rock Row, a 2 million-square-foot mixed-use property centered around a 26-acre natural stone quarry located in Portland. This move marks an expansion on the company’s involvement as retail merchandising specialist for the development. In conjunction with owner and developer Waterstone Properties, Wilder will oversee all new phases of development, including the addition of 1.6 million square feet of retail, dining, hotel, residential, office and entertainment space. Rock Row features 500,000 square feet of retail space, 400,000 square …
Chino, Calif. — Progressive Real Estate Partners has brokered the sale of Chino Village, a neighborhood retail center located at 4103 Riverside Drive in Chino. An Orange County-based seller sold the property to a Los Angeles-based private investor for $8.4 million. The purchase included the retail center and approximately 2.5 acres of undeveloped land with flexible zoning. Built in 1984, Chino Village features 20,600 square feet of retail space with more than 380 feet of frontage along multiple points of access. Current tenants include Jiffy Lube, Subway, Wienershnitzel and a …
Denver — JLL Capital Markets has arranged the sale of The Shops on Montview, an 8,511-square-foot retail center located in the Central Park neighborhood of Denver. Tenants at the center — which was built in 2020 and was 100 percent leased at the time of sale — include I Heart Mac & Cheese, Pizza Hut, Smile Studio Dental and Starbucks Coffee. Jason Schmidt of JLL represented the seller, Miller United Real Estate LLC, in the transaction.
Newport, Ky. — North American Properties (NAP) has partnered with Galley Group, a Pittsburgh-based food hall operator, to open a new food hall and bar at Newport on the Levee, a mixed-use destination along the Ohio River in Newport. The 7,900-square-foot venue, dubbed The Galley on the Levee, will feature four restaurants and a signature bar that will be able to accommodate 200 patrons. Designed by Reztark Design Studio, the food hall will open onto Bridgeview Box Park, an open-air shipping container park that opened in 2020 as part of …
Miami Beach, Fla. — Northmarq has arranged the sale of a 22,857-square-foot property located at 509 Collins Ave. in Miami Beach. Jason Maier of Northmarq represented the buyer, a New York-based private investor, in the $35.3 million transaction. The single-tenant property, which was sold by an undisclosed New York-based individual, is leased to Walgreens on a triple-net basis.
Chicago — A California-based family trust has acquired a retail building occupied by Whole Foods Market in Chicago for $18.1 million. The 41,148-square-foot store is situated on the first floor of a condominium development at 6020 N. Cicero Ave. within the Sauganash neighborhood. Isaiah Harf of Northmarq represented the seller, a Maryland-based private investor, in the transaction. The property was built in 2017.
