Mid-America brokers sale of Park Ridge, Ill., center
Oakbrook Terrace, Ill. — Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of The Shops of Uptown in Park Ridge, Ill. Phillips Edison-ARC REIT purchased the 70,402-sq.-ft. center for $27 million.
Trader Joe’s anchors the center, which also hosts Jos. A. Bank, Chico’s, LensCrafters Optique, Houlihan’s, Jason’s Deli and Noodles & Company.
Mid-America represented the seller, a joint venture of Benchmark Opportunity Partners LLC, formerly known as P.O’B Montgomery, and Long Wharf Real Estate Partners.
CBRE closes sale of West Star Plaza in Phoenix
Phoenix — CBRE has completed the sale of West Start Plaza, a 9,300-sq.-ft. retail building on N. 893rd Ave. in Phoenix. Fully leased at the time of sale, the building commanded a price of $725,000. CBRE represented the seller, Robert J. Tufts, trustee of the Robert J. Tufts Revocable Living Trust of Salem, Ore. Patriot Commercial Properties represented the buyer, Arhtom Investments LLC.
West Star Plaza features a tenant roll with a mix of local tenants, a Little Caesar’s Pizza and DolEx Money Transfer. Located in West Phoenix, West Star benefits from a mix of residential, shopping and entertainment options within minutes of the property, including Desert Sky Mall and Ak-Chin Pavilion.
NPD: U.S. restaurant count up slightly over last year
Chicago — The U.S. restaurant count increased by less than 1% from a year ago, reaching a total of 633,043 units, according to a recent restaurant census conducted by The NPD Group. Restaurant units increased by 4,179, or 0.7% over last year, based on NPD’s Fall 2013 ReCount, which is a count of commercial restaurant locations in the United States compiled in the spring and fall each year.
Restaurant chains grew counts by 1% to a total of 281,613 units, an increase of 3,171 over last year, according to the report, which includes restaurants open as of September 30, 2013.
The independent restaurant count stood at 351,430, up 1,008 units, compared to the year ago census.
Quick-service restaurant s grew units to 333,970, up 2%, and unit counts for full-service restaurants, which include casual dining, midscale/family dining, and fine dining, declined by 1% to 299,073 units.
Fast casual, which is a restaurant category under the quick-service segment, increased units by 902 for a total of 16,215 in the most recent NPD restaurant census, up 6% from the Fall 2012 ReCount.