REAL ESTATE

Pine Tree acquires Poplar-Prairie Stone Crossing

BY Katherine Boccaccio

Chicago — Pine Tree Commercial Realty has acquired Poplar-Prairie Stone Crossing, a class-A power shopping center located in the Northwest Chicago suburb of Hoffman Estates, Illinois. The recent acquisition is Pine Tree’s 70th and brings the company’s current portfolio to 3.4 million sq. ft. in 19 separate properties.

The 312,000-sq.-ft. shopping center is shadow-anchored by Target and features TJ Maxx, Michaels, Ross Dress for Less, PetSmart, Lane Bryant, and Sports Authority.

Pine Tree has also sold Onalaska Marketplace in Onalaska, Wisconsin. Brokered by Mid-America Real Estate Corporation, the 25,962-sq.-ft. community shopping center, fully leased since its development by Pine Tree in 2002, was purchased by a private investor. Onalaska Marketplace is shadow-anchored by Wal-Mart Supercenter, Home Depot, Toys “R” Us, and features Dollar Tree, Great Clips, and Cold Stone Creamery.

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REAL ESTATE

Divaris completes four leases in Richmond, Virginia

BY Katherine Boccaccio

Richmond, Va. — Divaris Real Estate, Inc. announced the signing of four leases, totaling 14,362 sq. ft. of office, industrial and retail space in metropolitan Richmond, Virginia.

The Hohman Group signed a lease for 6,307 sq. ft. of industrial space located at 3409 Leigh Street. The Hohman Group is an industrial design firm, which designs and prototypes products and furniture. In addition, their company, Action Figures, builds sets and decorates locations for motion pictures.

Dominion Radio Supply leased 3,810 sq. ft. of retail space in Huguenot Trade Center, located at Alverser Drive. Dominion Radio Supply opened in 1974 and this will be its fifth location, joining Peabody’s Piano, Just Drums, Huntington Learning Center and Eco-Elements Day Spa in the shopping center.

Old Dominion Pediatrics signed a lease for 2,645 sq. ft. of office space at the Divaris–leased and -managed Archway Sixty Office Park, located at 9327 Midlothian Turnpike.

MetroPCS leased 1,600 sq. ft. of retail space at the Divaris-leased and –managed Midlothian Crossing, located at 8527 Midlothian Turnpike.

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REAL ESTATE

Mid-America secures 2 retail leases totaling over 45,000 sq. ft.

BY Katherine Boccaccio

Chicago — Mid-America Asset Management recently secured new retail leases on behalf of two shopping centers in Chicago’s northwest suburbs. DSW Shoe Warehouse signed a lease for 23,773 sq. ft. at Village Square of Northbrook located at the southeast corner of Lake Cook Road and Skokie Boulevard in Northbrook, Ill. The 334,995-sq.-ft. center is anchored by Nordstrom Rack, Marshall’s, The Container Store, PetSmart, Cost Plus World Market, and Saks Fifth Avenue Off 5th. DSW, expected to open in spring 2015, is taking the space vacated by Loehmann’s.

Zip Fitness signed a lease for 22,002 sq. ft. at Arlington Plaza at the northwest corner of Rand and Arlington Heights Roads in Arlington Heights, Illinois. The 295,773-sq.-ft. center is anchored by Burlington Coat Factory, Value City Furniture, and The Room Place. The location is expected to open in winter 2014.

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