Third Lake Capital has purchased Oak Brook Court, a shopping center in Oak Brook, Ill., for $19.95M in a deal brokered by Mid-America Real Estate Corp. The 103,836-square-foot property includes retailers Office Max, Binny's Beverage Depot and The Great Escape. The seller was an institutional adviser.
Sandy, Utah's South Towne Center, one of the largest shopping centers in the Salt Lake Valley, will be renamed The Shops at South Town as part of its $20 million redesign. The 1.3 million-square-foot space will become an outdoor-inspired location with additional entertainment, dining and retailers, owner Pacific Retail Capital Partners said.
Part of WinCo Foods' push to expand in the Dallas area includes the redevelopment of an aging grocery-anchored center in the Lewisville submarket for $20 million. A portion of Old Orchard Village East will be demolished and an 85,000-square-foot grocery store built in its place to anchor the 226,000-square-foot retail center.
DDR plans to redevelop four shopping centers with Wal-Mart serving as an anchor. At two retail centers in Florida, Wal-Mart will build or acquire anchor space at DDR properties. At DDR's retail centers in Boardman, Ohio, and Humacao, Puerto Rico, Wal-Mart will expand its presence. DDR is investing $20 million in the projects and expects to realize a net return of greater than 10%.