Deals

Frankfort, Ill. – Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Prairie Crossings Shopping Center in Frankfort, Illinois. The 109,079-square-foot center was purchased by Oak Brook, Illinois.-based Inland Real Estate Corporation for $24.66 million.

Howell, N.J. -- Norman’s Hallmark, a family-owned and operated card and specialty gift retailer, has signed a lease to occupy 5,200 sq. ft. at Aldrich Plaza, Howell, New Jersey, announced Levin Management, exclusive leasing and managing agent for the 150,000-square-foot shopping center.
 
Gloria Mercado, Levin’s leasing representative, negotiated the long-term lease.
 

Dublin, Calif. - Ross Dress for Less will open a new store in Kansas on Oct. 11. The store is located in Schulman Crossing in Garden City.  

This new opening is part of the retailer’s 2014 expansion program, totaling approximately 75 new locations during the year. 

Dallas -- Cypress Equities companies announced that Cypress Lake Pleasant, LP, a new affiliated partnership, has purchased the fee simple interest in the Lake Pleasant Crossing shopping center in Peoria, Arizona.

Cypress previously held a ground lease interest in the property, having developed the existing shopping center and Lowe’s Home Improvement Center on the site. With the purchase, Cypress is in the process of making several upgrades to the existing center as well as planning for the second phase of development.

Burlington, N.J. - Affiliates of Bain Capital Partners LLC and certain other stockholders of Burlington Stores Inc. intend to offer eight million shares of the company’s common stock in an underwritten public offering. The offering consists entirely of secondary shares to be sold by the selling stockholders.

Burlington Stores will not sell any shares in the offering and will not receive any proceeds from the offering. J.P. Morgan is acting as sole book-running manager for the offering.

York, Pa. -- The Bon-Ton Stores  announced it will close its Bon-Ton store in the Clearview Mall in Butler, Pennsylvania, and its Elder-Beerman store in the Raleigh Mall in Beckley, West Virginia.

The company will not renew these leases, which terminate January 31, 2015. The stores will close at the end of the leases.

Bon-Ton plans to close its Bon-Ton store in the Clearview Mall in Butler, Pennsylvania, and its Elder-Beerman store in the Raleigh Mall in Beckley, West Virginia. The company will not renew these leases, which terminate Jan. 31, 2015.

The closings will affect approximately 38 and 39 store employees at the Clearview Mall and Raleigh Mall locations, respectively.

Cincinnati - Phillips Edison–ARC Shopping Center REIT Inc. acquired 11 grocery-anchored shopping centers during third quarter 2014. The company's portfolio now consists of 131 properties located in 27 states and leased to 38 leading grocery store anchors.

The 11 grocery-anchored shopping centers acquired during the third quarter to date expanded the company's presence in 10 states: California, Colorado, Florida, Georgia, Massachusetts, Michigan, North Carolina, Ohio, South Carolina and Tennessee.