REAL ESTATE

Jacksonville, Fla. — Madison Hawk will conduct a real estate auction on Sept. 18 for a free standing retail building just east of downtown Jacksonville, Fla. The building is part of a Chapter 11 bankruptcy proceeding.

Located at 1220 University Avenue, the 1.72-acre property contains a 15,070-sq.-ft. Walgreens Pharmacy that generates about $302,000 in net income annually. The Walgreens Co. lease is Double Net (NN) with the initial term running through 2019.

Roanoke, Va. — PetSmart has leased 17,168 sq. ft. at he Hunting Hills Shopping Center in Roanoke, Va. Divaris Real Estate and Metro Commercial represented PetSmart in the transaction.

DRE is the exclusive tenant representative for PetSmart in Virginia and Metro Commercial is the national tenant representative for PetSmart.

Mount Vernon, Ill. — Hobby Lobby has signed a lease for 52,729 sq. ft. at Times Square Mall in Mount Vernon, Ill., and plans to open in the first quarter of next year, according to Pine Tree Commercial Realty LLC.

Pine Tree owns the 269,328-sq.-ft. center, anchored in partnership with The Sansone Group and Wanxiang America Real Estate Group.

Chicago — Jones Lang LaSalle Retail has announces five new retail assignments. They are:

• Tenant representation services for Pure Barre, a growing fitness franchise.

• Leasing and management for the 802,275-sq.-ft. Coventry mall in Pennsylvania.

• Leasing assignment for an 11-building 817,000-sq.-ft. portfolio of strip centers in SoCal.

• Leasing for a 12-building, 165,100-sq.-ft. portfolio of street-level retail space in New York City on behalf of Equity Residential Management.

Beachwood, Ohio — DDR Corp. has announced that a joint venture formed with an affiliate of Blackstone Real Estate Partners VII L.P. has closed on the acquisition of a portfolio of seven prime shopping centers totaling 2.4 million sq. ft. The assets are located in supply constrained MSA’s including Los Angeles, San Diego, Washington D.C., Portland, Harrisburg, Pa., and Cincinnati.

New York — Luxury apparel retailer 3.1 Phillip Lim has leased a 5,800-sq.-ft. store at 48 Jones Street in New York City’s Bowery district. The space includes a 3,500-sq.-ft. ground floor and a lower level with 2,300 sq. ft. The store is expected to open in the first quarter of 2014. 3.1 Phillip Lim also has a store in SoHo on Mercer Street as well as a third U.S. location in Los Angeles.

In the transaction, RKF www.rkf.com represented the landlord, 48 Tenant’s Corp., and Town Real Estate represented 3.1 Phillip Lim.

Youngstown, Ohio — Kentucky Oaks Mall in Paducah is welcoming two new tenants. Ulta Salon will open an 11,000-sq.-ft. store in October. Neel Thredz Spa opened in July in the Dick’s Sporting Goods concourse. The new salon specializes in eye aesthetics.

The newly renovated mall encompasses more than one million sq. ft. It is owned and managed in association with Cafaro-affiliated companies.