REAL ESTATE

St. Louis, Mo. — IKEA plans to break ground on a three-level, 380,000-sq.-ft. building in midtown St. Louis this summer, according to Pace Properties, the broker selected by IKEA to help facilitate the chain’s expansion into the St. Louis market.

The site is a 21-acre redeveloped tract at the intersection of Forest park and Vendeventer avenues within the 240-acre CORTEX Life Science District in midtown St. Louis.

Chicago, Ill. — Forman Mills, an off price apparel retailer, has leased 38,487 sq. ft. at Grand Plaza in Franklin Park, Ill., according to CBRE, the leasing agent. The new store plans to open next spring.

The Forman Mills lease completes the lease up of a 96,260-sq.-ft. former Kmart, which closed in 2011.  

CBRE began leasing the space in 2012. The first lease was with Big Lots for 29,000 sq. ft. Next came a 29,000-sq.-ft.- lease to Savers Thrift Superstore, which later took another 29,000 sq. ft.

Virginia Beach, Va. — Kroger has acquired 12 acres at the Hampton Roads Crossing mixed-use project in Suffolk, Va., according to Divaris Real Estate (www.divaris.com), the broker that represented the seller, Terry/Peterson Investment Thirty, in the transaction.

Kroger intends to construct a 113,361-sq.-ft. Kroger Marketplace on the site.

North Plainfield, N.J. — Mattress Warehouse has leased a 21,404-sq.-ft. space at Crossroads Place in Falls Church, Va., according to Levin Management (www.levinmgt.com), the leasing and management agent for the 336,248-sq.-ft. shopping center. The lease signing brings retail occupancy at the center to 100%. JBG Rosenfeld Retail served as the tenant’s broker in the transaction. Plans call for the new store to open in March.

Virginia Beach, Va. — Divaris Real Estate has completed two retail leases totaling more than 21,000 sq. ft. in Richmond.

PetSmart renewed its lease for 19,734 sq. ft. at Parch Place at Short Pump, which is leased and managed by Divaris (www.divaris.com). Metro Commercial Real Estate represented the tenant.

Kamayan Restaurant leased 1,577 sq. ft. in the 360 West Shopping Center, which Divaris leases and manages. The Filipino restaurant joins Rite Aid, AutoZone, Dollar General, Subway, Jackson Hewitt and Radio Shack.

Plymouth, Minn. – The Tile Shop is launching its third retail store in the Boston metropolitan area. The new 15,805-sq.-ft. store will be located in the Worcester suburb of Shrewsbury, Mass.

The new store will join The Tile Shop’s other Boston area stores in Natick and Avon, Mass.

North Olmsted, Ohio — Marcus & Millichap Real Estate Investment Services has arranged the sale of North Olmsted Towne Center, a 95,446-sq.-ft. shopping center in North Olmsted, Ohio, approximately 17 miles southwest of Cleveland. The selling price was $17.79 million, $186 per square foot.

Towne Center tenants include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.

Covington, La. — Stirling Properties and JCH Development have closed on land acquisition and development financing for Magnolia Marketplace, a 106,000-sq.-ft. shopping center in New Orleans at the intersection of South Claiborne Avenue and Toledano Street. First NBC Bank of New Orleans provided financing for the project.