AUSTIN, TEXAS — Dallas-based Henry S. Miller Commercial has brokered the purchase of South Lamar Business Park, a retail center located at 1700 S. Lamar Blvd. in Austin. A private Austin investor purchased the 53,000-square-foot property, which is situated on approximately 4.4 acres, from an undisclosed seller. John Collins IV of Henry S. Miller Commercial, Land Division of Dallas represented the buyer in the transaction.
VIRGINIA BEACH, VA. —Steven D. Bell & Co. has acquired Haygood Shopping Center, a 178,526-square-foot property in Virginia Beach, from Haygood SC, a partnership of Klaff Realty and Acadia Realty Trust, for $25 million. The retail center is located at 1021 Independence Blvd. and is anchored by Farm Fresh, Rite Aid and Michaels. Michael Divaris, Alex Divaris and Jason Oliver of Virginia Beach, Va.-based Divaris Real Estate were the sole brokers in the transaction.
COCONUT CREEK, FLA. — Regency Centers is developing Caligo Crossing, a 113,510-square-foot, 11-acre shopping center in Coconut Creek, located at the intersection of Highway 441 and Hillsboro Road. The center will include a Kohl’s, slated to open in October, and 10,800 square feet of additional retail shop space.
NEW YORK CITY — A new IKEA store is nearing completion in Brooklyn, New York City. The 346,000-square-foot store is situated on 22 acres along the Erie Basin waterfront in Red Hook, south of the BQE/Gowanus Expressway and southeast of the Brooklyn-Battery Tunnel. The store will feature 50 different room settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant. The project also features a 6.5-acre public waterfront esplanade. The store is slated to open this June.
NEW YORK CITY — iCap Realty Advisors of NY has arranged a $7.5 million loan for a 12-story commercial loft building in the Flatiron district in Manhattan, New York City. The facility comprises 45,000 square feet of space and it is currently 100 percent leased to a ground-floor retailer, residential loft tenants and a variety of office tenants. The permanent first mortgage loan was arranged by Harout Ghazarian of iCap for an undisclosed borrower.
SPRING, TEXAS — Marcus & Millichap has finalized the sale of Louetta Shopping Center located at 6370 Louetta Rd. in Spring. A Topeka, Kan.-based partnership acquired the 35,321-square-foot shopping center, which was at 100 percent occupancy at the time of sale, from a private Texas-based developer. The center, which was sold for an undisclosed amount, was constructed in 2007 and is situated on 2.94 acres. Don Stringham and Charles Lucenay of Marcus & Millichap’s Houston office represented the seller in the transaction.
LAS VEGAS — United Construction has broken ground for the construction of the 17,383-square-foot retail component of Cactus Plaza, which is located on the corner of Cactus Avenue and Rainbow Boulevard in Las Vegas. The first phase of the estimated $2.7 million center consists of a 5,353-square-foot tavern shell on 3.64 acres of land. Future plans include a 12,030-square-foot retail strip center, bank and convenience store with gas station. Completion of the first phase is slated for July. Tierra Development is developing the project, with Marc Lemoine Architecture serving as architect of record.
MIAMI — Sky Development and SunVest Communities have partnered to form SkyVest Capital, a $300 million real estate fund that will capitalize on economic, financial and property market dislocation presented by the recent downturn in the U.S. real estate market. The joint venture will primarily target Florida, Nevada and Arizona, as well as North and South Carolina, California, Texas and New York. The fund will invest in distressed residential, commercial and retail projects, both directly and via the acquisition of debt.
CHICAGO — Structured Development and Commonfund Realty have announced that Milwaukee-based Roundy’s Supermarkets has signed a lease to open its first Chicago grocery store within NewCity, an approximately 1.5 million-square-foot mixed-use development located at the intersection of Halsted Street and Clybourn Avenue in Chicago. Roundy’s signed a 15-year lease for an 80,000-square-foot location, which will house the grocer’s new gourmet market concept. The grocery store will anchor the retail portion of NewCity, which will contain an approximately 440,000 square feet of retail and commercial space, in addition to a 25-story residential tower. Roundy’s is expected to open in 2009, with completion of NewCity expected in 2010.
INDIANAPOLIS — Indianapolis-based NAI Olympia Partners has arranged the purchase of Metroplex Centre, a 20,400-square-foot retail center located at the corner of East 82nd and Craig streets in Indianapolis. Tracey Holtzman of NAI represented the buyer, Emster Properties; the property was sold by Williams Realty Seventeen for an undisclosed amount.