GREENVILLE, S.C. — Los Angeles-based SCI Real Estate, a tenant-in-common sponsor, has acquired Verdae Village, a 241,548-square-foot shopping center in Greenville. Tenants include Super Bi-Lo, Steinmart, Office Depot and The Olive Garden.
Retail
MERRILLVILLE, IND. — Matanky Realty Group has arranged the acquisition of Broadway Place, a 127,010-square-foot community shopping center located at 61st and Broadway in Merrillville. Bruce Harris of Marcus & Millichap represented the seller, with Matanky representing the buyer. Both parties were undisclosed. The acquisition price also was not disclosed, but the property was listed for $4.1 million.
NEW YORK CITY — Construction is underway on a new 369-unit rental tower located at 316 Eleventh Ave. in the West Chelsea area of Manhattan, New York City. The 34-story tower is being developed by Douglaston Development, an affiliate of Levine Builders. Amenities include a 5,600-square-foot rooftop terrace, 4,000 square feet of retail space and 28,000 square feet of parking.
DALLAS — Addison, Texas-based Silver Tree Partners has formed a joint venture with Dallas-based Beer-Wells Real Estate Services to acquire Preston Valley Center, a retail center located at the intersection of Preston Road and LBJ Freeway in Dallas. Beer-Wells will oversee property management and leasing for the 75,000-square-foot property, while Silver Tree Partners will provide equity and asset management.
LAS VEGAS — Las Vegas-based DFG Development Corp. has partnered with San Diego-based McMahon Development Group to develop Asia Town Center, a 180,000-square-foot Asian shopping center in Las Vegas. Located at the corner of Warm Springs Road and Jones Boulevard, the center will be anchored by a 50,000-square-foot HMart, which will offer a wide variety of high-quality meats, produce, household ware and hot food stations at very low prices. Irvine, Calif.-based Lee & Sakahara is providing architectural services for the project.
CHARLOTTE, N.C. — CB Richard Ellis Investors has acquired a joint venture interest with partner Childress Klein in 13 buildings, totaling 236,497 square feet, at the Rivergate Shopping Center, a 543,282-square-foot lifestyle/community center in Charlotte. The shopping center is 94 percent leased. Tenants include Best Buy, OfficeMax, Marshalls, Books-A-Million, PetSmart, and anchors The Home Depot and Target.
PORT ORANGE, FLA. — Chattanooga, Tenn.-based CBL & Associates and The Benchmark Group are developing The Pavilion at Port Orange, a 550,000-square-foot open-air shopping center, located in the northwest corner of Interstate 95 and Taylor Rd. The center will be anchored by Belk, Barnes & Noble, Circuit City, HomeGoods/Marshalls Megastore, Michaels and a 14-screen Hollywood Theater. The project is expected to deliver in fall 2009.
CHICAGO — Newcastle Ltd. has acquired Belle Plaine Plaza Shopping Center, a 16,000-square-foot retail property located at 4066 N. Milwaukee Ave. in Chicago, for $3.3 million. The center features two single-story retail buildings, which are fully occupied by Dollar Tree, Subway and AthletiCo Physical Therapy. Newcastle acquired the property from Midwest Real Estate Equities on behalf of the firm’s $500 million Chicago investment platform. Midwest was represented in the transaction by Tyler Quast of Zifkin Realty & Development.
CHICAGO — Maverick Commercial Mortgage has arranged $14.7 million in first-mortgage refinancing for a 103,550-square-foot Home Depot located at 200-232 W. 87th St. in Chicago. The building also contains a 27,972-square-foot garden center, as well as parking for 527 vehicles. The loan is priced over the 10-year U.S. Treasury, and has an 80 percent loan-to-value ratio, a 10-year term and a 30-year amortization schedule. Benjamin Kadish of Maverick arranged the financing on behalf of the borrower, MG Development. The lender was undisclosed. The Home Depot is currently in year 11 of a 20-year lease that it signed when MG first acquired the property.
GAHANNA, OHIO — An affiliate of Lee & Associates has negotiated the acquisition of Gahanna Crossing, an 8,464-square-foot retail center, located at 108-112 S. Stygler Blvd. in Gahanna, for $3 million. The property contains two single-tenant buildings, as well as a non-functioning water tower. Wesbanco occupies the 4,834-square-foot structure, and City Barbecue occupies the other 3,630-square-foot building. Rod Feder of the Calabasas, Calif., office of Lee & Associates – LA North/Ventura represented the buyer, Saticoy Gahanna. The seller, Metropolitan Gahanna, was represented by Michael Fennessy of Dietz Commercial.