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LAP TANG DEVELOPMENT CO. ACQUIRES MIXED-USE CENTER FOR $43.9 MILLION

MILPITAS, CALIF. — San Jose, Calif.-based Lap Tang Development Co. has acquired Serra Center, a 16.4-acre mixed-use center located in Milpitas, for $43.9 million. Located at 200 Serra Way, the site includes a 42-year-old shopping center plus 3 acres of vacant land. The buyer plans to level part of the existing site and redevelop it into a mixed-use project consisting of 375 luxury condominiums and 135,000 square feet of for-sale retail shops. The eventual build-out is estimated to cost as much as $200 million. Michael Federle, Nicholas Bicardo and Colin Federle of Grubb & Ellis’ San Francisco office represented the seller, Piedmont, Calif.-based Donovan Trust, in the transaction; Brian Phumg of AMB Commercial Brokerage represented the buyer.

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