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.
NEW YORK CITY — Rhodes NY and Vista Realty Partners are set to construct a 14,000-square-foot retail center in Brooklyn, New York City. Located at 3063 Cropsey Ave., the one-story facility will accommodate four retailers of 3,000 square feet each. The center is scheduled to be complete in June 2008.
SPRING HILL, FLA. — St. Petersburg, Fla.-based Goodwill Industries Suncoast has developed a 25,872-square-foot Goodwill Superstore in Spring Hill, located at the intersection of Highway 19 and Berkeley Manor Boulevard, as part of its $21 million expansion plan. The project is the first of three new locations, and it began construction last May and will open this month. The remaining stores are expected to deliver in 2009. The Sembler Company, St. Petersburg will manage the development of the superstores. Tampa, Fla.-based Lyman Davidson Dooley designed the project, and Tarpon Springs, Fla.-based Hawkins Construction Co. is the general contractor.
DECATUR, ILL. — Inland Real Estate Sales has brokered the sale of a 13,500-square-foot retail center located at 1201 Wood St. in Decatur. The building formerly housed a Walgreens. The buyer plans to open a neighborhood grocery store in the location. Rich Artman of Inland’s Yorkville, Ill., office represented the seller, a REIT. The acquisition price was undisclosed.
READING, MASS., AND WARWICK, R.I. — Linear Retail Properties has purchased a 20,110-square-foot retail center in Reading and a 10,600-square-foot retail property in Warwick. Located at 345 Main St., the Reading center was purchased for $3.85 million. Frank Normandin of Summit Realty Partners brokered the transaction, and Colliers Meredith & Grew are set to provide property management services. The Warwick center, located at 1138 Post Rd., is a two-tenant facility leased to Aaron’s Rentals and Lemongrass. Harold Lavine of Bessette Realty brokered the $1.63 million transaction. Keypoint Partners has been selected to manage the facility.
SAN DIEGO — Guilford H. Whitney Trust has acquired Sorrento Plaza Retail Center, a 39,204-square-foot shopping center located at 9245 Scranton Rd. in San Diego, for $7.1 million. Located within Sorrento Plaza South office complex, the property is occupied by Croutons, Subway, Rubio’s Baja Grill and Skewers. The real estate trust department of Wells Fargo Bank, N.A., facilitated the transaction. Jeff Abramson, Tim Winslow and Mark Randall of Grubb & Ellis|BRE Commercial represented the buyer; CB Richard Ellis represented the seller, Sorrento Parcels LLC, in the transaction.
CHICAGO — Chicago-based PEAK Development has acquired Clybourn Retail Center, located at 2220-2226 N. Clybourn Ave. in Chicago. The property consists of three connected, but independent parcels totaling 6,000 square feet. 2220 and 2224 North Clybourn are currently occupied by Chicago Import Service. The seller, as well as the sale price, was undisclosed.
SEA GRIT, N.J. — Gottesman Real Estate has purchased Old Mill Plaza in Sea Grit from Sitt Asset Management for an undisclosed price. The 52,000-sqaure-foot center, which is located at 2100 Highway 35, features a stand-alone office building and retail space. Tenants include Century 21 Real Estate, Weight Watchers, Wings Gym, Quickie Print and Old Mill Travel. Gottesman is planning to implement a capital improvement plan for the center, which was 77 percent occupied at the time of the sale. Bill Lenaz of R.J. Brunelli & Co. and Greg Nowell and Chris Santoro of Sitar Co. represented the seller in the transaction. CB Richard Ellis will manage the property.