LANCASTER, CALIF. — Gregory Mills of Marcus & Millichap has completed the sale and acquisition of Flying Tiger Self Storage, a 666-unit self-storage facility, and Tiger Landing Retail Center, an 8,558-square-foot retail building, for $11 million or $94.56 per square foot. Located in Lancaster, the properties encompass 116,325 rentable square feet. Additonally, the retail center portion features a 2,420-square-foot convenience store. The buyers were Richard A. Patterson, Richard J. Patterson, Norris Whitmore and William Evans. The seller was Raznick Family Ventures.
Retail
CHARLOTTE, N.C. — Crescent Resources is developing Belgate, a 400,000-square-foot lifestyle retail center in Charlotte. The development is located on more than 200 acres at the intersection of Interstate 85 and City Blvd. Construction began last year, and IKEA will open in spring 2009.
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.
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.