Indianapolis-based Kite Realty Group Trust agreed to buy three shopping centers for about $78.5 million, including $13.7 million of assumed debt. The three are: Plaza Volente in northwest Austin, Texas, Indian River Square in Vero Beach, Fla., and Fountain Oaks in Atlanta.
SCI Real Estate Investments and 25 tenant-in-common investors acquired the 130,096-square-foot Casa Paloma Shopping Center in Chandler, Ariz., for about $44 million from German-based investor Sunbelt Management. Los Angeles-based SCI's goal is to buy more than $500 million in assets for TIC investors this year.
The Lightstone Group, based in Lakewood, N.J., bought the 540,000-square-foot Dakota Mall in Minot, N.D., for $55.1 million. Lightstone plans to add a 20,000-square-foot Best Buy to the center. Lightstone unit, Prime Retail, will operate and manage the property. Financing was provided by Wachovia.
PO'B Montgomery & Co. purchased the 177,000-square-foot Broadmoor Towne Center in Colorado Springs, Colo., which it is holding on behalf of an unnamed institutional client. Kratt Commercial Properties is the leasing partner for the center. CB Richard Ellis Inc. manages the center, which is 70 percent occupied.
City Center Retail LLC and Angelo Gordon & Co. purchased the Showcase Mall and an adjacent parcel on the southern part of the Strip In Las Vegas for $250 million. Construction of Phase II is scheduled to begin late this year.
Marcus & Millichap Real Estate Investment Brokerage Co., facilitated the sale of the 74,439-square-foot South Street center in L.A. suburb Cerritos for close to its asking price of $43.9 million. The price, $574 per square foot, represents a 5.22 percent cap rate. An unidentified Orange County private investor was completing a 1031 exchange. Pacific Coast Capital Partners formed a joint venture with Anaheim Development LLC, a partnership between San Diego-based Excel Realty Holdings LLC, Santa Barbara-based KBM Enterprises LLC and Richard Nordlund for the acquisition and development of the 19.3-acre Anaheim Garden Walk retail and hotel site in California.
Faris Lee Investments says Puente Hills Mall is on the market again. The 1.2 million-square-foot mall in the City of Industry, Calif., is owned by a pool of 36 investors represented by PASSCO. It made history as the largest U.S. TIC transaction in 2003 when it was sold for $148 million. The asking price wasn't disclosed.
Robert K. Futterman & Associates LLC, New York, opened a Las Vegas office after securing the exclusive retail leasing and investment assignment for the 1.7 million-square-foot Town Square Las Vegas, now under construction. Frank Volk, formerly of Blatteis Realty, will head the office. RKF also is leasing consultant for Desert Passage retail and entertainment center.
Mitchell Schneider, who founded First Interstate Properties, and David St. Pierre, former senior vice president and acquisition banker with KeyBanc Real Estate Capital's Private Equity Group, are partners in a new real estate investment firm: Legacy Capital Partners. The Lyndhurst, Ohio, firm has set its investment horizon at as long as 15 years.
Petrie Ventures Inc., Greenberg Commercial and Hovnanian Land Investment Group formed a partnership to purchase about 245 acres in Landover, Md., for a mixed-use project that will include retail, residential and conference facilities.
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