BUSINESS DEALS
Aug 1, 2005 12:00 PM
Escrow closed on an 86-acre parcel in Chula Vista, Calif., to be developed into an 867,000-square-foot regional lifestyle center by General Growth Properties Inc. Named the Otay Ranch Town Center, it is the third phase of a mixed-use community called McMillin Lomas Verdes being developed by the Corky McMillin Cos.
CBL & Associates Properties Inc. acquired the 997,000-square-foot Mall of Acadiana in Lafayette, La., for an undisclosed amount from Lafayette Associates. Anchored by Dillard's, JCPenney and Sears, the mall is 96 percent occupied.
Staubach Retail has formed a new development affiliate called Velocity Development Services, which will provide build-to-suit development expertise in major U.S. markets. Headquartered in Phoenix, Ariz., Velocity will specialize in small- to mid-sized properties that are 15,000 square feet or less.
Investment firm Equity Capital Management LLC sold 16 net-leased Walgreens properties in the Midwest and the Southwest for more than $85 million to Wachovia. Independent real estate service provider Newmark Capital Group represented the buyer, while the Norseman Group represented the seller.
Trammell Crow Co. brokered the sale of the 147,214-square-foot Crossroads at Lake Buena Vista in Orlando, Fla. to TIAA-CREF for $57 million. Trammell Crow represented the landlord ITW Mortgage Investments IV. The center is anchored by a Gooding's Supermarket and has permit approval to expand another 162,789 square feet.
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