Faris Lee Investments negotiated the sale of Kauai Village, a 110,000-square-foot retail center in Kapaa, Hawaii, from PASSCO to a group of California investors led by Diversified Equity Investment Corp. for $40 million. David Lee, chairman, and Richard Walter, president of Faris Lee Investments, represented the buyers in the transaction.
Merrill Companies appointed General Growth Properties, Inc. as the leasing agent for the retail component of Prairiefire at LionsGate in Overland Park, Kan. Currently under development, the project will feature 348,000 square feet of retail space, 290,000 square feet of offices, a 150-room hotel and 332 residential condominiums.
Urban Retail Properties Co. has been awarded the management contract for Southland Mall, a 552,687-square-foot shopping center in Memphis, Tenn.
PM Realty Group negotiated the sale of Baybrook Gateway, a 236,854-square-foot retail center in Webster, Texas, to a joint venture between New Plan Excel Realty Trust and JPMorgan Investment Management Inc. PM Realty represented the seller, Eastfield Realty, Inc., in the sales transaction.
iCap Realty Advisors is expanding into the Florida market, with the opening of a Ft. Myers/Naples office. This will be the 11th location for the Michigan-based company. Adam M. Lutz will serve as the principal of iCap Florida.
Gale International and Vornado Realty Trust completed their joint venture acquisition of Filene's Basement property in Boston, Mass. for $100 million. The companies plan to redevelop the building into a $600 million, 1.2-million-square-foot mixed-use complex. Ground-breaking is scheduled for June 2007.
Blackrock Retail Property Advisors negotiated the sale of Pines City Center Plaza, a 276,874-square-foot retail center in Pembroke Pines, Fla., to Verde Realty for $40 million. Casey Rosen, Dennis Carson and Michael de Guzman, of Blackrock Retail, represented the seller, PM Pines City Center Plaza, LLP, in the transaction.
Mid-America Real Estate Corp. negotiated the sale of 151,643 square feet of space at Ridge Plaza in Arlington Heights, Ill. to New Plan/Galileo, a joint venture of Galileo Shopping America Trust and New Plan Excel Realty Trust. Rick Drogosz and Joe Girardi, of Mid-America Real Estate, negotiated this transaction. Ridge Plaza is a 256,310-square-foot community shopping center.
Edgemark Commercial Real Estate Services, LLC negotiated the sale of Falls Plaza, a 124,636-square-foot retail center in Menomonee Falls, Wis., from GMK Falls Plaza, LLC to Falls Plaza Venture, LLC. Jeffrey J. Kowal, of Edgemark Commercial, represented the buyer in the transaction. Arthur Goldner, of Arthur Goldner & Associates, represented the seller.