Arciterra, a Phoenix-based real estate development and investment firm, has acquired Olathe Pointe in Olathe, Kan. for $29.4 million from Maefield Development Corp. Built in 2006, the 289,455 sq. ft., Class-A shopping center consists of two multi-tenant buildings on approximately 25 acres. The property is located in one of Kansas City's fastest-growing suburbs. Tenants include Marshall's, Michael's, Cold Stone Creamery and T-Mobile.
Millbrook Acquisitions has acquired Hollywood Palms Shopping Center, a 210,864 sq. ft. retail plaza in Hollywood, Fla., from Hollywood Palms LLC for $26.5 million. Originally developed in 1961, Hollywood Palms underwent substantial renovation in 1999 and 2000. Last year, 20,000 sq. ft. of retail space was added to the property. The shopping plaza's anchors include Publix Supermarkets, Walgreen's and Goodwill Industries.
Clarett Group has acquired an office building for $146 million from Sitt Asset Management. The 23-story, 274,000 sq. ft. office building is located at 180 Madison Ave. in Manhattan, within walking distance of Grand Central Terminal and Penn Station. The property offers floor plans ranging in size from 8,000 to 15,000 sq. ft. The new owners plan to further improve the property through the Group's strategic renovation plan.