JV Acquires Land to Develop $218M in Retail

CHICAGO-Interra Development Partners LLC, a joint venture between locally based Interra-Vision Development LLC and Parsippany, NJ-based Prudential Real Estate Investors, is acquiring land to develop retail centers in Florida, California and Arizona. The partnership is acquiring four land parcels for a total of $82 million and plans to develop four retail centers with a total investment of $218 million.

The joint venture acquired a 19-acre site in Florida City, FL. The site is located on the northwest corner of South Dixie Highway and East Davis Parkway and is “across the street from a very high grossing Super Wal-Mart,” says Tom Gamsjaeger, president of Interra Development and co-owner of Interra-Vision. Florida City Centre will be a 145,000-sf neighborhood center anchored by a 30,000-sf Best Buy. The center may have a 28,000-sf grocer store as a junior anchor and will likely have a “specialty coffee” retailer and a couple of restaurants, Gamsjaeger says.