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STOCKTON, CA-Eastbourne Investments Ltd. Of New York has closed on the purchase of 17 acres of land next to an existing 54-acre parcel that the company bought early this year for retail development.

Frank Egan, president of Eastbourne, tells GlobeSt.com that the company acquired the 17 acres at the Interstate 5 Freeway and Eight Mile Road from Stockton-based developer Alex Spanos, the same seller in the earlier deal. The buying entity was a joint venture of Eastbourne and Phoenix-based Kitchell Development Co., which was also the purchaser of the earlier parcel. Terms of the sale were not disclosed, but Egan says the price per sf works out to about the same as it was in the 54-acre deal. The 54 acres sold for approximately $20 million. The purchase was a direct deal between buyer and seller, with no brokers involved.

Eastbourne bought its initial 54 acres for a 600,0000-sf center that is now under way and will include a Target and a Kohl’s, which are expected to open in late February 2004. The new land will enable the company, which typically sells its developments soon after completion and stabilization, to build about 140,000 sf to 150,000 sf more retail space, Egan says. Eastbourne is already negotiating with a big box user for the space on the new 17-acre parcel.

Privately held Eastbourne owns properties in six states, including nearly 700,000 sf of retail space in Kansas City, MO, and a shopping center development comprising more than 450,000 sf in Avondale, AZ. The company also has assembled 118 acres of land in Meridian, ID for development, and continues to pursue other acquisition and development opportunities.

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