ULI's shopping center report names neighborhood centers current star performers
Among shopping centers, the neighborhood shopping center is currently the star performer, according to the Urban Land Institute's report Dollars and Cents of Shopping Centers(TM): 1997. Neighborhood centers reported the highest sales per square foot among the four major shopping center types at $216 per sq. ft., and they are also reporting the greatest increase in the bottom line, with net operating balances up +16% in the past two years.
The report also looks at the performance of the other shopping center properties. Regional shopping center performance is down, -18% from 1994 to 1996, and net operating balances are down -7.2%. Net operating balances for super regional centers are rising steadily, up about 5% in the past two years. According to the report, community centers, the star in recent years, may be slowing down; while their net operating balances are up 10%, their sales and revenues are flat.
To order a copy of ULI's shopping center report, call 1-800-321-5011.
Orlando retail, entertainment project set to open this month Pointe*Orlando, a 17-acre, 450,000 sq. ft. open-air shopping, dining and entertainment center under construction on International Drive in Orlando, Fla., will open this month with tenants continuing to open throughout the fall.
Pointe*Orlando's development and ownership partners are Western Asset Management Corp., Phoenix, and Excel Realty Trust Inc., San Diego. The leasing agent for the project is Coconut Grove, Fla.-based Retail Estate Inc.
$232+ million in franchise loan trust certificates announced Scottsdale, Ariz.-based Franchise Finance Corp. of America has announced the pricing and private placement of $232.1 million of secured franchise loan trust certificates. The transaction is backed by a total of 551 loans with an outstanding principal balance of $261 million; it is made up of 384 chain restaurant mortgage loans and 167 chain restaurant equipment loans. Duff & Phelps Credit Rating Co. and Moody's Investors Service Inc. rated the offering, which was offered and sold by Merrill Lynch & Co. and Smith Barney Inc.
Glimcher, Nomura Capital acquire Ohio mall for $91 million The operating arm of Columbus, Ohio-based Glimcher Realty Trust, Glimcher Properties Limited Partnership, and Nomura Capital, New York, have acquired Dayton Mall in Dayton, Ohio, for $91 million. A more than 1.3 million sq. ft. super regional center, Dayton Mall was sold by an institutional client of Heitman Capital Management, Chicago. The purchase was funded using mortgage financing of $81.5 million and equity contributions from Nomura Capital and Glimcher.
Glenborough Realty acquires four properties, sells off two groups Glenborough Realty Trust Inc., a San Mateo, Calif.-based REIT, has acquired four properties for $45 million and has sold two groups of properties from its portfolio. The company purchased three properties, one office and two industrial totaling 245,600 sq. ft., from Carlsberg Realty Inc. for $14.8 million, all cash. Also, Glenborough bought Centerstone Plaza, a 157,579 sq. ft. property with four office buildings in Irvine, Calif., for $30.4 million.
The company sold two groups of retail properties, made up of 10 QuikTrip convenience stores and six Auto Care centers; the proceeds of the sale will be used to acquire the Centerstone Plaza property in a Section 1031 exchange.
Selleck Properties, The Voit Cos. to develop former GM plant site Westlake Village, Calif.-based Selleck Development Group Inc. and The Voit Cos., Woodland Hills, Calif., will develop an approximately $75 million, 68-acre retail and industrial project in Van Nuys, Calif., on the site of a former General Motors plant.
"Van Nuys Center at the Plant," the 35-acre retail portion of the project, is more than 90% preleased with tenants such as The Home Depot, Mann Theater, Babies 'R' Us and others. The industrial/manufacturing portion, called "The Plant," has vacancy rates of below 5% for 100,000 sq. ft. or larger spaces.
Associate Editor Carrie King covers the retail news beat for NREI. She welcomes your comments and news items via e-mail to [email protected]