New entertainment complex opens in Pasadena, Calif. Los Angeles-based owner and developer San Antonio Winery has opened 88 West Colorado, a 35,000 sq. ft., mixed-use entertainment complex in Pasadena, Calif. Located in the city's restaurant and entertainment district, the complex was designed by MCG Architects, Los Angeles. Tenants at the new complex include Blockbuster Music, Crocodile Cafe and J.J. Simon's Steak House.
Macerich acquires mall from Zell/Merrill Lynch fund Subsidiaries of The Macerich Co., based in Santa Monica, Calif., have acquired South Towne Center for approximately $98 million from the Zell/Merrill Lynch Real Estate Opportunity Partners I fund. Located in Sandy, Utah, South Towne Center is a 1 million sq. ft. regional mall and contiguous power center.
The purchase price included assuming the property's debt of $47 million; the $51 million balance was paid in cash. The property's stabilized net operating income annually at the time of the purchase is approximately $8.4 million.
CBL makes plans for new power center CBL & Associates Properties Inc., Chattanooga, Tenn., has announced plans for Sand Lake Commons, an approximately 600,000 sq. ft. power shopping center in Orlando, Fla. A more than 200,000 sq. ft. Wal-Mart Supercenter will be one of the project's anchor stores. In addition to Wal-Mart, plans for the center include up to seven more anchor stores and 25 to 30 other retailers. CBL's development partner on the project is Orlando Central Park. Site work is anticipated to begin this fall, with a grand opening slated for fall of 1998.
Retail/entertainment center under construction in Brazil Construction has begun on Aeroclube Plaza Show, a new entertainment and retail festival center in Salvador, Brazil. Developed by Nacional Iguatemi Inprendimentos S.A. of Rio de Janeiro, Brazil, the project is being conceived as a seaside village and is comprised of seven buildings configured around a central aeroplaza. ID8, the imaging and entertainment design division of Baltimore-based RTKL Asso- ciates Inc., designed the concept and theme of the center. The project's architect is Andre' Sa' e Francisco Mota Arquitetos of Salvador. The center is scheduled for completion in early 1998 and will coincide with the start of Brazil's festival Carnival.
Federal Realty establishes medium-term note program As part of a $480 million shelf registration previously filed with the Securities and Exchange Commission, Rockville, Md.-based Federal Realty Investment Trust has established a $200 million medium-term note program. The REIT will use the net proceeds from the sale of these securities to repay debt, make improvements to its properties, acquire additional properties and for working capital. The securities' terms will be set at the time of issuance. The program's agents include J.P. Morgan & Co., Alex. Brown & Sons Inc., First Union Capital Market Corp., Merrill Lynch & Co. and Goldman, Sachs & Co.
Indianapolis-based Simon DeBartolo will join some of the country's other large shopping center developers by contracting RCT Systems Inc., Wheeling, Ill., to install its shopper traffic monitoring system in more than 100 of Simon DeBartolo's malls. RCT is the developer of the People Counter, the industry's only video-based shopper traffic monitoring system. In addition to Simon DeBartolo, RCT provides its traffic monitoring system to General Growth Properties, Urban Retail Properties, The Taubman Co. and Rouse Management Co.
The data provided by People Counter helps shopping center owners and managers make leasing, operations and marketing decisions for their properties. For example, by providing data on the number of shoppers who enter or exit specific points in the mall during certain times of the day or week, mall managers have a new sales tool to use to attract retailers to certain locations of the center.
Simon DeBartolo initially piloted the RCT system in its property The Forum Shops at Ceasars in Las Vegas and several other of its high-traffic properties.
Assistant Editor Carrie King covers the retail news beat for NREI. She welcomes your comments and news items via E-mail to [email protected]