Retail Traffic

New Ventures

The LEFMARK Group, Miami, has entered into an agreement with Deerfield, Ill.-based Walgreens to develop the company's freestanding, build-to-suit drugstores in south Florida locations. The stores will be the company's new prototype superstores and are expected to average 14,000 sq. ft. depending on the inclusion of a liquor store at the locations. Walgreens stores are already under construction in Tamarac and Homestead.

Phoenix-based Westcor and Little Rock, Ark.-based Dillard's Inc. have joined forces to develop FlatIron Crossing, a 1.5 million sq. ft. regional mall in Broomfield, Colo. Dillard's will share all costs associated with the mall's development, while Westcor will remain managing partner of the property, guiding all leasing and development decisions. FlatIron Crossing is scheduled to open in March 2000.

Ann Arbor, Mich.-based Captec Net Lease Realty Inc. and PCF Investments LLC, Newport Beach, Calif., have agreed to co-develop the former Sears anchor of Solano Mall in Fairfield, Calif. Complete terms of the agreement have not been disclosed, but financing partner Captec has committed $6.8 million to the project. Plans call for Best Buy to lease the reconditioned first floor of the store, while Edwards Theatres will place a state-of-the art, stadium-style theater on the converted second floor. The project is set for an April 1999 completion.

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