retail news

Riverwalk Plaza in West Virginia sold for $13.5 million Riverwalk Plaza, a 134,943 sq. ft. shopping center in Charleston, W.Va., has been sold for $13.5 million to New York-based Kimco Realty Corp. Atlanta-based Cushman & Wakefield was the broker of the sale.

New Plan sells The Mall at 163rd Street in Miami Beach The Mall at 163rd Street, a 1.1 million sq. ft. superregional mall, was sold to New York-based New Plan Excel Realty Trust and Los Angeles-based Wilton Partners. New York-based Granite Partners LLC represented the owner, a partnership of Chase Manhattan Bank and Toronto Dominion Bank. Burdines and Home Depot arethe mall's anchors.

Multimedia entertainment superstore coming to Normal, Ill. A new entertainment superstore, Hastings Entertainment, will open this spring in Normal, Ill. The store is its first in Illinois and will include a customized inventory of books, music, videotapes and games, as well as DVDs for rent. Hastings also contributes $1,000 per store per year to the local literacy campaign and sponsors an instore coffee bar to fund the program.

The Bugaboo Creek Steakhouse site sold for $1.4 million The Bugaboo Creek Steakhouse, in Gaithersburg, Md., was sold for $1.4 million. Transwestern Carey Winston brokered the sale of this 2.5-acre site, which is ground leased. The 8,415 sq. ft. restaurant is based on a Canadian Rockies theme complete with talking tree and moose, buffalo heads, snowshoes, and animal pelts.

Three retail centers with 400,000 sq. ft. acquired in three states Columbia, S.C.-based Edens & Avant, in its strategic acquisitions program, has purchased three retail centers in key markets targeted by the company. The properties, totalling 400,000 sq. ft. of GLA, include Columbiana Station, in Columbia, S.C., anchored by Publix; Lake Montclair in Montclair, Va., anchored by Food Lion; and Barclay Square in Largo, Fla., anchored by Kash N Karry.

Fourth quarter brings 43 new leases at Konover Property Trust Cary, N.C.-based Konover Property Trust has signed 43 new store leases for the fourth quarter, which represent 246,456 sq. ft. in its shopping center portfolio. Some of the stores signed were in the following centers: Factory Stores of America in Kentucky, Texas, Mississippi, Iowa, Utah, and Arizona; Park Place, Peak Plaza and Gateway Plaza in North Carolina; and Mount Pleasant Towne Center in South Carolina.

PREIT acquires 64-acre power center in Philadelphia Philadelphia-based PREIT has acquired a 64-acre power center in the Philadelphia area in conjunction with two major tenants, Target and Lowe's. Ownership of the 387,000 sq. ft. center is in the form of a retail condominium in which PREIT, Target and Lowe's own 100% of the condominium. The REIT's share of the purchase price was $1.3 million and it plans to develop 100,000 sq. ft. of stores, in addition to Target and Lowes, at a total cost of approximately $10 million.

Construction completed on $15 million Mercedes-Benz dealership Irvine, Calif.-based Synder Langston has completed construction on Mission Imports, a $15 million, 85,000 sq. ft. Mercedes-Benz dealership in Laguna Niguel, Calif. The property has an 8,000 sq. ft., 12-car showroom; a 3,000 sq. ft. preowned-vehicle showroom; 62 service bays; three customer waiting areas; and a 500-car parking lot.

Hollywood & Highland, a $385 million, 640,000 sq. ft. entertainment center in Hollywood, Calif., is expected to be one of the cornerstones of Hollywood's renaissance. The complex will be the new home of the Academy Awards starting in March 2001, and will be adjacent to the historic Mann Chinese Theater.

Clubs such as Quincy Jones' Q's Jook Joint, television broadcast facilities, studio venues, retailers and entertainment facilities will also be included. Project developer TrizecHahn Centers, San Diego, has hired the William Morris Agency, Beverly Hills, Calif., to help infuse entertainment elements into the project.

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