Mansur & Co. buys Fashion Mall complex for $68 million In a joint venture with Tulsa, Okla.-based PTM Development Co., Chicago-based Mansur & Co. has acquired The Fashion Mall Complex in suburban Fort Lauderdale, Fla., for $68 million. The seller of the property was a joint venture of the Simon Management Group, O'Connor Realty Advisors of New York and The State of Connecticut Trust Funds.
The complex consists of a 660,000 sq. ft. regional shopping mall, the 101,000 sq. ft. Executive Office Pavillion and a 263-unit Sheraton Suites Hotel. It will be managed by an affiliate of the Simon/DeBartolo Co., Indianapolis.
JLW receives record price for Rhinelander Mansion At a price of $1,300 per sq. ft., New York-based Jones Lang Wootton has completed the $36.25 million sale of the Rhinelander Mansion, located at 867 Madison Avenue in Manhattan, on behalf of Power U.S. Properties Inc. The buyer of the property was TMW Real Estate Group of Atlanta, which acted on behalf of institutional German investors.
The transaction represents the highest price per sq. ft. paid for Manhattan real estate in a decade, according to JLW.
Located in Manhattan's Upper East Side retail shopping area, The Rhinelander Mansion is a 27,000 sq. ft. retail property which is triple-net leased to Polo Ralph Lauren and serves as the designer's international flagship retail store.
Glimcher adds $121 million property to its mall portfolio For a purchase price of $121 million, Columbus, Ohio-based Glimcher Realty Trust has purchased University Mall, a 1.3 million sq. ft. super-regional mall in Tampa, Fla.
The transaction will be funded with a $71.4 million first mortgage, with the balance being funded by using the company's line of credit.
McCarthy provides construction for two Northwestern projects McCarthy's Northwest Division, based in Bellevue, Wash., has begun work on the $23 million Bellevue Galleria in Bellevue and a new phase at the University Village in Seattle.
Bellevue Galleria is a 510,000 sq. ft. complex, representing downtown Bellevue's biggest retail/entertainment complex.
The new phase at University Village, the Northwest Quadrant at University Village, will consist of renovating a former Ernst Hardware Store to provide space for eight new retail tenants. Completion is set for May of this year.
CPI dominates Atlanta's hot Buckhead retail market Showing its continuing confidence in Atlanta's Buckhead market, New York-based Corporate Property Investors (CPI), which already owns the 1.5 million sq. ft. super-regional Lenox Square in Buckhead, has purchased the 823,000 sq. ft. Phipps Plaza, located just across the street from Lenox Square, from Equitable Life Assurance Society of the United States.
"We consider the properties to be complementary," Jane Fortenberry, a vice president at CPI, tells NREI. "The two centers have reinforced the intersection of Peachtree and Lenox Road as the dominant location for upscale shopping in the Southeast."
Phipps Plaza includes such tenants as Tiffany, Gucci and Saks Fifth Avenue, and Lenox Square houses Cartier, Louis Vuitton and Neiman Marcus. "There are very few places in the country within a few hundred feet of each other where you have the concentration of upscale retailers that you do at these two properties," Fortenberry says.
No major changes have been announced for the two properties, but "we will fine tune the merchandise mix of both of the centers," says Fortenberry. "We believe that by owning both properties, we'll be able to adjust the merchandise mix of both centers, and we will be able to create a more exciting shopping environment."
And, according to Fortenberry, CPI began operating a shuttle bus between the two centers immediately after closing the deal, and mall directories for each center are available at both.
At the time of this transaction, there also were talks that Columbia, Md.-based Rouse Co. - another major Atlanta-area mall owner - was in the market to acquire CPI. However, CPI declined to comment.