Retail News

DisneyQuest set to open in Philadelphia in 2000 The next home of Disney-Quest, a five-story, 80,000 sq. ft. indoor interactive theme park, is Philadelphia and it is scheduled to open in summer 2000. Located in the Center City area, the theme park is expected to draw added business and tourism to the city. This new concept in family entertainment is a creation of Walt Disney Imagineering.

DisneyQuest guests can shoot the rapids in a Virtual Jungle Cruise, ride a self-designed roller coaster on CyberSpace Mountain or battle evil in Hercules in the Underworld. The flagship DisneyQuest opened in June 1998, in the Disney World Resort in Orlando, Fla.

Investment sales of three Midwest shopping centers arranged. In separate transactions, the investment sale of three Midwest shopping centers was finalized. Included in these transactions was the 94-acre, 989,562 sq. ft. Lincoln Mall located in Matteson, Ill., buyer San Francisco-based Levin & Menzies; the 55.7-acre, 680,890 sq. ft. Honey Creek Mall in Terre Haute, Ind., buyer is Charlotte, N.C.-based Fasion & Associates; and the 42,588 sq. ft. Quentin Corners neighborhood center located in Palatine, Ill., buyer locally-based GK Development Inc. The sale price for these properties was not disclosed. The sales were arranged by CB Richard Ellis.

Financing arranged for Bridgemarket retail/dining complex in Manhattan A construction/permanent loan for an undisclosed amount has been arranged for Bridgemarket, a 100,000 sq. ft. retail and dining complex under construction beneath the Queensboro Bridge in Manhattan, N.Y. Sonnenblick-Goldman was the financial advisor to Bridgemarket Associates LP, which is affiliated with Gordon Group Holdings Ltd., a Las Vegas and Santa Monica-based brokerage firm. When the Queensboro Bridge was completed in 1909, Bridgemarket was a fashionable open-air market. Plans for the new complex began in the 1970s.

Northwest Arkansas Mall in Fayetteville, Ark. is acquired The Northwest Arkansas Mall, a 786,000 sq. ft. regional mall in Fayetteville, Ark., has been acquired for $94 million. The total purchase price was partially funded by a 10-year loan of $63 million from TIAA. The property was purchased by a subsidiary of The Macerich Co. The seller was Tri State Joint Venture.

Five shopping and two community centers acquired for $570 million A purchase agreement for five regional shopping centers and two non-contiguous community centers, with a total of 5.3 million sq. ft., was completed for $570 million. The Macerich Partnership LP and Ontario Teacher's Pension Board purchased the properties from various Safeco Corp. entities. The malls included in the purchase were Oxmoor Center Mall, Louisville, Ky.; Washington Square Mall, Tigard, Ore.; Redmond Town Center, Redmond, Wash.; Kitsay Mall, Silverdale, Wash.; and Cascade Mall, Burlington, Wash.

Times Square's Candler Building to be restored and occupied by 2000 Along with the $40 million renovation of New York's 42nd Street comes the redevelopment of the 24-story, 230,000 sq. ft. Candler Building. The plan is for its base floors to become an entertainment and retail complex and its upper floors to be developed for offices, primarily for the entertainment, media and creative industries. Hartford, Conn.-based Cornerstone Real Estate Advisers has retained Williams Property Advisors to oversee the project and to serve as the leasing and managing agent.

Work is completed on the nation's first vertical multiplex theater Construction has been completed on the nation's first vertical multiplex 3,000-seat theater. The theater is owned by AMC Entertainment Inc., and is located in San Francisco. It has 14 screens and covers eight floors. MBK Construction Ltd. was the contractor and Field Paoli, Page & Turnbull and Salts Troutman Kaneshiro, were the architects.

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