PM Realty to market proposed retail project in Orlando In order to bring in national upscale retailers, The Orlando, Fla., office of Houston-based PM Realty Group has been retained to market the proposed MetroWalk project in Orlando. Metrowalk, which is located just north of Universal Studios, is a 232,000 sq. ft. proposed project that will include a business suite hotel, a theater, a bookstore, upscale fashion department store and eateries. The proposed project is located in MetroWest, a 1,800-acre development surrounded by Universal Studios, Disney World, Orange County Convention Center and 35,000 hotel rooms.
Regency Realty enters agreement to acquire Midland Group For approximately $253 million, Regency Realty Corp. has entered into an agreement to acquire St. Louis-based Midland Group and 21 of its shopping centers. Midland is the largest developer of Kroger grocery-anchored shopping centers in the country.
Under the terms of the agreement, Regency will buy 21 existing shopping centers with 2.2 million sq. ft. of retail space plus a development pipeline of 11 shopping centers containing more than 1 million sq. ft. of space.
Midland President Lee Wielansky and partners Steve Notestine and Rod Jones, among others, will join Regency to expand its development program.
LEFMARK, AMB joint venture to acquire Florida property In a joint venture, AMB Property Corp. and the LEFMARK Group have acquired Northridge Shopping Center in Oakland Park, Fla. The 192,000 sq. ft. center will undergo a major redevelopment and expansion to 210,000 sq. ft. over the next year.
Rockwood Realty arranges sale of Colorado mall for $108 million At a price of $108 million, New York-based Rockwood Realty Associates has arranged the sale of the Citadel, a 1.045 million sq. ft. super-regional mall in Colorado Springs, Colo., to a subsidiary of The Macerich Co. The seller of the property was TriState Joint Venture, a Maryland joint venture partnership comprised of affiliates of both Teachers Insurance and Annuity Association and The Rouse Co.
CB Commercial handles sale of 10 malls for MetLife Representing MetLife, CB Commercial has sold 10 regional malls to Zamias Services Inc. of Johnstown, Pa.
The malls total more than 5 million sq. ft. and include: Beechmont Mall, Cincinnati; Belle Promenade Mall, Morrero, La.; Brickyard Mall, Chicago; Cranberry Mall, Cranberry, Pa.; Euclid Square Mall, Euclid, Ohio; Mercer Mall, Bluefield, W. Va.; Orange Blossom Mall, Fort Pierce, Fla.; Palisades Shopping Center, Birmingham, Ala.; Port Plaza Mall, Green Bay, Wis.; and Rhode Island Mall, Warwick, R.I.
Equis ranks New York's Fifth Avenue as world's most expensive street Ranked according to average yearly rent per sq. ft. for retail space, New York's Fifth Avenue has placed first as the World's Most Expensive Street, according to the annual survey of retail rents conducted by Michael Hirschfeld, director of the Equis Retail Group, a division of Equis Corp., Chicago.
Making a strong first appearance on the list, the revitalized Times Square has surpassed even Los Angeles' Rodeo Drive.
Tokyo's Ginza, which has been at or near the top of the list since the first compilation in 1989, has fallen victim to Japan's economic troubles and has almost fallen off the list, dropping from third place last year to eighth place for 1998.
The world's 10 most expensive streets for 1998 are as follows: 1. Fifth Avenue between 48th and 57th streets, New York - $580 per sq. ft. 2. East 57th Street between Fifth and Madison avenues, New York - $500 per sq. ft. 3. Oxford Street, London - $400 per sq. ft. 4. Madison Avenue between 57th and 69th streets, New York - $375 per sq. ft. 5. Avenue des Champs Elysee, Paris - $360 per sq. ft. 6. Times Square, New York - $340 per sq. ft. 7. Rodeo Drive, Los Angeles - $300 per sq. ft. 8. The Ginza, Tokyo - $290 per sq. ft. 9. (Tie) Union Square, San Francisco and Nathan Road, Hong Kong - both at $250 per sq. ft. 10. Rockefeller Plaza, New York - $240 per sq. ft. PM Realty Group has been retained to market Orlando's proposed MetroWalk project to upscale retailers.
If you have information pertaining to the retail industry, please pass it along to Associate Editor Tracy Heath at [email protected].