Macerich Co. begins work on Buenaventura Mall redevelopment Work has begun on Santa Monica, Calif.-based The Macerich Co.'s redevelopment project that will transform the Buenaventura Mall in Ventura, Calif., into a two-level, super-regional fashion center called Pacific View-Ventura. Scheduled to open in late 1999, Pacific View-Ventura will consist of 1.1 million sq. ft. of gross leasable area, and its expanded tenant mix will be anchored by the region's four dominant departments stores. Between the anchors' additions and construction of the second level, the redeveloped mall will add a total of 436,000 sq. ft. of GLA to the property.
Syndicated Equities closes seven retail transactions nationwide Chicago-based Syndicated Equities, a real estate investment firm, has closed seven retail transactions totaling $35.5 million. All seven properties were primarily purchased by investors seeking to complete 1031 Exchanges. The seven properties, which are long-term, triple-net leased, are located in Chicago Heights, Ill.; Albuquerque, N.M.; Evanston, Ill.; Carson City, Nev.; Lewiston, Maine; Atlanta; and Ruidoso, N.M. Syndicated Equities was the broker and/or the investor on all transactions. Ranging in size from 10,908 sq. ft. to 101,400 sq. ft., the properties were anchored by Dominick's Finer Foods, Walgreens, Rite-Aid and Eckerds.
Colonial Properties plans new development in Trussville, Ala. Birmingham, Ala.-based Colonial Properties Trust will develop a new 400,000 sq. ft. shopping center in Trussville, Ala., called Colonial Promenade Trussville. The $31 million development, which will be anchored by a Wal-Mart Supercenter and Regal Cinemas, is expected to be completed by early 2000.
Riverfront Development starts work on nation's first catalog mall Breaking ground in more ways than one, the Riverfront Development Corp. of Delaware (RDC) has not only launched construction on its new outlet center in Wilmington, Del., but the center represents the nation's first-ever catalog outlet center. Slated to open in spring 1999, the Shipyard Shops will total 450,000 sq. ft. and will include such catalog retailers as L.L. Bean, Coldwater Creek, Lillian Vernon, Exposures and Smith & Hawken. The new center will be owned by Shipyard LLC, a joint venture between RDC and Pettinaro Construction Co. Inc., the company building the center. Nashville-based TRI-W Corp. originated the concept.
Jamestown Management sells 1.4 million sq. ft. to Kranzco In a sale negotiated by CB Richard Ellis's Atlanta office, Atlanta-based Jamestown Management has sold a portfolio of nine community shopping centers, totaling approximately 1.4 million sq. ft. of GLA, to Kranzco Realty Trust for $85 million. The nine properties are located in Georgia, Florida, Tennessee, Virginia and Ohio. Seven of the centers are anchored by Wal-Mart.
Simon Property Group's latest alliances to deliver additional revenue Trying to squeeze every last penny out of its properties, Indianapolis-based Simon Property Group Inc. has recently formed two strategic alliances: one with Chicago-based U.S. RealTel and one with Paris-based JCDecaux.
U.S. RealTel, the nation's largest landlord of telecom access rights to the telecommunications industry, will negotiate and administer all telecommunication access rights for the Simon properties. By enabling Simon Property to lease portions of its properties to U.S. RealTel, which will then sublease the space to telecommunications providers, this alliance will provide an additional revenue source to Simon Property Group.
In its alliance with JCDecaux, the world's largest street furniture advertising company, Simon Property and the advertising firm will pioneer Simon MallScape 2000, creating a new advertising medium for brand marketers by combining Simon's base of shoppers, who make 2.3 billion visits annually, with JCDecaux's unique place-based advertising. As the exclusive mall advertising vendor for common space areas throughout the Simon portfolio, JCDecaux has exclusive rights to establish advertising structures and sell advertising space in those structures. The advertising structures will be designed by international architects Ricardo Bofill and Sir Norman Foster and U.S. architects Charles Gwathmey, Peter Eisenman and Robert A. M. Stern, and they will blend in with each mall's common area space.