retail news

The Promenade at Bonita Bay opens with Mediterranean flair The Promenade at Bonita Bay, an 85,000 sq. ft. mixed-use complex developed and owned by The Lugert Companies, Naples, Fla., opened in March 1999 in Bonita Springs, Fla. The project's Mediterranean decor features a center courtyard with waterfalls, tropical landscaping and outdoor cafes, and includes retail and Class-A office components. The Promenade's restaurants - D'Amico & Sons, Divino Blu and Houlihans - are featured prominently throughout the complex. Other retailers include Mettlers, Chico's, Ben & Jerry's, Jami's and DuFrane Jewelers.

Simon Property Group to acquire 14 regional malls in New England Indianapolis, Ind.-based Simon Property Group has entered into an agreement to acquire a portfolio of 14 regional malls from Newton, Mass.-based New England Development Company (NED) and assume management from NED's management comp any, Newton, Mass.-based WellsPark Management LLC. July is the expected closing date.

The portfolio includes 10 properties in Massachusetts, including Auburn Mall, Emerald Square and Northshore Mall; The Mall at Rockingham Park and The Mall of New Hampshire both in New Hampshire; and Crystal Mall and Apple Blossom Mall in Connecticut and Virginia, respectively. Approximately 10.6 million sq. ft. of GLA will be added to Simon's portfolio at a purchase price of approximately $1.7 billion.

Simon plans to complete the deal through a joint venture with institutional investors; upon consummation, Simon's ownership of the portfolio will total between 30% to 50%. Simon is in discussions with New York-based JPMorgan Investment Management Inc., as trustee, agent or investment manager for one or more of its institutional investor clients, regarding participation.

PNC closes $100 million financing for northern Virginia property Pittsburgh-based PNC Real Estate Finance has closed a $100 million construction letter-of-credit to finance the development of the 1 million sq. ft. Dulles Town Center Mall in Loudoun County, Va. a Washington, D.C. suburb. The financing was arranged for an affiliate of Rockville, Md.-based Lerner Enterprises and Philadelphia, Pa.-based CIGNA. The project is scheduled to be completed by summer 1999.

Construction financing was closed in February in conjunction with the permanent loan provided by New York-based New York Life and Milwaukee, Wis.-based Northwestern Mutual life. PNC will provide credit enhancement until the construction is completed and occupancy thresholds are achieved.

Regency Realty and Pacific Retail Trust join forces Last month, Jacksonville, Fla.-based Regency Realty completed its merger with Pacific Retail Trust, a Dallas-based real estate investment trust. The combined company will operate under the Regency name. With this merger, Regency's total assets now exceed $2.4 billion. The company owns 200 retail properties totaling more than 23 million sq. ft.

The Plant, a 365,000 sq. ft., $75 million retail/industrial complex, has revitalized a General Motors plant site in Van Nuys, Calif. The former brownfield area is now alive with retail tenants such as Home Depot, Babies "R" Us, OfficeMax, Ross Dress for Less and a 16-screen Mann Theater designed with automotive-factory decor.

Van Nuys Center at the Plant, an adjacent 27-acre manufacturing and industrial area where GM still operates a car-testing facility, includes 600,000 sq. ft., which was part of the original GM site, plus a 200,000 sq. ft. second phase that was developed in 1999 because of an overwhelming demand for more space.

Irvine, Calif.-based Voit Commercial Brokerage and Woodland Hills, Calif.-based Selleck Development Group - owned by actor Tom Selleck and some family members - own, developed and manage the project with Selleck Development's focus on retail clients and Voit Commercial's focus on industrial development.

The city of Los Angeles helped attract tenants to this area by offering numerous tax incentives, while a $4 million grant to improve the area after the 1994 earthquake was obtained by California Senator Richard Alarcon.

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