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Sales and Acquisitions

The Macerich Co., Santa Monica, Calif., has acquired The Village of Corte Madera in Corte Madera, Calif., while one of its subsidiaries is acquiring Carmel Plaza in Carmel, Calif. The combined purchase price of the two centers is $165.5 million. The Village of Corte Madera, a 428,000 sq. ft. regional mall anchored by Nordstrom and Macy's, was sold by a partnership, a group of pension funds and two individuals. Carmel Plaza, a 115,000 sq. ft. center that features such tenants as Ann Taylor, Talbots, The Sharper Image and Louis Vuitton, was sold by Carmel Land Co. LLC and Carmel Plaza Associates LLC.

Chicago-based City Center Retail Trust, a private REIT owned by European-based Security Capital U.S. Realty, has acquired CocoWalk, an open-air, urban retail/entertainment center in Miami's Coconut Grove district. Paris-based Constructa Inc. sold the property for an undisclosed amount. The 186,000 sq. ft. complex features such tenants as AMC Theatres, Gap, The Cheesecake Factory and Banana Republic.

The Weitzman Group, Dallas, recently handled two negotiations.

- Fort Worth, Texas-based Winn-Dixie Texas Inc. has purchased 6.5 acres of retail development land in Grapevine, Texas, for an undisclosed amount from Vineyard Marketplace LP. The company is planning a Winn-Dixie Marketplace-anchored center called Vineyard Marketplace.

- Dallas-based Cencor Acquisition Co. Inc. has purchased 9.9 acres of development land in Plano, Texas, for an undisclosed amount from NationsBank Trustee. Cencor has a grocery-anchored community center planned for the site.

Jenkintown, Pa.-based Goodman Properties has acquired Pathmark Shopping Center in Willow Grove, Pa., for an undisclosed amount from Woodbridge, N.J.-based Pathmark, a supermarket chain. The 106,287 sq. ft. center is anchored by Ross Dress for Less. Mount Laurel, N.J.-based Metro Commercial Real Estate Inc. negotiated the transaction.

Boulder, Colo.-based Emerald Investments VIII has acquired West Highland Shopping Center in Phoenix for $5.39 million from Cornerstone Investment Cos., Phoenix. The 125,000 sq. ft. center is anchored by Southwest Supermarkets, Walgreens and Hancock Fabrics. The Phoenix office of Los Angeles-based CB Richard Ellis negotiated the transaction.

Atlanta-based Lend Lease Real Estate Investments Inc. has acquired Deerbrook Shopping Center in Deerfield, Ill., on behalf of one of its public pension fund clients for an undisclosed amount. The sellers were Deerbrook LLC and Deerbrook III LLC, both of Northfield, Ill. The 584,597 sq. ft. power center is anchored by OfficeMax, T.J. Maxx, Sportmart, Jewel Osco, Best Buy, Blockbuster Video, General Cinema Theatres and Bed, Bath & Beyond.

Chicago-based Landau & Heyman has acquired five malls in Iowa for $75 million from Teacher's Insurance and Annuity Association and The Rouse Cos., Columbia, Md.:

- North Grand Mall, a 351,000 sq. ft. enclosed regional mall anchored by Sears, JCPenney, Younkers and North Grand Cinema, in Ames;

- Westland Mall, a 340,500 sq. ft. enclosed regional mall anchored by JCPenney, Younkers and McGregor's Furniture Store, in West Burlington;

- College Square Mall, a 563,000 sq. ft. enclosed regional mall anchored by Von Maur, Younkers, Wal-Mart and College Square Cinema, in Cedar Falls;

- Marshall Town Center, a 342,300 sq. ft. center anchored by Younkers, JCPenney, Menard's, Heilig-Meyers, Stage and Fridley Theaters, in Marshalltown; and

- Muscatine Mall, a 346,700 sq. ft. center anchored by JCPenney and Menard's Hardware Plus, in Muscatine.

Landau & Heyman will manage and lease the centers.

Calabasas Hills, Calif.-based Westrust has acquired Stockdale Village Shopping Center in Bakersfield, Calif., for $11 million from Milwaukee-based Northwestern Mutual Life Insurance Co. The 127,480 sq. ft. center is anchored by Longs Drug Store, Olcotts and Office Depot. Westrust plans to spend more than $2 million to renovate the shopping center. The Bakersfield office of Los Angeles-based CB Richard Ellis represented both buyer and seller in this transaction.

Coral Gables, Fla.-based Fort Mill Outlet Marketplace Investors LLC has acquired Outlet Marketplace in Fort Mill, S.C., for $3.5 million from Hartford, Conn.-based Aetna Life Insurance Co. The 135,767 sq. ft. enclosed center is anchored by Hamrick's. Charlotte-based Berkeley Capital Advisors arranged the transaction.

Costa Mesa, Calif.-based Arnel Retail Group has acquired a 12.2-acre parcel in Torrance, Calif., for $5.5 million from Australian-based Pasminco. The company plans to build an Eagle Hardware & Garden on the site. The Klabin Co., Los Angeles, represented the seller, while Los Angeles-based CB Richard Ellis represented the buyer.

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