Mergers & acquisitions New York-based Banyan Associates Inc. has merged with New York-based Ripco Real Estate Corp. The new company will operate as Ripco Real Estate Corp. and will offer full-service, real estate advisory and brokerage services. Ripco will remain based in New York and will have affiliate offices in Washington, D.C., Baltimore and Philadelphia. Jeffrey Scott Cohen, founder of Banyan, will serve as partner for Ripco.
Financing awards Dallas-based Retail & Restaurant Growth Capital L.P. (RRGC) has made financial commitments to two Dallas-based restaurant companies: FoodStar Restaurant Group Inc. and TX C. C. Inc. FoodStar Restaurant Group Inc. has received $1 million from RRGC and an equity commitment for an undisclosed sum from Dallas-based Hunt Capital Group L.L.C. The funds will be used to open Mediterraneo and Toscana restaurant locations. Under the terms of the agreement, Joseph L. Harberg, general partner for RRGC, will serve on FoodStar's board of directors.
In addition, TX C. C. Inc. will receive $1.4 million from RRGC to open four new Texas Land & Cattle Steak House locations. The company has signed leases to open stores in Arlington and Austin, Texas, and Albuquerque, N.M.
Walpole Center Associates, Walpole, Mass., has received $17 million from a New York-based investment bank for Walpole Mall in Walpole. The lender provided an initial loan of $9.6 million for renovation and an earnout based upon renovation and leasing of the center. The 281,860 sq. ft. community shopping center is anchored by Bradlees. The transaction was brokered by New York-based Ackman-Ziff Real Estate Group L.L.C.
Westcer Partners L.L.C., an entity formed by Calabasas Hills, Calif.-based Westrust and New York-based Nomura Asset Capital Corp., has received $20 million to acquire and reposition College Square, a 172,000 sq. ft. neighborhood shopping center in Cerritos, Calif. The Home Depot-anchored center is undergoing a two-phase renovation that includes the demolition of a movie theater to accommodate a build-to-suit exercise facility and 30,000 sq. ft. of inline space. Nomura has provided the short-term, floating rate loan.
Baltimore-based Prime Retail Inc. gets a cash infusion through a purchase agreement with an institutional investor. The agreement calls for Prime Retail to issue a series of cumulative, convertible, non-voting preferred securities in exchange for an aggregate $60 million. Proceeds will be used to fund Prime Retail's continued acquisition and development programs.
The convertible, preferred equity securities will be issued at $13.75 per unit. An initial $10 million of proceeds were drawn in September; however, the balance of the proceeds may be drawn through Dec. 6.
Chicago-based Heller Financial Inc. has provided $7.8 million in acquisition debt and equity financing to Miami-based Gulfside Development for Marketfair shopping center in Fayetteville, N.C. The 277,284 sq. ft. center is anchored by Sam's Club, Hamrick's and Phar-Mor. The transaction was arranged by Miami-based Aztec Group Inc.
Vienna, Va.-based Washington Mortgage has provided a $6.6 million loan to Bethesda, Md.-based K&G Enterprises to refinance Nicholson Plaza in Rockville, Va. The 102,422 sq. ft., mixed-use complex is anchored by American Health Store, Boat America and Planet Fitness.
Sales & acquisitions Baltimore-based Partners Management has sold Parkway Crossing in Baltimore County, Md., to Morristown, N.J.-based LaMar Co. for an undisclosed sum. The 268,000 sq. ft. shopping center is anchored by Caldor and Super Fresh. The transaction was arranged by Towson, Md.-based KLNB Inc.
Los Angeles-based Westfield America Inc. has entered into an agreement with Chicago-based General Growth Properties to acquire a 50 percent interest in Meriden Square in Meriden, Conn. The $54.5 million transaction was funded from Westfield's $600 million unsecured bank line of credit, established in conjunction with its public listing in May of this year. The two-level, 746,695 sq. ft. shopping center is anchored by Filene's, JCPenney and Sears.
Bethesda, Md.-based First Washington Realty Trust Inc. has acquired Mitchellville Plaza in Prince George's County, Md., from Baltimore-based Enterprise Associates for $19 million. Consideration is being paid in a combination of cash, the assumption of existing mortgage financing and the issuance of equity units in First Washington. The 155,000 sq. ft. shopping center is anchored by Food Lion.
Florham Park, N.J.-based Gale & Wentworth Inc. has sold Princeton Forrestal Village in Princeton, N.J., to New York-based Credit Suisse First Boston's Praedium Opportunity Fund II L.P. Gale & Wentworth will continue to lease and manage the 420,000 sq. ft., mixed-use project, which features WestPoint Pepperell, Corning Revere, Dansk and Casual Corner Outlet.
Fort Wayne, Ind.-based Equity Investment Group L.L.C. has acquired Points West Plaza in Brockton, Mass., from Springfield, Mass.-based West Plaza L.P. for $5.1 million. Equity will lease and manage the 144,042 sq. ft. shopping center, which is anchored by Home Goods, Chadwicks and Eye World.
Carlsbad, Calif.-based GMS Realty L.L.C. has acquired Hawthorne Center in San Diego from Los Angeles-based Oaktree Capital Management Co. for an undisclosed price. The 140,000 sq. ft. community center is anchored by Computer City, Starbucks Coffee and Yaohan Market. GMS Realty was formed in 1996 by Morgan Stanley Real Estate Fund L.P. II and Gerrity Investments L.L.C.
Management contracts Chicago-based Hiffman Shaffer Associates Inc. has been appointed management and leasing agent for Zion Shopping Center in Zion, Ill., by Horsham, Pa.-based GMAC Commercial Mortgage. The 190,000 sq. ft. center is anchored by Kmart and Piggly Wiggly.
Dallas-based Insignia Retail Group Inc. has been awarded the leasing and management contract for Maple Hill Mall in Kalamazoo, Mich., by Stamford, Conn.-based GE Capital. The 662,000 sq. ft. mall, which is 65 percent leased, features Montgomery Ward, Stekettees, Target, Foot Locker and The Limited.
Tucson, Ariz.-based LK Management Ltd. has been awarded the management contract for Midvale Park Shopping Center in Tucson, by Jeff Seguin, Aspen, Colo. The 130,000 sq. ft. shopping center is anchored by ABCO, Burger King, Bank Of America and Wells Fargo.
Chicago-based Tanguay-Burke-Stratton L.L.C has been awarded leasing and/or management assignments for 10 Illinois shopping centers:
* Mallard Creek (143,759 sq. ft.) in Round Lake Beach; The Oaks (135,030 sq. ft.) in Des Plaines; McHenry Commons (100,526 sq. ft.); Pheasant Hill (111,190 sq. ft.) in Bolingbrook; Stonebrook Plaza (95,825 sq. ft.) in Chicago; and Riverside Square and River's Edge (169,435 sq. ft.), a two-phase development in Chicago. The company will lease and manage all six centers, which are owned by Bethesda, Md.-based First Washington Realty Trust.
* Marketplace At Six Corners (123,600 sq. ft.) in Chicago. Tanguay-Burke-Stratton will manage the center, which is owned by Highland Park, Ill.-based Tucker Development Corp.
* Liberty Mill Plaza (103,700 sq. ft.) and Cambridge Plaza (48,000 sq. ft.), both in Libertyville, and Carillon Court (25,000 sq. ft.) in Romeoville. The company will lease the centers, which are owned by The Cambridge Cos., Libertyville.
Other transactions Dallas-based Staubach Retail Services and The Buxton Co., Fort Worth, Texas, have formed a strategic alliance whereby Buxton's site selection and technology services will be available to Staubach's retail clients. "Our new alliance with The Buxton Co. expands the depth of research we can provide our clients," says Scott Riddles, executive vice president and chief operating officer for Staubach.
New York-based Cambridge Security Services Inc. was retained by New York-based Woolworth Corp. to provide security for 61 stores during the chain's inventory liquidation. Eighty guards deterred both internal and external theft and maintained order during liquidation sales. The 10-week contract, which began Aug. 4, covered New York City stores.
Minneapolis-based Madison Marquette Realty Services has awarded Venice, Calif.-based Macy + Associates the branding assignment for Gardens on El Paseo in Palm Desert, Calif. Macy + Associates will be responsible for graphic design, collateral, direct mail, advertising, special events and public relations for the 200,000 sq. ft., upscale development.
King Of Prussia, Pa.-based Kravco Co. and Philadelphia-based Colliers Lanard & Axilbund have formed a strategic alliance to pursue new business. The association of Kravco and Colliers Lanard will "give Kravco the opportunity to pursue other avenues for growth and development by performing services in virtually any city throughout the United States because of Lanard & Axibund's membership in Colliers International," says Lewis I. Gantman, president for Kravco.
In September 1997, the initial location for Accessories of Benetton Sportsystem A Tricaffe was misidentified in "Store Fronts." The store is scheduled to open next month at NorthPort Marketplace in Fort Lauderdale, Fla.
In "California, Here It Comes," Panorama Mall, owned by The Macerich Co., Santa Monica, Calif., was incorrectly named as the home of Food 4 Less, Pep Boys and Sav-On Drugs. The retailers are tenants at neighboring Panorama Plaza.
Also in "California, Here It Comes," the base city for Madison Marquette was misidentified. The company is based in Cincinnati, and can be reached at 7 West Seventh St., Cincinnati, Ohio 45202; (513) 579-7800.
In "Development Digest," the groundbreaking for Renaissance Place in Highland Park, Ill., was misstated in a photo caption. The project, a development by Chicago-based Heitman Retail Properties (in partnership with Highland Park-based Lake Shore Development Corp.), is set to break ground next spring.
Shopping Center World regrets the errors.