The Capital Markets Group division of Boston-based Berkshire Mortgage Finance has provided $3.69 million in refinancing to Dallas-based Churchill Capital Co. L.L.C., for Plaza 303 Shopping Center in Grand Prairie, Texas. The 15-year loan carries a rate of 9.32 percent and amortizes over 25 years with a loan to value of 71 percent. The 118,194 sq. ft. shopping center, which is 98 percent leased, is anchored by Kroger.
New York-based Citicorp Securities Inc. has provided $4.89 million in fixed-rate financing to Phoenix-based Willow Creek Shopping Center L.L.C., for Willow Creek Shopping Center in Prescott, Ariz. The 164,287 sq. ft. shopping center is anchored by Safeway and Kmart. The transaction was brokered by Houston-based L.J. Melody & Co.
Horsham, Pa.-based GMAC Commercial Mortgage has provided $18.5 million in financing for Penn Mar Shopping Center in Forestville, Md. Owned by Penn Mar L.L.C., a joint venture between Los Angeles-based CAP II Foreclosure Corp. and Vienna, Va.-based Rappaport Management Co., the 374,000 sq. ft. shopping center is anchored by Super Fresh grocery store and Burlington Coat Factory.
Munich, Germany-based Kan Am has joined The Mills Corp., Arlington, Va., and Wood-Ridge, N.J.-based Empire Ltd. as an equity partner in Meadowlands Mills. Under the terms of the agreement, Kan Am will provide two-thirds of the pre-development and project equity in return for one-third ownership. The 2.1 million sq. ft., superregional value retail/entertainment development will open in Carlstadt, N.J., in 2000. It will include retailers Off Fifth -- Saks Fifth Avenue, Sports Authority, Burlington Coat Factory, and Bed Bath & Beyond.
Boston-based CS First Boston has provided $12.3 million in refinancing to Foothills Shopping Center L.L.C. for Foothills Park Place in Phoenix. The three-year-old, 127,000 sq. ft., neighborhood shopping center is anchored by Albertsons and Kmart. The transaction was arranged by Irvine, Calif.-based Belgravia Capital Corp.
The Northland/Lehman Commercial Mortgage Finance Program, a joint venture between Minneapolis-based Northland Financial Co. and New York-based Lehman Brothers, has provided $6.6 million permanent financing for Gateway Plaza in Aurora, Colo. Owned by Gateway Plaza Associates L.P., an affiliate of Dallas-based Trammell Crow Co., the 101,048 sq. ft. shopping center includes Ross Dress For Less, Hollywood Video and Country Buffet. The transaction was arranged by the Denver regional office of Northland Financial Co.
Butler L.P., an affiliate of The Balcor Co., Bannockburn, Ill., has sold Butler Plaza in Casselberry, Fla., for $5.2 million. Purchased by The Sterling Cos., West Palm Beach, Fla., the 226,398 sq. ft. center is anchored by Publix. The transaction was arranged by Miami-based Aztec Group Inc.
Houston-based CenterAmerica Property Trust has acquired Silver Hills Shopping Center in Orlando, Fla., from Newport Beach, Calif.-based T.R. Brell for an undisclosed sum. The 101,804 sq. ft. shopping center, which was renovated and expanded in 1995, is anchored by Winn-Dixie. The purchase marks CenterAmerica's first acquisition outside Texas. The transaction was negotiated by Los Angeles-based CB Commercial Real Estate Group Inc.Houston-bas ed Weingarten Realty Investors has acquired two shopping centers. West State Plaza in Kansas City, Kan., was purchased from Newark, N.J.-based MBL Life Assurance Corp. for $1.6 million. The 93,973 sq. ft. shopping center, which is 69 percent leased, is anchored by Big Lots and Westlake Hardware. Desert Square Shopping Center in Tucson, Ariz., was sold by Vancouver, British Columbia-based Canica Properties Inc. for $4.6 million. Anchors of the 100,412 sq. ft. shopping center, which is 97 percent leased, include Safeway, Wells Fargo, Auto Zone and Salvation Army.
Walnut Creek, Calif.-based Pacific Retail Trust has acquired Heritage Plaza in Irvine, Calif., from Chicago-based Ameritech for an undisclosed sum. Anchors for the 236,000 sq. ft. neighborhood shopping center include Ralph's supermarket, Sav-On-Drugs and Ace Hardware.
Virginia Beach, Va.-based Divaris Real Estate Inc. has sold Newmarket Fair Mall in Hampton, Va., to U.S. Land Management Corp., Virginia Beach, for an undisclosed price. The 875,000 sq. ft., enclosed mall was recently expanded and reconfigured to create Net Park, a 1 million sq. ft. educational/office/retail commercial center. Divaris Real Estate Inc. will handle leasing, and Divaris Property Management Corp. will manage the project.
Boston-based Cen Mass L.P. has sold Southbridge Fair in Southbridge, Mass., for $6.78 million. Blue Properties Inc., Westhaven, Conn., purchased the center, which was renovated last year. The 113,000 sq. ft., neighborhood shopping center is anchored by Big Y Superstore.
Chattanooga, Tenn.-based Provident Life Insurance Co. has sold South Forks Plaza in Grand Forks, N.D., to Denver-based J. Herzog & Sons for $2.5 million. The 258,000 sq. ft., regional shopping center is anchored by Sears and Kmart. The transaction was brokered by Minneapolis-based United Properties.
Chicago-based General Growth Properties has acquired a 50 percent ownership interest in Town East Mall shopping center in Mesquite, Texas. The purchase was made from San Francisco-based Atlantic Freeholds II for an aggregate consideration of approximately $56.5 million, consisting of $28.5 million in cash and the assumption of approximately $28 million of debt. The 1.2 million sq. ft., two-level, enclosed mall is anchored by Dillard's, Foley's, Sears and JCPenney. General Growth Management Inc. will continue to manage the center.
Management responsibilities have been awarded to San Francisco-based Jarvis & Associates by Newport Beach, Calif.-based Koll Investment Management for The Shops At Blackhawk in Danville, Calif. The 205,000 sq. ft. shopping center, which is currently being renovated, is anchored by Saks Fifth Avenue.
Management contracts have been awarded to The Sembler Co., St. Petersburg, Fla., by Ann Arbor, Mich.-based McKinley Commercial Inc. for two Florida shopping centers: Citrus Center in Inverness and Village Marketplace in Port Charlotte. The 141,928 sq. ft. Citrus Center is anchored by Wal-Mart, Winn-Dixie and Litchfield Theaters. The 179,399 sq. ft. Village Marketplace includes tenants such as Winn-Dixie, Staples, Books-A-Million, Big Lots and Beall's Outlet.
The Parthenon Group, Atlanta, and Naples, Fla.-based Dalton, Greiner, Hartman, Maher & Co. (DGHM) have formed an investment management and research alliance devoted primarily to the REIT market. The combined company will operate as DGHM-Parthenon, with offices in Atlanta, Naples and New York.
Rockaway, N.J.-based Party City has retained Miami-based Terranova Corp. as its exclusive Palm Beach County, Fla., tenant representative. Terranova will scout neighborhood shopping centers for freestanding or end-cap sites ranging in size from 10,000 sq. ft. to 12,000 sq. ft.
Baum Realty Group Inc., Chicago, has been selected exclusive leasing agent by Ventura, Calif.-based Kinko's Copies. Baum will assist with Kinko's expansion in the Chicago metropolitan area, where the company is expected to open 12 stores by the end of this year.
Bensenville, Ill.-based Factory Card Outlet Corp. has retained Bloomington, Minn.-based United Properties as its exclusive tenant representative in the Minneapolis/St. Paul market. United Properties will work in conjunction with Chicago-based Katz & Associates to scout suburban power centers for sites (typically 13,000 sq. ft.). Factory Card Outlet Corp. plans to open approximately 10 stores in Minnesota within the next 12 months.
Mark K. Rosenfield, former chairman and chief executive officer of Jackson, Mich.-based Jacobson Stores Inc. and Peter H. Monroe, former president of the specialty development division of The Sembler Co., St. Petersburg, Fla., have joined forces to form Wilherst Developers Inc. The St. Petersburg-based retail development company will develop, purchase and broker shopping centers and office buildings.