Fort Worth, Texas-based Westwood Contractors Inc. has announced its intent to merge the construction group employees of Arlington, Texas-based PDMS Inc. into Westwood. The merger will allow PDMS to concentrate on the growth of its architectural/ engineering and purchasing/distribution groups, while providing Westwood the capacity to meet the construction needs of its national clientele.
Anaheim, Calif.-based SunCal Cos. has acquired a 270-acre infill site in Fullerton, Calif., for approximately $60 million from Raytheon Corp. SunCal plans call for a master-planned community that would feature up to 1,350 homes and a 70-acre mixed-use retail/commercial/office center. Construction on the commercial sites is set to commence in early 2000.
Houston-based Weingarten Realty Investors has acquired leasehold interests in two Las Vegas shopping centers for an undisclosed amount. The interests were leased from College Park Realty Co., a California-based company. The acquisition includes Francisco Center, a 115,500 sq. ft. center anchored by Vons and Sav-On Drugs, and College Park Center, a 164,000 sq. ft. center anchored by Lucky's Supermarket, Sav-On Drugs, Millers Outpost and Family Bargain Center.
Chattanooga, Tenn.-based CBL & Associates Properties Inc. and Birmingham, Ala.-based Colonial Properties Trust have joined forces to acquire and redevelop Parkway City Mall in Huntsville, Ala. The mall, which is currently anchored by Parisian and McRae's, was acquired from Huntsville Mall Associates for $8.2 million. The first step in the redevelopment is renaming the center Parkway Place. Completion is set for fall 2001. In the arrangement, CBL will handle the development and management of the property, while Colonial will handle leasing. Both companies retain a 50% ownership interest in the mall.
Los Angeles-based CB Richard Ellis arranged two recent transactions:
- Kansas City, Mo.-based IAS Partners acquired Blue Ridge regional mall, also in Kansas City, from Blue Ridge Center Limited Partnership, based in Delaware. The 946,445 sq. ft. center is anchored by Jones Store, JCPenney and Montgomery Ward. The sale price was undisclosed.
- Boston-based TA Realty Corp. acquired Grove Shopping Center in Buffalo Grove, Ill., from a real estate advisory firm. The 117,367 sq. ft. center is anchored by Jewel/Osco and Walgreens. The sale price was undisclosed.
The Macerich Partnership LP, Santa Monica, Calif., and the Ontario Teachers' Pension Plan Board have reached an agreement to acquire a portfolio of four centers for approximately $600 million. Seattle-based Safeco Corp. is selling the centers, which include: Washington Square Mall in Tigard, Ore.; Kitsap Mall in Silverdale, Wash.; Cascade Mall in Burlington, Wash.; and Redmond Town Center in Redmond, Wash. The four centers total approximately 4.1 million sq. ft. The transaction is expected to be completed through a series of closings occurring during the first and second quarters of 1999.
Chicago-based U.S. Equities Investment Services has secured $25 million in financing to build Stony Island Plaza on Chicago's south side. The financing includes a $12 million HUD-sponsored Community Development Block Grant construction loan and $7.3 million in additional construction financing from Chicago-based LaSalle National Bank. LaSalle is also providing $12.7 million in credit enhancements and, once construction is completed, a $20 million permanent loan takeout. U.S. Equities is acting as developer, leasing agent and management agent for the project.
New York-based Sonnenblick-Goldman Co. has arranged a $19 million construction/permanent loan for the Bridgemarket complex in Manhattan on behalf of Bridgemarket Associates LP. Upon completion, the 100,000 sq. ft. center will comprise a restaurant and a homefurnishings store, both of which are owned by Sir Terence Conran of London, as well as a Food Emporium supermarket. Bridgemarket Associates LP is an affiliate of Las Vegas-based Gordon Group Holdings Ltd.
Philadelphia-based Legg Mason Real Estate Services has arranged a $14.5 million first mortgage on behalf of a public pension fund client for New Britain Village Square in Chalfont, Pa. The neighborhood center will contain 143,741 sq. ft. upon completion of a 13,750 sq. ft. addition. Genuardi's Family Market, Hollywood Video, CVS, McDonald's and First Union Bank anchor the center.
Dallas-based Robert Young Associates (RYA) has been selected by Mexico City-based El Puerto de Liverpool S.A. de C.V. to handle design work for the expansion of two of the company's existing department stores and to build a new store, all in the Mexico City area. All three stores are slated for a fall 1999 completion. The Insurgentes and Villahermosa stores are undergoing renovation and expansion, while the new Liverpool store in Mazatlan will be located at Gallerias Poniete/Centro Commercial. RYA has also been retained to remodel and expand the Mazatlan location of Fabricas de Francia, another Liverpool division.
Newport Beach, Calif.-based Perkowitz + Ruth architects inc. (P+R) has been named design architect for four Edwards Theatres megaplexes. Part of the continuing expansion of Newport Beach-based Edwards Theatres Circuit Inc., the megaplexes will become centerpieces at entertainment/retail centers in Richmond, Va.; Salt Lake City; South Gate, Calif.; and suburban Washington, D.C. With ornate lobbies and themed mosaics and murals, the theaters' design will recall grand movie palaces of the past.
New York-based Robert K. Futterman & Associates has been appointed exclusive leasing agent of Brooklyn Commons, a 400,000 sq. ft. retail power center to be developed in Brooklyn by Millennium Partners, also of New York. The $90 million project will be anchored by a 22-screen Loews Theatres and will contain retail, restaurant and entertainment areas. Completion is set for mid-year 2000.
New York-based Barnes & Noble has agreed to purchase Ingram Book Group, a privately held subsidiary of Nashville, Tenn.-based Ingram Industries Inc. The acquisition price is $600 million, with $200 million paid in cash, the remainder in stock. Ingram Book Group includes several divisions. The transaction will strengthen Barnes & Noble's distribution network through 11 strategically located centers, allowing more than 80% of customers in available areas to receive overnight deliveries. John R. Ingram, chairman of Ingram Book Group, will continue to serve in that role and will become a member and serve as vice chairman of Barnes & Noble's board of directors.
Cambridge, Mass.-based Sumner Schein Architects & Engineers Inc. has been selected to design Gateway Shopping Center in Everett, Mass., by the center's developers, Miami-based Rosen Development Associates and Developers Diversified Realty Corp. of Cleveland. Construction of the 630,000 sq. ft. mall is set to begin this spring and is expected to be completed by 2000.
The Somerset, N.J., office of Turner Construction, a wholly owned subsidiary of The Turner Corp., New York, has been awarded a $21 million contract to construct Columbia Park Center. The 325,000 sq. ft. center is owned by Brooklyn, N.Y.-based FC/Treeco Columbia Park Associates LLC. Tenants such as Circuit City, Staples and Old Navy Clothing Co. have already committed to the project. Turner faces several challenges, including a rocky site and the construction of a 30-foot-tall, 1,000-foot-long retaining wall. Completion is set for October 1999.
New York-based Excess Space Disposition has disposed of a number of properties. Properties include Kmart in Edinburg, Texas; Payless Shoe Source in Brooklyn, N.Y., and San Ysidro, Calif.; Eckerd in Panama City Beach, Fla., Orange Park, Fla., Panama City, Fla., Rockwall, Texas, and Palm Harbor, Fla.; Kinko's in Orange Park, Fla.; Winn-Dixie in Haltom City, Texas, and Alpharetta, Ga.; CVS in Johnson City, N.Y., Columbiana, Ala., and Dothan, Ala.; Heilig-Meyers in Blytheville, Ark.; and CSK Auto in Hastings, Neb. These properties have been subleased or sold to other retailers and service companies.