Retail Traffic


SALES & ACQUISITIONS * Columbus, Ohio-based Glimcher Properties has acquired University Mall in Tampa, Fla., for $121 million. Sold by Chicago-based Heitman Capital Management on behalf of its pension clients, the 1.3 million sq. ft., enclosed superregional mall is anchored by a 16-screen Cobb Theater complex, JCPenney, Sears, Montgomery Ward and Burdines. The transaction was arranged by Los Angeles-based CB Commercial Real Estate Group Inc.

* Johnstown, Pa.-based Zamias Services Inc. has acquired the 10-mall portfolio of New York-based Metro-politan Life Insurance Co. for an undisclosed sum. The properties include: Beechmont Mall (595,476 sq. ft.) in Cincinnati; Belle Promenade Mall (594,317 sq. ft.) in Marrero, La.; Brickyard Mall (878,350 sq. ft.) in Chicago; Cranberry Mall (404,958 sq. ft.) in Cranberry, Pa.; Euclid Square Mall (632,047 sq. ft.) in Euclid, Ohio; Mercer Mall (659,702 sq. ft.) in Bluefield, W.Va.; Orange Blossom Mall (423,056 sq. ft.) in Fort Pierce, Fla.; Palisades Shopping Center (289,936 sq. ft.) in Birmingham, Ala.; Port Plaza Mall (903,081 sq. ft.) in Green Bay, Wis.; and Rhode Island Mall (531,982 sq. ft.) in Warwick, R.I. The transaction was arranged by Los Angeles-based CB Commercial Investment Properties Group.

* Chattanooga, Tenn.-based CBL & Associates Properties Inc. has acquired Asheville Mall in Asheville, N.C., from Asheville-based R.L. Coleman & Co. for $65 million. The 820,044 sq. ft. regional mall, which is 98 percent leased, is anchored by Belk, Dillard's, JCPenney, Montgomery Ward and Sears.

* Southfield, Mich.-based Ramco-Gershenson Properties Trust has acquired Village Lakes in Land O'Lakes, Fla., from Greenwich, Conn.-based National RE/sources Village Lakes L.P. for $8.6 million. The 186,476 sq. ft. community center includes Wal-Mart, Cash & Carry, and Walgreens.

* Irvine, Calif.-based MBK Real Estate Ltd. has acquired two shopping centers in Tukwila, Wash., from New York-based ERE Yarmouth for $61 million. Parkway Plaza (650,000 sq. ft.) and Pavilion Mall (200,578 sq. ft.) will be redeveloped this fall to create Parkway SuperCenter, a 600,000 sq. ft. retail and entertainment complex. When completed, the project will feature CompUSA, Ross Dress For Less, Michael's, Drug Emporium, Ethan Allen, a 12-screen Act III theater complex and Crown Books Superstore.

In addition, MBK Northwest, a division of MBK Real Estate Ltd., has sold Meridian Village in Bellingham, Wash., to San Diego-based Burnham Pacific Properties for $20.7 million. The 206,000 sq. ft. shopping center is anchored by Circuit City and Payless Drugs. A 105,000 sq. ft. Home Depot store also is under construction at the center.

* Chicago-based Mansur & Co. and Tulsa, Okla.-based PTM Development Co. have acquired The Fashion Mall Complex in Plantation, Fla. Sold by a joint venture between Indianapolis-based Simon Management Group, New York-based O'Connor Realty Advisors and The State of Connecticut Trust Funds, Hartford, Conn., for $68 million, the mixed-use project contains retail, office and hotel GLA. The 660,000 sq. ft. retail component is anchored by Macy's and Lord & Taylor. An expansion is planned that will include the addition of entertainment tenants. The project will be managed by an affiliate of Indianapolis-based Simon DeBartolo Group.

* Charlotte, N.C.-based Faison has acquired Boca Valley Plaza in Boca Raton, Fla., from Memphis, Tenn.-based Provident Life & Accident Insurance Co. for $10.7 million. The 121,000 sq. ft. shopping center, which is 85 percent leased, is anchored by Publix, Walgreens and Blockbuster Video.

* Indianapolis-based Simon DeBartolo Group Inc. has acquired The Fashion Mall at Keystone at the Crossing and Keystone Shoppes in Indianapolis for $64.9 million. Sold by a pension fund advised by Boston-based AMRESCO Advisors Inc., the properties total 681,000 sq. ft. of GLA and include Parisian, Jacobson's, Williams-Sonoma, Eddie Bauer and AnnTaylor.

Simon DeBartolo also has acquired Cordova Mall in Pensacola, Fla., from Pensacola-based Robert B. Aikens & Associates L.L.C. for an undisclosed amount. The 874,000 sq. ft., enclosed regional mall is anchored by Dillard's, Parisian, Gayfers and Montgomery Ward.

In addition, the company has acquired the remaining 30 percent ownership interest in Virginia Center Commons in Richmond, Va., from Charlotte, N.C.-based Faison for an unnamed sum. The 788,000 sq. ft. regional mall is anchored by Dillard's, JCPenney, Sears, Hecht's and Belk.

* Vista, Calif.-based Pan Pacific Retail Properties Inc. has acquired Tustin Heights Center in Tustin, Calif., for $14.7 million from The RREEF Cos., Chicago. The 132,000 sq. ft. neighborhood center, which is 91 percent leased, is anchored by Ralphs supermarket, Longs Drugs and Michael's.

* TriState Joint Venture, a joint venture partnership comprising an affiliate of Teachers Insurance and Annuity Association and an affiliate of The Rouse Co., Columbia, Md., has sold two shopping centers. The first center, The Citadel in Colorado Springs, Colo., was acquired by a subsidiary of The Macerich Co., Santa Monica, Calif., for $108 million. The 1 million sq. ft. superregional mall is anchored by Foley's, JCPenney, Dillard's and Mervyn's. The transaction was arranged by New York-based Rockwood Realty Associates L.L.C. The second center, Salem Center in Salem Ore., was acquired by Salt Lake City-based JP Realty Inc. for $32.5 million. The 650,000 sq. ft. shopping center is anchored by Nordstrom, Mervyn's, Meier & Frank, and JCPenney.

* Lutherville, Md.-based Mid-Atlantic Realty Trust (MART) has purchased a 67 percent partnership interest in Arundel Plaza from the Cooper family, Arlington, Va., and the Straus family, Philadelphia, for $6.7 million. The transaction was funded with MART's acquisition and development line of credit. The 290,000 sq. ft. shopping center is anchored by Giant Food. A 165,000 sq. ft. Lowe's Home Center store will be completed in November.

* San Diego-based Burnham Pacific Properties Inc. has acquired the 2.6 million sq. ft. retail portfolio of Golden State Properties, a private investment partnership between Los Angeles-based Highridge Partners and New York-based Blackacre Capital Group L.P. The portfolio contains 20 California grocery store-anchored community centers. The $302.4 million transaction, which closed Jan. 5, brings Burnham Pacific's total assets to 8.2 million sq. ft. New York-based Nomura Asset Capital Corp. provided financing for the transaction.

* San Jose, Calif.-based DivcoWest Properties has acquired Fig Garden Village in Fresno from Fresno, Calif.-based Fig Garden Village Inc. and the Allen L. Funch Jr. Living Trust for $20 million. The 213,772 sq. ft. specialty center, which is 98 percent leased, includes Gottschalks, Talbots and Starbucks Coffee.

FINANCING AWARDS * New York-based Donaldson Lufkin Jenrette has provided $18.2 million to Charles E. Robbins, Springfield, Ill., for phases I and II of Southwest Plaza in Springfield. The 225,889 sq. ft. shopping center features Barnes & Noble, Michael's, Best Buy, and Pitney Bowes. The transaction was negotiated by Chicago-based Dwinn-Shaffer & Co.

* Dallas-based Holliday Fenoglio L.P. has brokered the following two financial transactions on behalf of Beverly Hills, Calif.-based FSC Realty. In Austin, Texas, New York-based Merrill Lynch Mortgage Capital Inc. has provided $5.1 million in fixed-rate financing for The Village Shopping Center, a 139,942 sq. ft., unanchored neighborhood center. In Carson City, Nev., First Union Capital Markets, Charlotte, N.C., provided $4.6 million for Plaza 50. The 120,346 sq. ft. neighborhood center features Scolari's Market, Coast to Coast Hardware, Supercuts and Red Wing Shoes.

* Stamford, Conn.-based GE Capital has provided $10.5 million in permanent, fixed-rate financing to Dallas-based SC Cos. Inc. for Lincoln Village in Austin, Texas. The 178,700 sq. ft. shopping center includes Lincoln Presidio Theaters, Bookstop, Men's Wearhouse and Carrabba's Italian Grill. Houston-based L.J. Melody & Co. arranged the transaction.

* Charlotte, N.C.-based Nationsbanc Mortgage Capital has provided $20 million in permanent financing to Henderson, N.C.-based Barnett Properties Inc. for three shopping centers: Salisbury Mall (291,175 sq. ft.) in Salisbury, N.C.; Berne Square (178,292 sq. ft.) in New Bern, N.C.; and Satilla Square (117,212 sq. ft.) in Waycross, Ga.

Salisbury Mall is anchored by Belk, JCPenney, Consolidated Stores and Goody's Family Clothing. Berne Square includes Winn-Dixie, Consolidated Stores, Heilig-Meyers, Dollar General and Old America Stores. Satilla Square features J.H. Harvey's, Consolidated Stores, Beall's Outlet Services and Eckerd Drugs.

* New York-based CIBC Oppenheimer Corp. has provided $10.5 million in fixed-rate financing to Phoenix-based W.M. Grace Cos. for phase II of Frontier Village in Prescott, Ariz. The 210,100 sq. ft. phase II features Target, Factory 2-U, Fashion Bug and Popular Outdoor Outfitters. Phase III is under way and will include Home Depot, Ross Dress For Less, Petco and OfficeMax. The transaction was arranged by the Phoenix office of Houston-based L.J. Melody & Co.

* New York-based Nomura Capital has provided financing for five transactions: -- Nomura has provided a $2.2 million acquisition loan to Northbrook, Ill.-based Fpatz Centers Inc. for Broadway Plaza in Wichita, Kan. The 103,501 sq. ft. shopping center is anchored by Checkers supermarket and Big Lots. The transaction was arranged by Chicago-based Draper & Kramer. -- The company has provided $14.3 million in first-mortgage and mezzanine financing to a joint venture between Lalanne Volckmann and 1040 Grant Road Associates II, both of San Francisco, for 1040 Grant Road Shopping Center in Mountain View, Calif. The 112,451 sq. ft. shopping center is anchored by Marshalls and Payless Drugs. The transaction was negotiated by the Los Angeles office of New York-based Sonnenblick-Goldman Co. -- Chevy Chase, Md.-based Capitol Investments Associates received $36.5 million in permanent financing for Security Square Mall in Baltimore. Anchors for the 1 million sq. ft. shopping center include Sears, JCPenney and Hecht's. -- Columbus, Ohio-based Glimcher Properties L.P. has recapitalized ownership of SuperMall of the Great Northwest in Auburn, Wash., in a $103 million transaction. The 962,000 sq. ft. shopping center is anchored by AnnTaylor Loft, Bed Bath & Beyond, Burlington Coat Factory, Marshalls, Nordstrom Rack, Off 5th -- Saks Fifth Avenue, and Oshman's SuperSports USA.

* New York-based Lehman Brothers Holdings Inc. provided $15.9 million in fixed-rate, permanent financing to New York-based Rodin Partners L.P. for Rodin Place in Philadelphia. The 330,000 sq. ft., mixed-use project includes Fresh Fields supermarket. The transaction was negotiated by the New York office of Dallas-based Holliday Fenoglio L.P.

* The Atlanta office of Toronto-based Manufacturers Life Insurance Co. has provided $14.5 million in first-mortgage financing to Orlando, Fla.-based W.G. Property Investments Inc. for Westgate Center in Macon, Ga. The 275,000 sq. ft. center features Wal-Mart, Home Depot and Burlington Coat Factory. The transaction was negotiated by Longwood, Fla.-based T.D. Realty & Financial Co. Inc.

MANAGEMENT CONTRACTS Management responsibilities have been awarded to Chicago-based General Growth Management Inc. for Bellevue Center in Nashville, Tenn. Owned by by Los Angeles-based Bellevue Properties L.L.C., an entity managed by Los Angeles-based Oaktree Capital Management L.L.C., the 940,000 sq. ft. regional mall is anchored by Castner Knott and Dillard's.

OTHER TRANSACTIONS * Birmingham, Ala.-based Stewart & Perry Construction has been awarded a $20 million construction contract from Columbus, Ga.-based Carmike Cinemas to build six theater complexes in the Southeast. The theaters will total 273,836 sq. ft. when completed and will be located in Lexington, Ky.; Montgomery and Birmingham, Ala.; Roanoke and Richmond, Va.; and Savannah, Ga.

* Fort Worth, Texas-based Carter & Burgess Inc. has been selected architect and engineer by Chestnut Hill, Mass.-based General Cinema Theaters for theater complexes at Barton Creek Mall in Austin, Texas, and at Irving Mall in Irving, Texas. The 14-screen, 3,000-seat theater complexes will feature digital sound systems, stadium seating, a cafe and video games. Both projects are expected to be completed this fall.

* Wolverine Equities, a partnership of The Staubach Co., Dallas, has acquired 42 Rite Aid stores from Camp Hill, Pa.-based Rite Aid Corp. The stores, located in 19 states, were sold for $128 million in a sale/leaseback transaction. These newest acquisitions make a total of 101 Rite Aid stores purchased by Staubach Financial Services last year.

* The Home Depot Inc., Atlanta, has appointed Los Angeles-based CB Commercial Real Estate Group Inc. exclusive marketing agent for the disposition of 38 "selected" surplus Home Depot stores in eight Western states. CB Commercial will handle the sale of excess pad sites and of freestanding vacant buildings approximately 100,000 sq. ft. in size, and the subleases of existing Home Depot sites.

CORPORATE MERGERS * Simon DeBartolo Group Inc., Indianapolis, signed on Feb. 19 a definitive agreement to merge with Corporate Property Investors (CPI), New York, and its paired shared affiliate, Corporate Realty Consultants Inc. Once the acquisition is completed, Simon will own 222 retail properties and eight office buildings comprising total GLA of 175 million sq. ft.

The transaction values CPI at approximately $5.781 billion, including the assumption of debt. Under the terms of the merger agreement, CPI shareholders will receive consideration of $179 per share or $4.803 billion, consisting of $90 in cash, $70 of common stock and $19 in 6.5 percent convertible preferred stock.

The Wall Street Journal reported that the CPI board accepted Simon's bid over bids from General Growth Properties, Chicago, and The Rouse Co., Columbia, Md., which bid in conjunction with Vornado Realty Trust, Saddle Brook, N.J. CPI was advised by Lazard Freres & Co. and J.P. Morgan & Co.

The transaction is expected to be completed during third quarter.

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.