Retail Traffic


NEW VENTURES King of Prussia, Pa.-based Kravco Co. and Atlanta-based CGR Advisors, representing Rodamco N.V., a real estate investment company headquartered in Rotterdam, The Netherlands, have formed a new company. Kravco Investments, a retail real estate operating company, plans to expand its current portfolio of properties, highlighted by King of Prussia Mall in suburban Philadelphia. The $425 million deal brings together the capital market strength of public ownership with the performance benefits of an entrepreneurial, privately owned company.

Santa Fe Springs, Calif.-based Vans Inc. and Anaheim, Calif.-based Pacific Sunwear of California Inc. have formed a new limited liability company, Van Pac LLC, to produce and distribute VANS apparel. The apparel line created by Van Pac LLC will initially be for sale in Pacific Sunwear and Vans' stores only. Pacific Sunwear will provide product development, design, sourcing, quality control and inventory planning services to the LLC, while Vans will contribute design services and license theVANS and TRIPLE CROWN trademarks and logos to the LLC.

SALES & ACQUISITIONS Atlanta-based Jamestown has completed its purchase of 620 Avenue of the Americas in New York from Tishman Speyer Properties, also of New York. Terms of the transaction were not released. The 645,000 sq. ft. building is roughly one-third retail, two-thirds office. Retail tenants include Bed, Bath & Beyond, T.J. Maxx, and Filene's Basement. Jamestown will incorporate the property into Jamestown 19 LP, a closed-end real estate fund that also includes an office building in Washington and an urban shopping center in Atlanta.

San Diego-based Burnham Pacific Properties (BPP) and the California Public Employees' Retirement System (CalPERS) will acquire a 28-shopping center portfolio from San Francisco-based AMB Property Corp. The portfolio, which has an aggregate of 5.1 million sq. ft., is selling for $663.4 million. The centers will be closed in separate transactions April 30, July 31 and Dec. 1. Six additional centers totaling 1.5 million sq. ft. are under contract for $284.4 million with BPP subject to a financing confirmation. If completed, these centers are expected to close by year-end 1999.

As part of the transaction, AMB granted CalPERS an option to acquire up to 2 million original-issue common shares for $25 per share. The option is open until March 31, 2000. In addition, BPP granted CalPERS an option to acquire up to 1 million original-issue common shares for $15.38 per share. The option is open until June 30, 2000.

Santa Monica, Calif.-based 27 Pico Boulevard LP has acquired a 20,000 sq. ft. neighborhood shopping center and a nearby freestanding retail site for $4.1 million from Burbank, Calif.-based Fritz B. Burns Foundation. The shopping center, located in Playa del Rey, is tenanted by Winchell's Donut House, Allstate Insurance and Dale's Jr. The freestanding site is occupied by Acapulco restaurant. West Los Angeles-based Charles Dunn Co. represented both the buyer and seller in the transaction.

Los Angeles-based CNA Enterprises Inc. has acquired MountainView MarketPlace in Phoenix for $11.07 million from Beverly Hills, Calif.-based Pacific West Development. The 123,184 sq. ft. center is anchored by Safeway and Walgreens. Los Angeles-based CB Richard Ellis negotiated the transaction.

Greenwich, Conn.-based Charter Realty & Development Corp. and Wynnewood, Pa.-based Weingarten Properties have acquired Shaw's Plaza in Ashland, Mass., from Oregon-based Property Ashland Massachusetts Corp. The sale price was undisclosed. Shaw's and Osco Drugs anchor the 90,000 sq. ft. center. The owners plan to expand and re-tenant Shaw's Plaza. Once completed, the center will contain more than 105,000 sq. ft.

Cleveland-based Visconsi Cos. Ltd. has acquired Granville Centre in Columbus, Ohio, from Granville Associates, also of Cleveland. The sale price was undisclosed. The 125,000 sq. ft. center is anchored by Big Bear. The owner plans to redevelop the center. Once completed, Big Bear will be relocated to a new 54,600 sq. ft. store.

Bristol Mall LLC, an Alabama limited liability company affiliated with Montgomery, Ala.-based Aronov Realty Management Inc., has acquired Bristol Mall in Bristol, Va. The mall was purchased for approximately $25 million from Bristol Mall Associates, an Illinois general partnership. The 486,169 sq. ft. mall is anchored by Sears, JCPenney, Parks-Belk and Proffitt's. Aronov will handle leasing, management and marketing for the mall.

A Dutch investment fund has acquired North & South Station in Garner, N.C., for $24.7 million from Florida-based TAM Real Estate. The 311,000 sq. ft. center is anchored by Wal-Mart, Winn-Dixie, Belks and Staples. Miami-based Aztec Group Inc. represented the seller in the transaction.

The RREEF Funds, Chicago, has acquired Mapleridge Shopping Center in Maplewood, Minn., from LaSalle Advisors, also of Chicago. The sale price was undisclosed. The 114,681 sq. ft. center is anchored by Rainbow Foods, Walgreens and Minnesota Fabrics. Los Angeles-based CB Richard Ellis represented the seller in the transaction.

In a separate transaction, The RREEF Funds acquired Huebner Oaks Center in San Antonio from The Jaffe Cos., Austin, Texas. Terms of the sale were not disclosed. The 287,038 sq. ft. lifestyle center is anchored by Borders, Bed, Bath & Beyond, and Pier 1 Imports. Dallas-based Holliday Fenoglio Fowler and San Antonio-based Aegis Realty Group Inc. arranged the sale.

A Midwestern private investment firm has acquired The Holden Common Shopping Center in Holden, Mass., for $7.9 million from Boston-based Commons Shopping Center LP. The 95,000 sq. ft. neighborhood center is anchored by Big Y Supermarket and CVS. Boston-based Spaulding & Slye Colliers International represented the seller in the transaction.

Shopco Advisory Corp., an affiliate of The Shopco Group LP, New York, has acquired Chicago Ridge Mall in Chicago Ridge, Ill., for $91 million. The 836,845 sq. ft. mall is anchored by Sears, Carson Pirie Scott, Montgomery Ward and Kohl's. New York-based Rockwood Realty Associates LLC arranged the transaction acting for Chicago-based Heitman Capital Management Corp., the advisor to the seller, an unnamed private investor.

New Hyde Park, N.Y.-based Kimco Realty Corp. has acquired Sharpstown Court in Houston from The Ainbinder Co., Houston. The sale price was not disclosed. The recently renovated 85,000 sq. ft. center is anchored by Office Depot, Just for Feet and Metropolitan Furniture. Houston-based CAC Realty represented the seller in the redevelopment and sale of the property.

Houston-based Weingarten Realty Investors (WRI) has acquired a former Target store in Houston from Minneapolis-based Dayton Hudson, the parent company of Target. The 97,600 sq. ft. building is adjacent to WRI's Fondren Southwest Shopping Center. With the addition of the Target building, the center totals 300,000 sq. ft.

The Macerich Co., Santa Monica, Calif., and the Ontario Teachers' Pension Board have acquired three regional shopping centers and one mixed-use project for $427 million from the Winmar Co. unit of Seattle-based Safeco. The centers comprise 3.25 million sq. ft. They include:

* Washington Square, a 1.25 million sq. ft. retail complex in Tigard, Ore., anchored by Meier & Frank, Nordstrom, JCPenney, Sears and Mervyn's.

* Kitsap Mall, an 850,000 sq. ft. retail complex in Silverdale, Wash., anchored by Sears, JCPenney, The Bon Marche, Mervyn's and Lamonts.

* Cascade Mall, a 583,000 sq. ft. retail complex in Burlington, Wash., anchored by Sears, The Bon Marche, Emporium, JCPenney and Cineplex Odeon.

* Redmond Town Center, a 581,600 sq. ft. mixed-use project still under development in Redmond, Wash., anchored by Borders, Bed, Bath & Beyond, and REI. The joint venture is closing the acquisition of the 581,000 sq. ft. office component of Redmond Town Center, home to AT&T Wireless, in May for $115 million.

Chicago-based Syndicated Equities Corp. has completed eight 1031 Exchange transactions across the country. The properties, totaling approximately 113,000 sq. ft., are located in Houston; Daytona, Fla.; Nashville, Tenn.; Martinez, Ga.; North Richland Hills, Texas; Novi, Mich.; Athens, Ga.; and Federal Hills, Colo. The purchasing investors were from Illinois, California and Georgia.

Oakbrook, Ill.-based Inland Real Estate Acquisitions Inc. has acquired Woodland Commons Shopping Center in Buffalo Grove, Ill., for $22 million from Cleveland-based First Union Real Estate Investments. The 180,000 sq. ft. center is anchored by Dominick's. Arlington Heights, Ill.-based Childs Realty Group represented the purchaser, while Houston-based Granite Partners represented the seller.

The Newport Beach, Calif., office of Houston-based L.J. Melody & Co. has arranged $44 million in fixed-rate financing on behalf of Los Angeles-based Westfield America Inc. The financing is for Topanga Plaza, a 1 million sq. ft. mall in Conoga Park, Calif. The mall is anchored by Nordstrom, Montgomery Ward, Robinsons-May and Sears. CIGNA provided the funding.

L.J. Melody's Atlanta office has arranged $11 million in fixed-rate financing on behalf of a partnership sponsored by Germania of America Inc. The financing is for Abbotts Bridge Station Shopping Center, an 85,000 sq. ft. center in Duluth, Ga. The center is anchored by Harris-Teeter, Eckerd Drug Store and Blockbuster.

FINANCING AWARDS Boston-based Meredith & Grew ONCOR International has arranged $11.2 million in permanent financing on behalf of Bedford, Mass.-based Atlas Danvers Realty Trust. The financing is for Danvers Plaza, a 152,000 sq. ft. strip center in Danvers, Mass. The center is anchored by Stop & Shop. Nationwide Life Insurance provided the funding.

Dallas-based Holliday Fenoglio Fowler has arranged $1.5 million in acquisition financing on behalf of Miami-based Rosen Associates Development Inc. Rosen acquired a 300,000 sq. ft. site in Woodhaven, Mich. The company plans to develop Woodhaven Village Square at the site. The center will be anchored by Home Depot. Construction began in April, with completion set for November.

Irvine, Calif.-based Johnson Capital Group arranged $3.4 million in financing on behalf of Palmdale, Calif.-based Rancho Vista Development for Rancho Vista Plaza, also located in Palmdale. The 31,846 sq. ft., shadow-anchored center includes such tenants as Vons, Longs Drug Store, Burger King, El Pollo Loco and Chevron. Prudential Mortgage Capital Co. LLC provided the financing.

Chicago-based LaSalle Partners Inc. and London-based Jones Lang Wootton have completed their merger. The combined company will operate under the name Jones Lang LaSalle Inc. The company's operational headquarters is in London, while its holding company headquarters will remain in Chicago. There will be two more regional headquarters in Hong Kong and Sydney.

LaSalle issued 14.3 million shares of its common stock, valued at approximately $504 million, plus $6.2 million in cash in connection with its acquisition of the property and asset management, advisory, and other real estate businesses operated by a series of Jones Lang Wootton partnerships and corporations. Approximately 12.5 million shares were issued to Jones Lang Wootton equity owners in the share exchange, while 1.8 million shares are being held in a trust to be distributed over a two-year period to select employees of the company's entities.

CORPORATE MERGERS Morristown, N.J.-based Villa Enterprises, which operates 110 Villa Pizza restaurants across the nation, has announced a merger agreement with Miami-based Cozzoli's Pizza. Expected to be completed in summer 1999, the merger will leave Villa Pizza with 172 stores in eight countries. Merrill Lamb, president of Cozzoli's, will remain with the management team for the united company. Villa Pizza plans to open 20 new restaurants this year.

Costa Mesa, Calif.-based Pacific West Asset Management Corp., a full-service commercial real estate management, leasing and brokerage firm, has acquired Anaheim Hills, Calif.-based Inland Commercial, a retail property management and leasing company. Inland Commercial's assets were acquired from its owner, Ken Jacobs, in a cash transaction. Jacobs has joined Pacific West as director of retail leasing. Including Inland Commercial's property management assets, Pacific West manages 7 million sq. ft. of retail, office and industrial space and 1,800 multifamily residential units in Southern California, Phoenix and Denver.

The north Florida office of Dallas-based Trammell Crow Co. has been awarded leasing and management duties at Promenade at Beach Boulevard in Jacksonville, Fla. The 116,826 sq. ft. center is owned by New York-based BT Alex. Brown Realty. The center is anchored by Food Lion, Blockbuster and Goodyear Tire.

MANAGEMENT CONTRACTS Richmond, Va.-based Harding & Associates Inc. has been awarded management and leasing responsibilities of College Square Shopping Center is Lexington, Va., by River Ridge LC, a Virginia-based partnership. The 141,000 sq. ft. center is anchored by Kroger, CVS and Peebles.

New York-based Excess Space Disposition Inc. has disposed of a number of properties. Properties include Eckerd in Oldsmar, Fla.; Shreveport, La.; Highland Village, Texas; Fort Lauderdale, Fla.; Clinton, Tenn.; and Ruskin, Fla. Additional properties include Staples in Jersey City, N.J.; Charming Shoppes in Macomb, Ill.; CVS in Irmo, S.C.; Heilig-Meyers in Blythe, Calif.; and Kinko's in Indianapolis.

OTHER TRANSACTIONS Chesterfield, Mo.-based Angelica Corp. has completed the sale of Angelica International Ltd., its U.K.-based uniform manufacturing business, to focus on its manufacturing and marketing segment in the United States. Alexandra plc purchased the U.K. division. In addition to manufacturing and renting uniforms, Angelica Corp. operates a chain of retail uniform and shoe stores.

Wethersfield, Conn.-based New England Retail Properties Inc. has been appointed exclusive marketing and leasing agent of South Hadley Square by Madison, Conn.-based CHK South Hadley Associates. The proposed 150,000 sq. ft. power center, located in South Hadley, Mass., is anchored by a Big Y Supermarket that opened in 1998 in Phase I. Phase II will include additional retail space as well as two outparcels.

Greenwich, Conn.-based Charter Realty & Development Corp. has been awarded leasing and redevelopment duties at Richland Mall in Quakertown, Pa., by Wynnewood, Pa.-based Weingarten Properties. The 186,264 sq. ft. center is anchored by The Bon-Ton and Redner's Warehouse Market. As part of the redevelopment, Charter will de-mall a 48,000 sq. ft. portion of the property for one or two big-box users.

Anaheim, Calif.-based Center Marketing Inc., a consumer marketing leader in the Southern California shopping center industry, has been awarded a consumer marketing contract by Minneapolis-based Madison Marquette Retail Services' Property Management Group. Center Marketing will handle consumer marketing, research and targeted advertising for the company's 886,000 sq. ft. portfolio of retail properties in San Diego County.

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