Retail Traffic


Mergers & acquisitions Los Angeles-based CB Commercial Real Estate Services Group Inc. and Boston-based Whittier Partners Group have formed CB Commercial/Whittier Partners L.P. (CBC/ Whittier), a full-service New England real estate company. The newly formed company will have principal offices in Boston, Hartford, Conn., and New Haven, Conn. It will assume the operations of Whittier Partners of Boston, Farley Whittier Partners of Hartford and New Haven, and the New England operations of CB Commercial. CBC/Whittier Partners will manage more than 16 million sq. ft. of commercial real estate.

Norfolk, Va.-based Goodman Segar Hogan Hoffler GVA has finalized an agreement to merge with Atlanta-based Bryant & Associates. The new company will operate as Goodman Segar Hogan Hoffler GVA and will remain based in Norfolk, with offices in Washington, D.C., Virginia, North Carolina and Georgia.

Goodman Segar Hogan Hoffler GVA will lease and manage more than 25 million sq. ft. of real estate. T. Richard Bryant Jr., founder and chief executive officer for Bryant & Associates, will serve as president in the Atlanta office of Goodman Segar Hogan Hoffler GVA, and he also will serve on the board of directors for the newly formed company.

Financing awards The Capital Markets Group of Boston-based Berkshire Mortgage Finance has provided $9.6 million to Dallas-based Churchill Capital Co. L.L.C. for acquisition of Victorville Valley Center, a 309,283 sq. ft. power center in Victorville, Calif. The 10-year loan carries a rate of 8.34 percent and amortizes over 30 years with a loan-to-value of 74.4 percent. Victorville Valley Center contains 10 retailers, including HomeBase.

New York-based Nomura Asset Capital Corp. has provided $20 million permanent financing to an affiliate of Dallas-based Trammell Crow Co. for Park Place in Irvine, Calif. The 118,280 sq. ft. strip center features Houston's, a 10-screen Edwards Theater complex, and California Pizza Kitchen.

New York-based Lehman Brothers has provided $26 million, fixed-rate, acquisition financing to affiliates of Retail Plazas Inc., Dallas and Toronto, for three Texas shopping centers. The Market at Cedar Hill (128,383 sq. ft.) in Cedar Hill is anchored by Super Kmart and Blockbuster Video; LBJ/Oates Summit Shopping Center (115,358 sq. ft.) in Mes- quite is anchored by Albertson's, Eckerd Drug and Blockbuster Video; and Denton Center (300,154 sq. ft.) in Denton is anchored by Kroger, Drug Emporium and Russell's department store. The transactions were brokered by Dallas-based Holliday, Fenoglio, Dockerty & Gibson.

Sales & acquisitions Deerfield Associates Ltd., an affiliate of New York-based Rosen Associates Management Corp., has purchased Shoppes of Deer Creek in Deerfield Beach, Fla., for an undisclosed price. Sold by Mobile, Ala.-based Deer Creek Associates Ltd., the 209,059 sq. ft., community shopping center is anchored by Kmart, Uptons and Jo-Ann Fabrics.

Columbus, Ohio-based Glimcher Realty Trust and New York-based Nomura Asset Capital Corp. have acquired Philadelphia-based Catalina Partners L.P., owners of Colonial Park Mall in Harrisburg, Pa. Ownership interest in Colonial Park Mall was acquired for $48 million by Nomura and Glimcher in a 60/40 venture. Glimcher will lease and manage the 743,967 sq. ft. regional mall, which is anchored by Boscov's, Sears and Bon-Ton.

In a joint venture, Chicago-based General Growth Properties Inc. and Montreal-based Ivanhoe Inc. have acquired two shopping centers from The Prudential Insurance Co., Newark, N.J. The Oaks Mall (907,932 sq. ft.) in Gainesville, Fla., is anchored by Dillard's, Burdines, Belk, JCPenney and Sears. Westroads Mall (1.2 million sq. ft.) in Omaha, Neb., is anchored by Von Maur, Younkers, JCPenney and Montgomery Ward. The centers were purchased for $206 million.

Chattanooga, Tenn.-based CBL & Associates Properties Inc. has acquired Springdale Mall in Mobile, Ala., and Spartan Plaza in Spartanburg, S.C. Springdale Mall (926,376 sq. ft.) was purchased from Hartford, Conn.-based CIGNA for $26 million. The enclosed mall is anchored by Gayfer's, McRae's and Montgomery Ward. Spartan Plaza (151,489 sq. ft.) was purchased from Boston-based Paine Webber for $4.4 million. It has been renamed WestGate Crossing and is anchored by Goody's Family Clothing and Toys "R" Us.

In a joint venture, The Macerich Co., Santa Monica, Calif., and AMB Institutional Realty Advisors Inc., San Francisco, have acquired Manhattan Village in Manhattan Beach, Calif., for an undisclosed amount. Sold by Los Angeles-based Westmark Realty Advisors, the 378,000 sq. ft., mixed-use center features Ralphs Market, Sav-On-Drugs, The Gap, Mann Theaters and The Limited. The Macerich Co. will lease and manage the property. The transaction was arranged by New York-based Cushman & Wakefield.

An affiliate of The Shopco Group L.P., New York, has acquired Ridgmar Mall in Fort Worth, Texas, from Ridgmar Associates, King of Prussia, Pa., for an undisclosed sum. Shopco Advisory Corp. will manage the 1 million sq. ft., two-level, enclosed regional mall, which is anchored by Dillard's, JCPenney, Neiman Marcus and Sears.

Management contracts Phoenix-based Vestar Property Management has been awarded management responsibilities by Sedona, Ariz.-based Miller Brothers for Sawmill Shopping Center in Cottonwood, Ariz. The 130,000 sq. ft. shopping center features Safeway and Osco Drugs.

Management and leasing responsibilities have been awarded to Orlando, Fla.-based Faison Orlando by The Principal Mutual Life Insurance Co., Des Moines, Iowa, for Longwood Village in Longwood, Fla. The 157,000 sq. ft. shopping center is anchored by Jacobson's, Joseph Banks Clothiers and Cafe Citron.

Management and leasing contracts have been awarded to Kravco Co., King of Prussia, Pa., by Philadelphia-based Deptford Mall Associates for Deptford Mall in Deptford, N.J. The 1 million sq. ft., superregional center is anchored by Macy's, Strawbridge and Sears.

Management responsibilities have been awarded to Cleveland-based Forest City Management by Las Vegas-based Las Vegas Sands Inc. for The Grand Canal Shoppes in Las Vegas. Phase I of the upscale, indoor retail center at The Venetian Casino Resort will total 500,000 sq. ft. when it is completed in spring 1999. It will include 90 stores.

Miami-based Terranova Corp. has been selected exclusive management and leasing agent by Boston-based SPP Real Estate (Doral Plaza) Inc. for Doral Plaza in Doral Park, Fla. The 110,000 sq. ft. shopping center is anchored by Publix and Eckerd Drugs.

Management, leasing and marketing duties have been awarded to Greenville, S.C.-based Insignia Retail Group by Chicago-based Dwinn-Shaffer & Co. for Bloomington/Normal Factory Stores in Bloomington/ Normal, Ill. Construction continues on phase II of the factory outlet center, which will total 287,491 sq. ft. and will feature London Fog, American Outfitters, Vitamin World and The Private Collection when it is completed next year.

Other transactions Leasing responsibilities have been awarded to Covington, La.-based Stirling Properties by New Orleans-based Richards Clearview Partnership for Clearview Mall in Metairie, La. The 558,296 sq. ft. shopping center is anchored by Maison Blanche and Sears. Stirling also has been awarded the management and leasing contracts for Northgate Mall in Lafayette, La., by Boston-based John Hancock Real Estate Investment Group. The 429,000 sq. ft. shopping center features Service Merchandise, United Artists theater complex, Albertson's and Montgomery Ward.

Bethesda, Md.-based Capital Properties Realty has been appointed exclusive leasing agent for Clinton Park in Clinton, Md., by Atlanta-based Bronze/Clinton L.P. The 209,000 sq. ft. shopping center is anchored by Giant Food and Kmart.

Bethesda, Md.-based Host Marriott Services Corp. has signed an agreement with Chicago-based General Growth Properties Inc. to master lease and operate the food court at Vista Ridge Mall in Lewisville, Texas. The agreement covers a 6,300 sq. ft. food court and 1,145 sq. ft. of specialty restaurant concepts, and Host Marriott also will assist in the design and renovation of the food court common area. The company reports that the food court will house internationally known brands as well as regional tenants. Construction began this fall on Dickey's Barbecue, Paradise Bakery & Cafe, and La Salsa. Other new tenants will be phased in over the next few years.

Birmingham, Ala.-based Brice Building Co. Inc. has been awarded the following construction contracts:

* Wilkesboro, N.C.-based Lowe's Cos. Inc. awarded Brice $5.2 million to build a 188,000 sq. ft. Lowe's Home Center store in Naples, Fla. Construction is scheduled to be completed in March 1998.

* Lakeland, Fla.-based Publix Super Markets Inc. awarded Brice $5 million for the construction of a 66,000 sq. ft. Publix grocery store at Ives Dairy Crossing in North Miami, Fla. The project is expected to be completed by July 1998.

* New York-based Saks Fifth Avenue awarded Brice $11 million for the construction of a two-story, 90,000 sq. ft. Saks Fifth Avenue store in Tampa, Fla. Build-out is scheduled to be completed by October 1998.

Conshohocken, Pa.-based Kranzco Realty Trust has appointed Greenwich, Conn.-based Charter Realty & Development Corp. exclusive leasing and development agent for its Northeastern shopping center portfolio.

In Connecticut, the shopping centers include: Golfland Plaza (61,000 sq. ft.) andOrange Plaza (27,000 sq. ft.) in Orange; Groton Square (191,000 sq. ft.) in Groton; Parkway Plaza I and Parkway Plaza II (204,000 sq. ft.) in Hamden; Manchester Kmart Plaza (183,000 sq. ft.) in Manchester; Stratford Square (159,000 sq. ft.) in Stratford and Xpect Discount Drug Plaza (25,000 sq. ft.) in Milford.

In New York, the properties include: The Mall at Cross County (250,000 sq. ft.) and Highridge Plaza (93,000 sq. ft.) in Yonkers; North Ridge Shopping Center (43,000 sq. ft.) in New Rochelle; The Village Square Shopping Center (17,000 sq. ft.) in Larchmont; and A&P Shopping Center (25,000 sq. ft.) in Mamaroneck.

Charter also will lease Wampanoag Plaza (229,000 sq. ft.) in Providence, R.I.

The Retail Group, Washington, D.C., has been named exclusive leasing agent by Cincinnati-based Madison Marquette Realty Services for Festival at Waldorf in Waldorf, Md. The 501,903 sq. ft. shopping center is anchored by Super Fresh, Marshalls, Circuit City and Ross Dress For Less.

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