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New ventures Bloomfield Hills, Mich.-based Taubman Centers Inc. and The Mills Corp., Arlington, Va., have formed a 10-year alliance to develop Mills-type projects in major U.S. markets. The two REITs will jointly develop and own at least seven centers, each representing approximately $200 million of capital investment.

The alliance is the result of the working relationship the companies developed when they partnered on the Arizona Mills project, a 1.2 million sq. ft. retail and entertainment superregional mall in Tempe, Ariz.

Initially, the alliance will focus on a Taubman project in Detroit and a Mills project in Houston, as well as proposed projects in Philadelphia and Boston.

San Diego-based Burnham Pacific Properties, an equity real estate investment trust, has been selected as the exclusive venture partner of California Public Employees Retirement System (CalPERS), a public pension fund managing assets totaling more than $140 billion. CalPERS plans to contribute $250 million in existing properties and make available $150 million in equity capital to the venture. Burnham Pacific will make available $100 million in equity capital to the venture and become the manager of the venture with authority to acquire, develop, rehabilitate, lease and manage the assets. Acquisitions by the venture will focus on non-mall retail properties.

Financing awards Chatham, N.J.-based David Cronheim Mortgage Corp. has arranged aggregate financing of $86.943 million.

* The company arranged a $17.143 million construction/permanent loan to New York-based Palmer-Petersville LP for Palmer Center, a 75,000 sq. ft. neighborhood shopping center in New Rochelle, N.Y. The 27-year loan has a fixed interest rate.

* The company also arranged $67.2 million in first mortgage financing to Denver-based AmCap Inc. for 11 neighborhood shopping centers located in Colorado, Missouri, Kansas and Maryland. The loan package contains liberal prepayment terms from years 5 through 15.

New York-based Parallel Capital Corp. has arranged $17.85 million in financing to Short Hills, N.J.-based Union Hill Nine Associates LLC for Cambridge Square Shopping Center, a 230,549 sq. ft. center in New Jersey's Marlboro township. The 10-year loan amortizes over 25 years at an interest rate of 6.98 percent.

Minneapolis-based United Properties, a subsidiary of The Northland Co., also of Minneapolis, has been awarded management and leasing responsibilities at Minnesota World Trade Center in St. Paul. The Principal Financial Group of Des Moines, Iowa, awarded the contracts for the 607,000 sq. ft. center, which has office and retail uses.

Atlanta-based ERE Yarmouth has been awarded management and leasing responsibilities for University Mall in Carbondale, Ill., by San Francisco-based BA Properties Inc. The 710,000 sq. ft. mall is anchored by Famous Barr, JCPenney, Montgomery Ward and K's Merchandise.

In addition, ERE Yarmouth has retained management and leasing responsibilities for The Shops at Tabor Center in Denver by Chicago-based Equity Office Properties Trust, which recently acquired the center and an adjacent office tower. The 110,860 sq. ft. center features 70 specialty shops, 13 food court operators and two full-service restaurants.

The Atlanta office of Charlotte, N.C.-based Faison has been awarded management and leasing responsibilities for Shoppes at Edgewater in Panama City Beach, Fla., by Birmingham, Ala.-based Wall Development Corp. The 143,808 sq. ft. center is anchored by Food World and Cinema 10.

In addition, Faison was awarded management and leasing responsibilities for Butler Creek Shopping Center is Acworth, Ga., by Atlanta-based Rowe Development Co. The 95,597 sq. ft. center is anchored by Kroger.

The Sembler Co., St. Petersburg, Fla., has been awarded five management contracts by Atlanta-based BVT Equity Holdings Inc. The centers are all located in Florida. Sembler adds Shoppes of Citrus Hills in Hernando; Indian River Square in Vero Beach; Paraiso Plaza in Hialeah; Publix Plaza in St. Cloud; and Sheridan Square in Dania. Sembler manages three other Florida properties and three Georgia properties for BVT. The latest contracts bring the amount of BVT square feet managed by Sembler to 930,000.

Buffalo, N.Y.-based Benderson Property Development has acquired Lake Howell Square Shopping Center in Casselberry, Fla., for $17.5 million from The Sterling Cos. of Palm Beach, Fla. The 271,256 sq. ft. shopping center is anchored by Wal-Mart and Muvico Theater. Miami-based Aztec Group Inc. brokered the transaction.

New Hyde Park, N.Y.-based Kimco Realty has acquired Lafayette Market Place Shopping Center in Lafayette, Ind., for $21 million from Atlanta-based Timber Development Corp. The 350,000 sq. ft. power center is anchored by Kmart, PetsMart, Staples and Michaels.

Boston-based T.A. Associates Realty, a pension fund advisory firm, has acquired Concord Shopping Plaza in West Dade, Fla., for $21 million from Concord Shopping Plaza, a Miami-based general partnership. The 280,000 sq. ft. center is anchored by Winn-Dixie, Home Depot, MacFrugal's and McDonald's. Miami-based Terranova Corp. brokered the transaction.

West Patterson, N.J.-based Eastfield Mall Associates LP, a joint project of Mountain Development Corp. and DKH Group Inc., has acquired Eastfield Mall in Springfield, Mass., for an undisclosed amount from Eastfield Mall Inc., an affiliate of The Rouse Co., Columbia, Md. The 724,000 sq. ft. mall is anchored by Sears, JCPenney and Filene's. Chicago-based U.S. Equities Realty Inc. brokered the transaction; Boston-based CS First Boston provided financing.

Karcher Partners, a joint venture between Tarrytown, N.Y.-based DLC Management Corp. and The Benton Cos. of Dallas, has acquired Karcher Mall in Nampa, Idaho, for $10.9 million from Dallas-based Hudson Advisors LLC. The 465,000 sq. ft. regional mall is anchored by Emporium and The Bon Marche. Karcher Partners plan to redevelop and renovate the troubled mall, which went into foreclosure in the mid-1990s.

Chicago-based M & J Wilkow Ltd. has acquired two regional mall periphery shopping centers for an undisclosed amount from an affiliate of Atlanta-based CNM Associates.

* The Shops at Clark's Pond, a 208,325 sq. ft. center in South Portland, Maine, is anchored by MVP Sports, Marshalls and Hoyts Cinemas.

* Marketfair North, a 136,989 sq. ft. center in Clay, N.Y., is anchored by Pier 1 Imports, Marshalls, Firestone and A.C. Moore Arts & Crafts.

Oakbrook, Ill.-based Inland Real Estate Corp. has acquired two properties from Westchester, Ill.-based Tri-Land Properties Inc.

* Inland acquired The Downers Grove Market in Downers Grove, Ill., for $17 million. Tenants at the 104,449 sq. ft. center include Dominick's Finer Foods, Hollywood Video, Starbucks, Panda Express and Hallmark.

* Inland acquired Oak Forest Commons in Oak Forest, Ill., for $12 million. Tenants at the 108,360 sq. ft. center include Dominick's Finer Foods, Hollywood Video and Hallmark.

Chicago-based Landau Heyman and New York-based Enterprise Asset Management have acquired Peru Mall in Peru, Ill., for an undisclosed amount from Peru Venture, an Illinois general partnership. The 500,000 sq. ft. regional mall is anchored by JCPenney, Montgomery Ward and Carson Pirie Scott. The Chicago office of Los Angeles-based CB Richard Ellis brokered the transaction.

New York-based Aegis Realty Inc. has acquired four neighborhood shopping centers and has a fifth under contract. Total cost of the acquisitions was $37.5 million. The properties acquired include:

* Barclay Place, an 81,459 sq. ft. center anchored by Food Lion and Dollar General, in Lakeland, Fla.;

* The Village at Waterford, a 76,929 sq. ft. center anchored by Winn-Dixie, in Midlothian, Va.;

* Governor's Square, a 183,339 sq. ft. center anchored by Big Lots, in Montgomery, Ala.;

* Marion City Square Shopping Center, a 163,970 sq. ft. center anchored by Bi-Lo, Rose's and Dollar General, in Marion, N.C.; and

* Aegis has Plaza West Shopping Center, a 62,560 sq. ft. center anchored by Harris Teeter and Revco in Raleigh, N.C., under contract.

Vista, Calif.-based Pan Pacific Retail Properties Inc. has acquired five shopping centers in California and Washington. Total cost of the acquisitions was $46.6 million. The properties acquired include:

* Pacific Commons Shopping Center, a 206,500 sq. ft. center anchored by QFC Supermarket and Kmart, in Spanaway, Wash.;

* Fashion Faire Place, a 95,000 sq. ft. center anchored by Ross Stores, Michaels and Pier 1 Imports, in San Leandro, Calif.;

* Westwood Village Shopping Center, a 102,000 sq. ft. center anchored by Holiday Markets and Rite Aid, in Redding, Calif.;

* Creekside Center, an 80,000 sq. ft. center anchored by Lucky and Longs Drugs, in Hayward, Calif.; and

* Panther Lake Shopping Center, a 113,000 sq. ft. center anchored by Albertson's and Rite Aid, in Kent, Wash.

Horsham, Pa.-based GMAC Commercial Mortgage Corp. (GMACCM) has acquired Denver-based Newman & Associates Inc., a privately held investment banking firm specializing in the financing of real estate projects, and Newman Mortgage Acceptance Corp., Newman's mortgage banking entity. Terms of the agreement were not disclosed. Newman will become a wholly owned GMACCM subsidiary.

Midland, Texas-based Midland Red Oak Realty Inc. has acquired The Davis Co. Property Management Inc., also of Midland, to build its depth of personnel and systems. The company will operate under the name MRO Management Inc. - The Davis Co. The staff of The Davis Co. will continue to serve its clients, while Midland Red Oak will continue to seek additional real estate acquisitions.

Conshohocken, Pa.-based Kranzco Realty Trust, a real estate investment trust, and Heightstown, N.J.-based New American International (NAI), a privately held affiliation of commercial real estate brokerage firms, have filed registration statements with the Securities and Exchange Commission. The registration statements are in connection with the companies' agreement to enter into an alliance that will recapitalize NAI as a public company, of which Kranzco will own 9.8 percent.

Operating independently, Kranzco and NAI plan to develop business opportunities for each other with real estate brokerage and related services.

Bethesda, Md.-based Capital Properties Realty has been appointed leasing agent for Conshohocken, Pa.-based Kranzco Realty Trust's Maryland and Virginia shopping center portfolio. The seven-center portfolio totals 1.2 million sq. ft. and includes centers ranging from 86,000 sq. ft. to 333,000 sq. ft. with tenants such as Giant Food, CVS, Kmart, Rite Aid, Food Lion, Peebles, Caldor and Shoppers Food Warehouse.

Norfolk, Va.-based S.L. Nusbaum Realty Co. has been appointed leasing agent for Janaf Shopping Center in Norfolk by Ann Arbor, Mich.-based Janaf Associates LP. The 882,553 sq. ft. center is anchored by Circuit City, Marshalls, Sports Authority, T.J. Maxx and HQ.

New York-based Excess Space Disposition Inc. has disposed of a number of properties. Properties belonging to Payless ShoeSource, Sears, Roebuck and Co., Walgreen Co., CVS, Kinko's, CAR QUEST Corp., Eckerd Corp. and American Stores Properties Inc. have been subleased to other companies. In addition, Excess Space Disposition completed a transaction that sold a Tampa, Fla., site belonging to Eckerd Corp. to Livingston Interiors.

Knoxville, Tenn.-based Furrow Auction Co. has been selected to handle the foreclosure auction of Village Shopping Center in Cleveland, Tenn. Cleveland-based JAFCO Inc. is selling the 30-year-old, 21.8-acre property, comprising a 225,000 sq. ft. shopping center and four improved outparcels. Instead of being sold as one large parcel, the development has been subdivided into five sections. The shopping center is approximately 40 percent leased and includes among its tenants Carmike Theater, Cleveland Chair Co., Village Bake Shop and CVS.

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