Management Contracts Virginia Beach, Va.-based Divaris Real Estate Inc., an international real estate brokerage and property management company, announced the addition of properties totaling 515,498 sq. ft. to its management portfolio.
The retail properties include Crossways Shopping Center in Chesapeake, Va. (371,735 sq. ft.); Riverbridge Shopping Center in Carrolton, Ga. (92,400 sq. ft.); and Eastlake Centre in Tampa, Fla. (18,884 sq. ft.). Divaris also acquired the management contract for Northlake Triangle, a 14,279 sq. ft. office /retail building near Northlake Mall in Atlanta.
Delray Beach, Fla.-based Sunbelt Management Co. has been selected to handle leasing and management for approximately 65 restaurants and retail stores at The Shops at Liberty Place, an office and retail development in Philadelphia's downtown shopping district.
The Shops at Liberty Place, which draws more than 20,000 daily visitors, combines sophisticated restaurants and high-end retail with the St. Regis Hotel and two 1 million sq. ft. office towers. It is within walking distance of City Hall, Avenue of the Arts and the Historic District of Philadelphia. It is a development of Baltimore-based Williams Jackson Ewing.
Sales & acquisitions St. Louis-based Walpert Properties recently acquired two shopping centers in the St. Louis metropolitan area worth a total of $10.2 million.
Walpert, which specializes in shopping center acquisition, leasing, management and development, purchased Chariton Square shopping center from St. Louis-based Desco Investment Co. LLC for $3.4 million. The 63,518 sq. ft. center is 98% occupied and anchored by Big Lots, Blockbuster Video, RadioShack and Family Dollar. The center was built in 1967.
Walpert also acquired Plaza St. Clair shopping center in Fairview Heights, Ill., from an undisclosed private seller for $6.8 million. The 97,462 sq. ft. center is anchored by Schnucks market and is 100% occupied. Plaza St. Clair, built in 1986, is located in one of the strongest retail areas of metropolitan East St. Louis, according to Walpert. The company's portfolio now exceeds 4 million sq. ft. and is valued at more than $200 million. During 1999, the 10-year-old company acquired 25 retail centers in transactions valued at more than $70 million.
Atlanta-based JDN Realty Corp. recently announced the sale of three North Carolina shopping centers to an undisclosed buyer for approximately $78.5 million. The shopping centers all were developed by JDN. The buyer was described as a private REIT that is 95% owned by a pension fund.
The properties are: Wendover Place (464,761 sq. ft.) in Greensboro, anchored by Target, Harris-Teeter, Babies 'R' Us, Kohl's and Homeplace; University Commons (329,821 sq. ft.) in Greenville, anchored by Target, Kroger, Circuit City, Barnes & Noble and T.J. Maxx; and New Centre Market (266,014 sq. ft.) in Wilmington, anchored by Target, Marshalls, PetsMart and OfficeMax.
Santa Barbara, Calif.-based Ivestec Commercial Inc. recently acquired Simi Valley Promenade shopping center in Vista, Calif., for $9.7 million from Los Angeles-based Doerken Properties. The 82,313 sq. ft. center is anchored by Albertson's and Hollywood Video.
Sentinel Real Estate Corp., a New York-based pension fund, recently sold Wellington Country Plaza shopping center in Wellington, Fla., for $11.1 million to Wellington-based The Bainbridge Cos. Miami-based Aztec Group Inc., a full-service real estate investment and merchant banking firm, acted as broker.
Wellington Country Plaza is a 162,000 sq. ft. strip shopping and office center anchored by Blockbuster Video and First Community Bank. The center, located in Palm Beach County, was built in phases in 1978 and 1982. It is approximately 93% occupied.
The Aztec Group also announced that it recently brokered the sale of the Apopka Land regional shopping center in Apopka, Fla. An Apopka-based private partnership sold the 105,298 sq. ft. property, as well as a 69,904 sq. ft. former Wal-Mart property, to Durham, N.C.-based Zapolski + Rudd for a combined $10 million. Apopka Land, built in the Orlando suburbs in 1990, is anchored by Food Lion and Eckerd Drugs.
Ramco-Gershenson Properties Trust recently sold Trinity Corners community shopping center in Pound Ridge, N.Y., for approximately $2.8 million to an undisclosed buyer, the company announced.
The Southfield, Mich.-based firm sold the 50,000 sq. ft. center as part of an overall strategy to shed non-core assets and allocate the proceeds toward future growth. The company now maintains a portfolio of 54 shopping centers, with approximately 10.5 million sq. ft. of GLA in 12 states. A publicly traded REIT, Ramco-Gershenson owns, develops, acquires and manages community shopping centers, regional malls and single-tenant retail properties.
Columbia, S.C.-based Edens & Avant recently acquired three shopping centers for an undisclosed purchase price from Birmingham, Ala.-based AIG Baker Shopping Center Properties. The Washington, D.C., office of Insignia/ESG represented AIG in the transaction.
The properties are: Riverview Plaza, a 185,307 sq. ft. power center in Frederick, Md., with tenants including Bed, Bath & Beyond, Borders Books and Music, Michaels, PetsMart, Sports Authority and Staples; Sandy Plains Centre, a 128,671 sq. ft. community center in Marietta, Ga., anchored by Harris-Teeter and Ace Hardware; and Towne Center Plaza, an 82,287 sq. ft. power center in Sanford, Fla., anchored by Books-A-Million and Sports Authority.
Los Angeles-based MBK Southern California Ltd., a division of Irvine, Calif.-based MBK Real Estate Ltd., recently acquired Central Coast Mall in San Luis Obispo for an undisclosed purchase price from New York-based MONY Life Insurance Co.
MBK, which has obtained entitlements for the property, plans to redevelop and reposition the 250,000 sq. ft. enclosed mall, turning it into a vibrant open-air community center. Upon completion of the $25 million project, the center will be renamed SLO Promenade.
Beechwood, Ohio-based Chase Properties recently acquired Indian Ridge Plaza shopping center in Mishawaka, Ind., for an undisclosed purchase price from Chicago-based First Capital Institutional Real Estate.
The 295,000 sq. ft. center is anchored by Circuit City, T.J. Maxx, Kids 'R' Us and K's Merchandise and is across the street from the 350,000 sq. ft. Wilshire Plaza, anchored by Home Place, OfficeMax, Media Play and Hobby Lobby. Space opportunities at Indian Ridge range from 1,200 sq. ft. to a junior anchor position of 25,000 sq. ft.
Other Transactions Newport Beach, Calif.-based Donahue Schriber, a private REIT formed in January 1997, recently won the leasing contract for the 450,000 sq. ft. Foothills Mall outlet center in northwest Tucson, Ariz.
Foothills Mall includes outlet and off-price stores as well as dining and entertainment. Retailers include Barnes & Noble, Linens 'n Things, Levi's Outlet, Ross Dress for Less and a 15-screen Loews Cineplex. The center has two pads available for development. An ongoing expansion includes a 207,000 sq. ft. Wal-Mart and four restaurant pads north of the property.
Donahue Schriber now owns and operates 51 power, regional, neighborhood and community shopping centers in California, Nevada and Arizona.