TAILOR-MADE DIGS FOR THE PAMPERED CHEF
The Pampered Chef has a new home. Atlanta-based IDI has developed a 780,000 sq. ft. facility in Addison, Ill., which will serve as a corporate headquarters for the retailer, which sells kitchen tools directly to consumers. Approximately 600,000 sq. ft. of the facility will serve as distribution and warehouse space, while the remaining 180,000 sq. ft. will be used for administrative, training and kitchen functions.
GENERAL GROWTH PICKS UP L.A. MALL FOR $415 MILLION
Chicago-based General Growth Properties Inc. has acquired the Glendale Galleria in Los Angeles for $415 million. The purchase is a joint venture with an institutional investor. The seller is a group that includes Donahue Schriber, the New York State Teachers' Retirement System and Cigna Corp. Nordstrom's and Macy's anchor the 1.5 million sq. ft. mall, which reportedly generates sales of more than $500 per sq. ft.
BARCELO CRESTLINE GETS AGGRESSIVE IN CANADA
McLean, Va.-based hotel management firm Barceló Crestline Corp. is planning an aggressive expansion into the Canadian market through its newly created affiliate Barceló Hospitality Canada. The company will focus on joint ventures with established Canadian hospitality firms to obtain management contracts of full-service and limited service hotels.
EQUITY ONE TO PURCHASE IRT PROPERTY INC.
Equity One Inc., based in North Miami Beach, Fla., has entered into an agreement to buy Atlanta-based IRT Property Co. The transaction, expected to close in the first quarter of 2003, will create one of the largest shopping center REITs in the Southeast. The combined firm will have a $1.6 billion total market capitalization, and a portfolio of 174 properties in 12 states totaling 18 million sq. ft. The combined entity will have 45% of its space in Florida.
LUXURY APARTMENTS TO BE ADDED TO HOUSTON MALL COMPLEX
Houston-based luxury apartment developer The Morgan Group Inc. and Denver-based Amstar Group Ltd. will build a 324-unit apartment complex on a 4.5-acre site near the Golden Galleria Mall in Houston.
Construction on 3000 Sage will begin in the fourth quarter of this year, with completion scheduled for the summer of 2003. The community will bring live-work units to the area, located directly behind the mall's new 700,000 sq. ft. addition, which is scheduled to open in March 2003. The price of the project was not disclosed.
$50M ENTERTAINMENT CENTER PLANNED FOR LONG BEACH
Ground has been broken for Cleveland-based Developers Diversified Realty's $50 million retail/entertainment venue in Long Beach, Calif. The Pike at Rainbow, to be anchored by Crown Theatres, will feature 310,114 sq. ft. of entertainment, retail and restaurant space. Other tenants will include Islands Burgers,Pizza Kitchen and GameWorks. The project is scheduled for completion in November 2003.
GVA WILLIAMS BUYS CHASE COMMERCIAL REAL ESTATE
New York-based GVA Williams has continued its regional expansion efforts with its acquisition of Chase Commercial Real Estate, a Stamford, Conn.-based commercial real estatefirm. Chase Commercial adds such notable retailers as Stop & Shop, BMW, The Vitamin Shoppe and Radio Shack to GVA Williams' list of clients. The acquisition follows GVA Williams' expansion into New Jersey in May 2000.
HINES, GE CAPITAL ACQUIRE MANHATTAN BEACH TOWERS
A joint venture by Houston-based Hines and Stamford, Conn.-based GE Real Estate has acquired the 309,705 sq. ft. Manhattan Towers in Manhattan Beach, Calif. — the venture's first acquisition. Called the Hines Suburban Office Venture, the partnership will buy suburban office properties throughout the U.S. and has a targeted portfolio size of $650 million. The two, 6-story office buildings were purchased for an undisclosed amount from Manhattan Beach Towers LLC.
STILES UNLOADS LUXURY MIXED-USE COMMUNITY
Stiles Corp., headquartered in Fort Lauderdale, Fla., has sold its luxury mixed-use Sunrise Harbor community to Atlanta-based Lend Lease Real Estate Investments for $90.6 million. The property, located on the Intracoastal Waterway in Fort Lauderdale, features 352 luxury apartments that are 90% leased, along with 16 guest suites and 7,000 sq. ft. of retail space.