Casto Lifestyle Properties broke ground on Lakeside Village, a $50 million mixed-use project in Lakeland, Fla. The 610,000-square-foot center will include Belk, Kohl's, Bed Bath & Beyond and Talbots stores in addition to an 18-screen Cobb Cinema and 50,000 square feet of office space. Grand opening is scheduled for November 2005.
Edward Kobel is the new president and COO of DeBartolo Development, formerly known as DeBartolo Property Group. Kobel was previously a partner in Phoenix-based Fortis Advisors and is bringing the development officers and staff of Fortis with him to DeBartolo. Mitchell Davis, former managing director ofnet-lease firm A&C Ventures, joins as senior vice president. The Tampa, Fla.-based company is currently developing 800 million square feet of space.
Heritage Property Investment Trust promoted Thomas Prendergast to senior vice president and COO. Prendergast, who previously served as vice president of property management andfor the Boston-based REIT, joined the company in 1999. David Sweetser, a former president of Trademark Development Co. and currently Heritage's vice president of business development, will assume property management and construction-related responsibilities.
Krausz Cos. purchased Winchester Springs from LandGrant development. Located in Temecula Valley, Calif., the 125,000-square-foot center is anchored by Albertsons/Sav-On and opened this March. LandGrant spent $20 million on the project, which is 100 percent leased, but will not disclose the final sale price.
Bethesda, Md.-based developer BOS Group is partnering with Transwestern Commercial Services and Nashville Urban Venture to build a $93 million shopping complex in The Gulch — a $400 million mixed-use project on 13 acres at the edge of downtown Nashville. The proposed development would include 250,000 square feet of national and local retail tenants to join The Gulch's planned 2.75 million square feet of mixed-use space. Construction begins this fall for a late 2005 opening.
Bert Wolstein, founder, chairman emeritus and director of Developers Diversified Realty, died last month at the age of 77. Wolstein, father of the Cleveland-based REIT's current chairman and CEO Scott, founded the company in 1965.
Private charitable trust Kamehameha Schools hired The Festival Cos. to handle a $55 million redevelopment of its 293,553-square-foot Royal Hawaiian Shopping Center in Honolulu's Waikiki district. The project, which includes new tenants Cartier, Hermes, Ferragamo and Bulgari, will be completed in December 2005. Festival will also serve as property manager and leasing agent for the center, which saw a new Cheesecake Factory anchor open last year.
General Growth Properties added 150,000 square feet of new lifestyle space to The Woodlands Mall in Houston. A new courtyard, street lamps, outdoor seating and dining areas and 39,000 square feet of office space connect the enclosed mall to the nearby Woodlands Waterway. New tenants include Barnes & Noble, Pottery Barn and Urban Outfitters.
Robin Mosle was named a partner at White Plains, N.Y.-based mixed-use developer Street-Works. A former employee of Federal Realty Trust and The Rouse Co., Mosle has acquired, managed or developed more than 7 million square feet of retail space in her 20-year career.
Gary Ralston has left Commercial Net Lease Realty, where he was president and COO, after being passed over earlier this year as the successor to Chairman and CEO James Seneff by Craig Mcnab, former JDN Realty Corp. CEO. Now, Macnab will serve as president and CEO for the REIT. Ralston says he is retiring.
Dean Shauger is the new vice president of property management and marketing at Memphis, Tenn.-based Poag & McEwen Lifestyle Centers. Shauger is a Kravco Co. alum who started his career at Kmart Corp.