Belz Enterprises brings Peabody Place to Memphis Peabody Place, a 300,000 sq. ft., four-story retail entertainment center, is currently under construction in Memphis, Tenn. Anchors signed by Memphis, Tenn.-based project developer Belz Enterprises include a 55,000 sq. ft. Jillian's, which includes a Sports Video Cafe, electronic games, a bowling alley, a dance club, seven bars and billiard tables, and a 21-screen Muvico Theater with an IMAX theater. NASCAR Silicon Motor Speedway, a 6,000 sq. ft. racing center, is also planned. The center will include 40 specialty shops and is expected to be completed by fall 2000.
Trademark Real Estate Cos. secures $42 million loan Fort Worth, Texas-based Trademark Cos. has secured a $42 million loan to refinance three centers in Mississippi and Texas. Houston-based Holliday Fenoglio Fowler LP arranged the loan and Irving, Texas-based Archon Financial provided the financing.
A 10-year fixed-rate financingwas arranged for the three properties, which total approximately 569,000 sq. ft. of GLA. The properties include County Line Plaza in Jackson, Miss.; Trinity Commons in Fort Worth, Texas; and Buckingham Place in Richardson, Texas.
AEW motors to nine-center recapitalization Boston-based AEW Capital Management LP has arranged the recapitalization of nine superregional shopping centers. AEW advised New York-based General Motors Investment Management Co., which completed the financing for The General Motors Pensions Trusts. Proceeds from the transactions totaled $825 million, which were used to retire a bridge loan put in place in September 1998.
Refinancing involved five transactions, including three long-term fixed-rate loans with New York-based MetLife, one 10-year loan with Milwaukee, Wis.-based Northwestern Mutual Life and a three-year floating-rate securitization pool cross-collateralized by five regional shopping centers. AEW Capital Markets led the recapitalization with New York-based Lehman Brothers and New York-based Goldman Sachs as co-agents for the securitization.
Joint venture acquires Yerba Buena Square San Francisco-based Fidelity Partners Inc., Los Angeles-based ING Realty Partners LP and San Francisco-based Oddjob LLC have acquired the 311,000 sq. ft. mixed-use Yerba Buena Square for approximately $25 million. San Francisco-based Fidelity Partners LP will manage the property and Northbrook, Ill.-based Grubb & Ellis Co. will handle the leasing.
Currently, Yerba Buena Square has approximately 100,000 sq. ft. of retail space. A planned reconfiguration will increase the space to approximately 155,000 sq. ft. The center's anchor, Burlington Coat Factory, will remain after renovation, while the balance of the 311,000 sq. ft. will be converted to telecom and multi-media use. o
Woodbine Southwest begins phase I of Kierland Commons Woodbine Southwest Corp., a division of Dallas-based Woodbine Development Corp., and Scottsdale, Ariz.-based Herberger Interests, have begun construction on Phase I of Kierland Commons, a 450,000 sq. ft. mixed-use project in Arizona. The urban-village development will have 19 separate buildings containing retail, entertainment, restaurant, hotel and office components.
The project's retail portion will include 104,000 sq. ft. of upscale specialty shops within a main street design. Tenants of this phase include Restoration Hardware, Lucky Jeans, Briggs & Riley, Chico's and Z Gallerie. Restaurants include P.F. Chang's China Bistro and Morton's of. Phase I is expected to open next spring, while phase II is scheduled to open by fall 2000.
Deer Park Town Center breaks ground in suburban Chicago Development has begun on Deer Park Town Center, a 500,000 sq. ft. lifestyle entertainment center in suburban Chicago. The project is a joint-venture development between Memphis, Tenn.-based Poag & McEwen Lifestyle Centers and Cleveland-based Developers Diversified Realty. Poag & McEwen will manage the center, which is expected to open fall 2000.
Shops include Banana Republic, Williams-Sonoma, AnnTaylor, J. Crew, Bailey Banks & Biddle Jewelers and Chico's. Negotiations are underway for a 16- to 20-screen movie theater and several restaurants.