In Arlington, Pentagon Row marches on Pentagon Row, a mixed-use joint venture between Rockville, Md.-based Federal Realty Investment Trust and Atlanta-based Post Properties Inc., is under construction in Arlington, Va. Pentagon Row's mainstreet design will feature 300,000 sq. ft. of retail and more than 500 apartments. Both components are scheduled to be completed by fall 2000.
Anchors will include Harris Teeter, Bed Bath & Beyond, Hudson Trail Outfitters and Bally's Total Fitness. The center will also include restaurants and entertainment attractions.
Woodmont to see fruits of Cranberrry Commons labor Ground has been broken on Cranberry Commons, a 552,000 sq. ft. power center located in Cranberry Township, Pa. The project is a joint development of The Woodmont Corp., Fort Worth, Texas; Cranberry Township, Pa.-based Creative Real Estate; and Huntingdon, Pa.-based Colony Holding Co.
Pittsburgh-based PNC Bank is providing financing for the project, which is scheduled for completion by summer 2000.
Anchor tenants will include Lowe's, Target, Kohl's Department Store, T.J. Maxx, Staples and PETsMART. A 50,000 sq. ft. area will be leased to smaller retailers such as Famous Footwear, Starbucks Coffee Co., Ritz Camera and GNC.
Federal Realty Investment Trust expands Bethesda Row Rockville, Md.-based Federal Realty Investment Trust has begun work on Phase IV at its Bethesda Row mixed-use project in Bethesda, Md. The 140,000 sq. ft., mixed-use building will feature 25,000 sq. ft. of street-level retail and restaurants and 80,000 sq. ft. of Class-A office space. The center will also feature a 35,000 sq. ft. art house theater. Initial occupancy is slated for fall 2000.
Bethesda Row is a master redevelopment plan with an expected buildout over l0 years. The 285,000 sq. ft. project currently consists of eight buildings containing 206,000 sq. ft. of retail GLA and 79,000 sq. ft. of office space. Bethesda, Md.-based Transwestern-Carey Winston is the leasing agent for the property.
Jacksonville Mall helps in hurricane recovery effort Jacksonville Mall, a property owned by Johnstown, Pa.-based Crown American Realty Trust, is aiding the North Carolina community's recovery in the wake of Hurricane Floyd.
The 416,000 sq. ft. mall is a resource center providing aid to hurricane victims throughout the state. The American Red Cross has been positioned in the mall's center court to collect donations and to distribute information to hurricane victims.
Mall employees and merchants have donated time, money and household items to hurricane victims. Events to raise money for the victims are also being organized with the proceeds to go to the American Red Cross.
J. Crew opens flagship store at Rockefeller Center New York-based J. Crew has leased 13,000 sq. ft. at Rockefeller Center for its flagship U.S. store. J. Crew's plan is to expand its street locations and go beyond its catalog business and mall stores. The Rockefeller store is scheduled to open either later this month or early next month.
J. Crew is owned by a partnership of Emily Woods and Ft. Worth, Texas-based Texas Pacific Group. New York-based Lansco Corp. and Garden City, N.Y.-based GCD Consulting represented J. Crew in the lease transaction. Currently the chain consists of 72 stores.
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.
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 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. o
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 on behalf of 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.
Deer Park Town Center breaks ground in suburbanDevelopment 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.
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 reconfiguration is planned that 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.
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 Chicago. Phase I is expected to open next spring, while phase II is scheduled to open by fall 2000.
Beat Box 1 While shopping at the mall, why not buy stock in it! (Brochure) While visiting my local mall, I came across a large three-dimensional display in the entrance that read, "You can own this mall." I was intrigued and picked up one of the brochures. I found the display and brochures to be General Growth Properties' (GGP) new marketing program to sell its stock. According to John Bucksbaum, CEO for the Chicago-based REIT, "It's caught a lot of people's attention ... the brochures are being snapped up rapidly." But, he was quick to add, "It is a little early to know [if it will] translate into shares sold."
Bucksbaum says GGP is using this plan as a marketing tool to inform potential new investors and to generate interest in the company. "Some people take out ads in newspapers," says Bucksbaum. "We're marketing ourselves at our own properties." Bucksbaum says the company is hoping to capitalize on the increasing interest in the stock market and the individual investor who wants to own shares in real estate.
Beat Box 2 EPA gives Jacoby green light on Atlantic Steel bridge (rendering) Despite a moratorium on new Federal road development, Atlanta-based Jacoby Development Inc. has been given the green light to build an auto and bicycle bridge to connect its mixed-use Atlantic Steel project with Atlanta's bustling Midtown area. The 124-ft.-wide bridge will span I-75/85 and is slated for construction between 2000 and 2002.
Atlanta is currently under a development moratorium on road projects that require federal approval, due to the city's air pollution problems. Jacoby won EPA approval through the Project XL (eXcellence in Leadership) program, which gives companies flexibility with environmental rules if the project's end result is better air, water or land quality. The Atlantic Steel project is the first site chosen by the EPA to use the XL program, and without this exemption the bridge would not have been approved and the project could have met its demise.
The project, The Block at Midtown Atlanta, developed by The Mills Corp., Arlington, Va., will include 1.2 million sq. ft. of retail and entertainment space and has tenant commitments from Virgin Records Megastore, Rainforest Cafe and Bennetton. The mixed-use site will also include 5,000 residential units and 1,000 hotel rooms.