Michael Swerdlow Cos., Codina break ground on Dolphin Mall Work has begun on Dolphin Mall in Miami, a 1.65 million gross sq. ft. entertainment/retail complex. Developed by Michael Swerdlow Cos. Inc. and the Codina Group, The Dolphin Mall is the first of its kind in South Florida with more than 600,000 sq. ft. of value retail anchors, more than 400,000 sq. ft. of value specialty shops and over 400,000 sq. ft. in an entertainment center, featuring a 30-screen cinemaplex and an indoor and outdoor amusement park.

Coral Gables, Fla.-based Beame Architectural Partnership was the designer of the property and developed the theme, which will convey Miami's history from the Native American period, notable pioneers, the Art Deco period and into the future.

Dewberry Capital plans demolition of Azalea Mall Atlanta-based Dewberry Capital Corp. has acquired Azalea Mall, a vacant enclosed mall in Richmond, Va. Redevelopment plans call for demolishing the existing mall and constructing a $40 million, 400,000 sq. ft., open-air, multianchored shopping center to be named Azalea Square.

Macerich to acquire Westside Pavilion for $170.5 million For a purchase price of $170.5 million, a subsidiary of Santa Monica, Calif.-based The Macerich Co. has acquired Westside Pavilion, a 750,000 sq. ft. regional mall. Located in the upscale westside of Los Angeles, the mall is anchored by a 138,000 sq. ft. Nordstrom and a 220,000 sq. ft. Robinsons-May and serves the communities of Beverly Hills, Bel Air, Brentwood, Santa Monica, Pacific Palisades and Westwood. The 1997 operating income from the property was $4.6 million. The seller was a group of pension funds.

Urban Shopping Centers begin work on Citrus Park Town Center Taking Main Street USA as its inspiration, Chicago-based developer Urban Shopping Centers Inc. has begun construction on Citrus Park Town Center, a 1.2 million sq. ft. regional shopping mall designed by the Dallas office of RTKL. Located in Tampa, Fla., the new mall is slated toopen in the spring of 1999. The design concept replaces the typical concourse with "streets" that are lined with stores designed to replicate building facades, complete with architectural cornices, ornaments, signage, awnings and materials typically found in downtown retail buildings.

CBL & Associates completes five-property retail purchase Chattanooga, Tenn.-based CBL & Associates Properties Inc. closed the acquisition of two regional malls, two associated centers and one community shopping center in Nashville, Tenn., for a total purchase price of $247.4 million. The five properties are expected to generate an initial yield on investment, including provisions for deferred maintenance, of approximately 8.4%.

During the first quarter 1998, dollars spent by investors on shopping centers nationwide averaged 64% higher than the average for first quarter sales in the three-year period from 1995 to 1997, according to the Commercial Investment Real Estate Institute's and Landauer Associates Inc.'s CCIM/Landauer Investment Trends Quarterly.

The report also says that large, high-end shopping centers, which command premium prices, are most desirable to investors.

According to the survey, sales of retail properties represented 17.2% of all first quarter 1998 commercial real estate transactions and 15.1% of the aggregate investment volume. Average capitalization rates declined slightly to 10.2% during the first quarter, compared to 10.3% in the fourth quarter of 1997, which further suggests the rebound of the retail sector.

The CCIM/Landauer Investment Trends Quarterly survey is compiled from a sampling of $4.529 billion in commercial real estate transactions throughout the United States, the majority of which have been reported by Certified Commercial Investment Members.