Wynmark breaks ground on the two-part Camino Real project Featuring a blend of recreational, retail and entertainment components, the 83-acre Camino Real project in Goleta, Calif., is under way. Santa Barbara, Calif.-based Wynmark is developing the $45 million project, which is to be divided into two portions: The Marketplace, a retail area with approximately 500,000 sq. ft. of space, and a recreational area that includes a community park, outdoor roller hockey rink, ice rink, baseball and soccer fields, and basketball courts. The project was team masterplanned by the Pasadena office of MCG Architects, Santa Barbara-based B3 Architects and Wynmark.
Work begins on North Carolina's 1.4 million sq. ft. Concord Mills Groundbreaking ceremonies were held by joint venture partners Arlington, Va.-based The Mills Corp. and Indianapolis-based Simon DeBartolo Group for Concord Mills, a 1.4 million sq. ft. megamall in Concord, N.C. At these ceremonies the first tenants were announced, including Off Rodeo Drive Beverly Hills, Books-A-Million, a 30-screen AMC Theatre and food court operator Host Marriott Services.
Scheduled to open in the fall of 1999, Concord Mills will be a retail- and entertainment-oriented megamall with up to 18 anchors and more than 200 specialty retailers.
CBL begins construction of 600,000 sq. ft. power center In Orlando, Fla., Chattanooga, Tenn.-based CBL & Associates Properties Inc. has begun construction on Sand Lake Corners, a 600,000 sq. ft. power shopping center. Anchored by a 234,000 sq. ft. Wal-Mart, Sand Lake Corners will also include Lowe's, PetsMart and up to five additional anchor stores plus approximately 35,000 sq. ft. of small shop space.
FAC Realty forms new entity with Konover & Associates South Acquiring 11 community shopping centers totaling 2 million sq. ft. and valued at $100 million, Cary, N.C.-based FAC Realty Trust Inc. began the execution of definitive agreements with affiliates of Konover & Associates South of Boca Raton, Fla. The combined entity is to operate under the name of Konover Property Trust, and founder of West Hartford, Conn.-based Konover & Associates Simon Konover is expected to become chairman of the board of the new entity.
The purchase equates to approximately $24 million in equity consisting of the issuance of operating partnership units, at $9.50 per unit, and/or cash, plus the assumption of approximately $76 million in debt.
M&R Enterprises, Century Theaters kick off business venture Creating the largest motion picture theater complex in Chicago, M&R Enterprises of Chicago and California-based Century Theaters have kicked off the their new business venture, M&R Theaters, by signing a long-term agreement to bring a stadium-style, multiscreen megaplex to the Grand Pier Center development, located just east of Michigan Avenue in Cityfront Center. The venture partners expect to put approximately 4,000 seats in 16 theaters in the top four levels of the retail center. Grand Pier Theaters is scheduled to open in the summer of 1999.
Pan Pacific Retail acquires four-property Oregon portfolio For a total price of $30.4 million, San Diego-based Pan Pacific Retail Properties Inc. has acquired a portfolio of four shopping centers located in Oregon from Spieker Properties Inc. The centers total more than 520,000 sq. ft. and have a combined occupancy rate of 93%. The portfolio includes Milwaukie Marketplace in Milwaukie, Pioneer Plaza in Springfield, Powell Valley Junction in Gresham and Shute Park Plaza in Hillsboro.
To sell or not to sell, that is the question for Toronto-based TrizecHahn. Although it has been approached by several parties, a final decision whether or not to sell its 25-property, 23 million sq. ft. portfolio has not been made.
"Our portfolio is a very valuable franchise, and we have worked diligently over the last few years to enhance this value by focusing on super-regional centers in major markets, driving operational efficiencies and performance as well as selective redevelopment," says Gregory C. Wilkins, president and COO.
The company is establishing a process for receiving and evaluating offers to ensure that all options are considered. Any transaction considered will not include TrizecHahn's development portfolio.