Shopco Group affiliate acquires Ridgmar Mall in Fort Worth Ridgmar Mall, the largest enclosed retail mall in Fort Worth, Texas, has been acquired by an affiliate of New York-based The Shopco Group L.P. The approximately 1.09 million sq. ft. regional mall houses Fort Worth's only Neiman Marcus store, as well as a Dillard's, JCPenney and Sears. Shopco has also signed an agreement with The May Department Stores Co. to open a 180,000 sq. ft. Foley's store in the mall by Christmas 1998.
General Growth, Ivanhoe form joint venture to buy two malls-based General Growth Properties Inc. and Ivanhoe Inc. of Montreal have acquired both The Oaks Mall in Gainesville, Fla., and Westroads Mall in Omaha, Neb., from The Prudential Insurance Co. of America for $206 million. Both General Growth and an affiliate of Ivanhoe Inc. will own approximately half of a new private real estate investment trust that was formed to own and operate the properties.
These two malls, along with 11 others owned by General Growth, will be pooled together in a single CMBS financing, which is expected to include both 10- and 15-year tranches. The malls are expected to generate approximately $17.5 million of net operating income before fees payable to General Growth over the next 12 months.
CBL to start construction on new Metro Atlanta regional mall Plans have been announced by Chattanooga, Tenn.-based CBL & Associates Properties Inc. for the start of site work for Arbor Place, a 1.4 million sq. ft. regional mall in Douglasville, Ga., a suburb of Atlanta. CBL also announced plans to develop an associated center adjacent to Arbor Place to be called The Landing at Arbor Place.
The Mills Corp., Gaylord Entertainment plan Opry Mills Termed as part of "destination Opryland" by Terry E. London, president and CEO of Gaylord Entertainment Co., The Mills Corp. and Gaylord Entertainment have announced plans to develop Opry Mills, a new 1.1 million sq. ft. entertainment/retail center adjacent to the Grand Ole Opry and the Opryland Hotel Convention Center. Opry Mills will consist of more than 200 retail stores with themed restaurants and entertainment venues like multiscreen theaters, megavideo and megamusic stores and other high-tech electronic game venues.
Starwood, Ceruzzi join forces to acquire and develop retail projects Combining the resources of Greenwich, Conn.-based Starwood Capital Group LLC and Ceruzzi Properties, Westport, Conn., Starwood-Ceruzzi has been formed to acquire and develop retail properties throughout the United States. The currently private company, which is owned by affiliates of Ceruzzi and Starwood, is expected to convert to a publicly traded REIT once the portfolio has increased by another $1 billion.
FAC Realty to buy 1.2 million sq. ft. of shopping centers In a transaction valued at $71.4 million, Cary, N.C.-based FAC Realty Trust Inc. has entered into an agreement to acquire 10 shopping centers in North Carolina and Virginia, totaling 1.2 million sq. ft., as well as assume third-party management of an additional 1 million sq. ft. of community shopping centers. The majority of the centers purchased are owned by Roy O. Rodwell, chairman and co-founder of Durham, N.C.-based Atlantic Real Estate Corp.
DLJ agrees to form $1 billion joint venture with Simon DeBartolo In order to acquire and develop entertainment-oriented real estate properties around the world, DLJ Real Estate Capital Partners L.P., the real estate merchant banking fund of New York-based Donaldson, Lufkin & Jenrette Inc., has agreed upon the terms of a joint venture with Indianapolis-based Simon DeBartolo Group Inc. The joint venture, Simon/DLJ Entertainment Properties Inc. L.P., is expected to accumulate more than $1 billion of projects over the next 12 to 18 months.
The partnership expects to acquire and lease to operators real estate assets which have an entertainment component, such as studios, sports complexes, race tracks and gaming assets, and it also plans to form joint ventures with developers who have a pipeline of entertainment projects requiring capital.
Hoping to capitalize on the public's growing appetite for entertaining destination experiences, says Barry Sholem, co-chairman of DLJ Real Estate Capital Partners L.P., "we intend to acquire and develop megaplex movie theaters and accumulate a diverse portfolio of exhibitor products. We have already initiated negotiations with several leading theater chains that are interested in contributing entertainment assets to the partnership."
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