FAC Realty, ARC form joint venture for North Carolina In a new joint venture, Cary, N.C.-based FAC Realty Trust Inc. and Durham, N.C.-based Atlantic Real Estate Corp.(ARC), a privately held real estate development company, will develop and manage retail community and neighborhood shopping centers in North Carolina. The venture will be called Atlantic Realty LLC, and it will be structured as a limited liability corporation. FAC and ARC will own the joint venture equally, with FAC serving as managing member overseeing the joint venture's operations. Over the next several years, the venture plans to develop nearly 1 million sq. ft., including Park Place in Cary and a second 38,600 sq. ft. shopping center in Pembroke, N.C.
The venture requires FAC Realty to contribute the initial equity investment required to develop the centers to be determined on a project-by-project basis and to perform leasing, property management and marketing functions. ARC will develop and build the centers in addition to providing the anchor tenants and construction financing.
Draper and Kramer negotiates $38 million acquisition Representing the private investment trust buyer, Chicago-based Draper and Kramer Investment Property Services has completed the acquisition of the $38 million Wheaton Town Square, an upscale retail shopping center in Wheaton, Ill. Draper and Kramer Commercial Mortgage Production placed the $29 million first mortgage on the financing of the 175,000 sq. ft., 99%-leased center through a conduit lender.
Construction comes to a close on Granada Hills Town Center Finishing touches are being added to the $35 million "powerhood" Granada Hills Town Center, which was scheduled to open at the beginning of this month. Designed by Los Angeles-based MCG Architects, the 200,000 sq. ft. powerhood -- a combination of big-box and community-serving retailers in a neighborhood center -- is being developed by Los Angeles-based J.H. Snyder Co.
General Growth announces opening of two new malls Chicago-based General Growth Properties Inc. has announced the grand opening of Brass Mill Mall and Brass Mill Commons, both in Waterbury, Conn. Brass Mill Mall is a 1.1 million sq. ft., enclosed regional shopping mall, with Sears, Filene's and JCPenny as anchors. Brass Mill Commons, a 200,000 sq. ft. community center, joins the regional shopping mall.
Monroe & Friedlander named leasing firm for Waikiki project Waikiki's newest retail project, Waikiki Royal Walk, has been assigned a new leasing brokerage firm, Monroe & Friedlander Inc., Honolulu. The Myers Corp., which reached an agreement to acquire the leasehold interest in the Pacific Theatres' property, will be redeveloping the property as the new 248,216 sq. ft. Waikiki Royal Walk, a specialty retail center. Construction is slated to begin in mid-1998 and is estimated to cost $142 million.
Glimcher, Nomura acquire Catalina Partners In its third joint venture with Nomura Asset Capital Corp., Glimcher Realty Trust has acquired Catalina Partners L.P., the owner of Colonial Park Mall in Harrisburg, Pa., for $48 million. Nomura and Glimcher acquired the owner's interests, except for minority interests to be purchased at a later date, in a 60/40 venture. Glimcher will provide leasing and property management services for the project.
Colonial Park Mall is a 743,967 sq. ft. regional mall, which was completely renovated and updated in 1990, and is currently 93% occupied.
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