Corporate Mergers Let's Talk Cellular & Wireless Inc., Miami, has signed a definitive agreement to acquire the 54-unit, privately held Cellular Warehouse chain. In the transaction, the buyer will issue 900,000 shares of common stock and will pay approximately $20 million in cash in exchange for all outstanding stock of Atlanta-based Cellular Warehouse. Let's Talk Cellular & Wireless has a commitment letter for a $35 million credit facility with Chase Manhattan Bank to finance the transaction and future working capital needs.
Cellular Warehouse president Richard Sosebee and vice president Fred Hill will join the Let's Talk Cellular & Wireless management team and continue to be responsible for the day-to-day operations of the Cellular Warehouse stores. The acquisition increases the portfolio of Let's Talk Cellular & Wireless to 201 stores located in regional shopping malls and strip centers in the United States.
Pittsburgh-based PNC Bank Corp. has entered into an agreement to acquire the assets of Kansas City, Mo.-based Midland Loan Services LP. Midland, which will retain its name, specializes in commercial mortgage loan servicing and the origination of commercial mortgage loans for securitization. Alan L. Atterbury, president and CEO of Midland, will remain with the firm in that capacity. Financial terms of the acquisition agreement were not disclosed.
Minneapolis-based Welsh Cos. has acquired Brentwood Commercial Real Estate, also of Minneapolis, in an attempt to increase its presence in the marketplace and to further strengthen its professional staff. Terms of the sale were not disclosed. The acquisition brings Welsh's commercial real estate management and leasing portfolio to nearly 23 million sq. ft.
St. Louis-based Colliers Turley Martin and Indianapolis-based F.C. Tucker Co.'s Commercial Real Estate Services Division have merged. Terms of the transaction have not been disclosed. The two firms' combined operations will manage more than 25 million sq. ft. of office, industrial and retail properties, primarily in Missouri, Kansas, Tennessee and Indiana.
Houston-based L.J. Melody & Co., the commercial mortgage banking subsidiary of Los Angeles-based CB Commercial Real Estate Services Group Inc., has acquired mortgage banking firms on both coasts.
* The company acquired Seattle-based North Coast Mortgage Co., with offices in Seattle and Portland. Under terms of the agreement, North Coast will retain its name and operate as a division of Melody, with Lawrence J. Melody serving as chairman and North Coast's Michal T. Makar continuing as president. North Coast had $420 million in new loan commitments in 1997 and a commercial loan servicing portfolio totaling $800 million.
* Melody also acquired Charlotte, N.C.-based Cauble and Co. of Carolina from its partners, William H. Hawthorne, Stephen B. Heffner and James E. Rogers, all of whom will become vice presidents of Melody. Cauble and Co. had $250 million in new loan commitments in 1997 and a commercial loan servicing portfolio of $350 million.
* L.J. Melody & Co. had more than $3.5 billion in new loan originations in 1997 and services an $8.5 billion commercial loan portfolio.
Sales & Acquisitions Fort Wayne, Ind.-based Equity Investment Group has acquired Florence Plaza in Florence, Ky., for $8.9 million from The L&B Serbo Fund, Dallas. The 170,404 sq. ft. center is anchored by Dick's Sporting Goods, Rhodes Furniture and PetsMart. Chicago-based Ron Towell & Associates represented Equity in the purchase.
Salt Lake City-based JP Realty Inc. has acquired Salem Center in Salem, Ore., for $32.5 million from Tristate Joint Venture, a venture between Teachers Insurance and Annuity Association and The Rouse Co. The 650,500 sq. ft. mall is anchored by Nordstrom, JCPenney, Meier & Frank and Mervyn's. The mall underwent a $7.4 million renovation in 1995 and is 97 percent leased. New York-based Rockwood Realty and Associates arranged the transaction.
Dallas-based Cardinal Capital Partners Inc. has acquired four CarMax superstores, five Circuit City stores and a Circuit City service center through an $85 million sale-leaseback transaction. The acquisition includes nearly 500,000 sq. ft. of retail space and 117.5 acres of property in Washington, Louisiana, New York and Ohio. Debt financing was provided by the Dallas office of Nomura Asset Capital Corp. This deal marks the seventh sale-leaseback transaction between Cardinal Capital Partners Inc. and Circuit City Stores Inc.
In a joint venture, Greenville, S.C.-based Insignia/ESG and Dallas-based Lone Star Opportunity Fund has acquired a Boca Raton, Fla., shopping complex for an undisclosed sum. Glades Plaza West was sold by Greenville, S.C.-based Boca West Shopping Center Associates Ltd., and Glades Plaza South was sold by Greenville, S.C.-based Boca Glades Associates Ltd. The 142,000 sq. ft. shopping complex is anchored by Wild Oats, Barbara Katz, Lisa Todd and Shoe Bazaar.
San Francisco-based Real Estate Collateral Management Co. Inc. has sold two properties in the Miami area.
* Miami-based GRO Development Corp. purchased Oasis Plaza in North Miami Beach for $2.4 million. The 26,542 sq. ft. center is anchored by American Savings and Loan, Blockbuster Video and Kenny Rogers Roasters.
Palm Beach Gardens, Fla.-based North American Equities Inc. purchased the Shoppes at Westbury in Miami for $3.2 million. Tenants at the 33,766 sq. ft. center include Pizza Hut and Dairy Queen.
* The Allen Morris Co., Miami, negotiated these transactions on behalf of the seller.
Renton, Wash.-based Eagle Hardware & Garden Inc. has acquired an 11.8-acre pad site at Crossroads Marketplace in Chino Hills, Calif., for an undisclosed amount from Miami-based Lennar Partners. Eagle Hardware & Garden, a regional home improvement store, joins Costco, which opened in November, as anchors for the planned 92-acre, 759,000 sq. ft. retail and entertainment center. The home improvement center will total 166,218 sq. ft., including a 30,800 sq. ft. garden yard. Completion is scheduled for fall 1998.
Takoma Park, Md.-based Takoma Langley Improvements LLC has acquired Takoma/Langley Crossroads Shopping Center in Takoma Park, Md., for $12.3 million from Washington, D.C.-based Blake Construction Co. Inc. The 124,000 sq. ft. center is occupied by High's, Midas Muffler, the U.S. Post Office and Citibank. A 17,400 sq. ft. Aldie supermarket is under construction.
New Hyde Park, N.Y.-based Kimco Realty Trust has acquired 100,000 sq. ft. Greenridge Plaza Shopping Center in Staten Island, N.Y., from Los Angeles-based Highland & Boulder Partners for $14.7 million. Major tenants of the 100 percent-leased, seven-acre neighborhood shopping center include Waldbaums, CVS and Boston Market. The transaction was brokered by New York-based Garrick-Aug Associates Store LeasingInc.
Virginia Beach, Va.-based Lea Co. has acquired Yoder Plaza Shopping Center, located adjacent to Patrick Henry Mall in Newport News, Va., from Newport News Shopping Center LLC of Fort Worth, Texas. The $19.8 million sale includes three leased parcels of land. Circuit City, Toys "R" Us, PetsMart and OfficeMax anchor the 126,924 sq. ft. shopping center. The transaction was brokered by Norfolk, Va.-based S.L. Nusbaum Realty Co.
Potomac, Md.-based Carl M. Freeman Associates has acquired Rock Creek Village Shopping Center in Rockville, Md., for $10.9 million from Des Moines, Iowa-based Principal Mutual Life Insurance Co. The 92,000 sq. ft. shopping center is anchored by Safeway and CVS Pharmacy.
Orlando, Fla.-based CPS Property Investments Inc. has purchased Clermont Shopping Center in Clermont, Fla., from The Rossman Group, Orlando, for $13.8 million. The 263,000 sq. ft. shopping center is anchored by Kmart, Publix and Eckerd Drugs. The transaction was brokered by Longwood, Fla.-based T.D. Realty & Financial Co. Inc.
Chicago-based Weybridge Capital Investors Inc. has acquired the Fishers Crossing Shopping Center in Fishers, Ind., for $3.3 million from Carmel, Ind.-based Fishers Crossing LLC. The 90,000 sq. ft. center is anchored by Kroger. The Indianapolis and Chicago office of Los Angeles-based CB Commercial Real Estate Group represented the seller in this transaction.
Houston-based Weingarten Realty Investors has acquired Central Plaza Shopping Center in Lubbock, Texas, for an undisclosed amount from Lubbock-based Boyer Lubbock Associates. The 152,300 sq. ft. shopping center is anchored by Best Buy, Service Merchandise and Cinemark Theaters. This acquisition brings Weingarten's retail portfolio to 170 shopping centers throughout 12 states.
The New York office of Los Angeles-based CB Commercial Real Estate Group Inc.'s Investment Properties Division recently negotiated the sale of two North Carolina malls by affiliates of PF Properties LLC of Raleigh to affiliates of Steven D. Bell & Co., Greensboro, N.C. The malls sold were: University Mall in Chapel Hill, N.C., anchored by Belk and Dillard's, for $15.7 million; and Parkwood Mall in Wilson, N.C., anchored by Sears, JCPenney and Belk, for $25.6 million.
Chattanooga, Tenn.-based CBL & Associates Properties Inc. has purchased Burnsville Center in Burnsville, Minn., from New York-based Corporate Property Investors. Sold for $81 million, the 1 million sq. ft. superregional mall is anchored by Dayton's, JCPenney, Mervyn's and Sears.
Bethesda, Md.-based First Washington Realty Trust Inc. has agreed to acquire Parkville Shopping Center, Baltimore, from a private investment partnership for $7.8 million. The 140,000 sq. ft. center is anchored by A&P/Super Fresh and RiteAid. This transaction brings the REIT's portfolio to 51 properties owned.
Atlanta-based Mimms Enterprises has acquired Holcomb Woods Village in Roswell, Ga., from Atlanta-based Fletcher Bright for $11.25 million. The 105,000 sq. ft. shopping center, which is 100 percent leased, is anchored by Rio Bravo, Dwoskin's and Australian Body Works. The transaction was brokered by Atlanta-based Richard Bowers & Co.
New York-based Nomura Capital recently provided several multimillion-dollar refinancing loans to shopping centers:
* Nomura provided a $14.75 million refinance loan to Toronto-based Tanurb (Rosedale Commons) Inc. for Rosedale Commons in Roseville, Minn. The 10-year loan amortizes over 30 years with a yield of 8.03 percent. Major tenants at the 176,553 sq. ft. neighborhood shopping center include Linens 'N Things, Comp USA, T.G.I. Friday's and Radio Shack.
* Nomura has provided a $5.2 million refinance loan to Meadowdale Realty LLC, an affiliate of Indianapolis-based Sandor Development Co., for Meadowdale Shopping Center in Richmond, Va. The 12-year loan amortizes over 12 years with a yield of 7.37 percent. The 176,851 sq. ft. shopping center is anchored by Food Lion.
* Nomura also has provided a $10 million refinance loan to Miami-based Suniland Associates, LLC for the Suniland Shopping Center in Miami. The 10-year loan amortizes over 30 years with a yield of 7.23 percent. The 82,128 sq. ft. neighborhood shopping center is anchored by Eckerd Drug Store.
Financing awards Phoenix-based FINOVA Realty Capital has arranged $6.75 million in financing for two shopping center projects:
* FINOVA's Salt Lake City office arranged a $2.5 million loan to refinance Carriage Square Shopping Center in West Valley, Utah. The 78,705 sq. ft. shopping center is owned by a local investor.
* FINOVA's Atlanta office arranged $4.25 million in permanent financing for North Main Place, a new, 58,850 sq. ft. shopping center in High Point, N.C. The center is anchored by Staples and owned by Buckley Shuler Properties Inc. and James Doran Co.
In an unrelated deal, FINOVA's Austin, Texas, office arranged nearly $3 million in financing for the acquisition of two San Antonio shopping centers, North Point Shopping Center and Fredericksburg Square Shopping Center, by an out-of-state investor.
Dallas-based Holliday Fenoglio Fowler LP has arranged $19.2 million in permanent financing to The Jaffe Cos., Austin, Texas, for Phase I of Huebner Oaks Shopping Center in San Antonio. The 175,229 sq. ft. center features major tenants such as Borders Books, AMC Theatres and Old Navy. Financing was provided by New York-based Lehman Brothers Holdings Inc. Holliday Fenoglio Fowler also has arranged $14.5 million in construction financing for Phases II and III of Huebner Oaks for The Jaffe Cos. The expansion will bring the development's total GLA to approximately 400,000 sq. ft. Financing was provided by Detroit-based Comerica Bank.
In yet another Jaffe expansion project, Holliday Fenoglio Fowler has arranged $4.9 million in construction financing for a 36,412 sq. ft. expansion of the Boca Chica Plaza Shopping Center in Brownsville, Texas. The expansion will more than double the center's current size.
In an unrelated transaction, Holliday Fenoglio Fowler arranged $7.4 million in fixed-rate financing for the acquisition of White Rock Marketplace Shopping Center in Dallas. Lehman Brothers provided financing for United White Rock LP on behalf of United Commercial Development.
Manageent contracts Mount Laurel, N.J.-based Metro Commercial Management Services Inc. has been selected to manage two retail properties in New Jersey, bringing the company's total management portfolio to more than 5 million sq. ft.
* Greenwich, Conn.-based National Re/sources has selected Metro Commercial to manage and lease Windsor Green, a 155,000 sq. ft. shopping center in Lawrenceville, N.J., anchored by Pathmark, Marshalls, Staples and Zany Brainy.
* Irving, Texas-based Archon Group has selected Metro Commercial to manage and lease a 60,000 sq. ft. retail redevelopment project in Salem, N.J.
Other transactions San Diego-based Timberlake Group International Inc. has retained a general contractor, civil engineers and soil engineers for Cities Pavillion, a $60 million, 44-acre, 500,000 sq. ft. center in Redlands, Calif. The center will incorporate entertainment, sports, learning and retail activities in a family-oriented, fun-filled environment. Firms taking part in the project are: Riverside, Calif.-based J.D. Diffenbaugh Inc. (general contractor); Redlands-based Kenneth R. King Civil Engineers (civil engineers); and Colton, Calif.-based Soils Southwest Inc. (soil engineers). Tenant occupancy is anticipated in late 1998 and 1999.
The John Buck Co., Chicago, has appointed King of Prussia, Pa.-based Kravco Co. as the leasing and merchandising consultant for its North Bridge District development in Chicago. With more than 2.1 million sq. ft., the multi-use, multi-block development will include a 260,000 sq. ft. Nordstrom department store, major retailers, three new hotels and an extensive entertainment complex, all located within six blocks radiating from North Michigan Avenue, one of the world's leading shopping avenues. While completion of the Nordstrom store and the retail arcade are not planned until September 2000, leasing activity already has begun.
Birmingham, Ala.-based Stewart & Perry Construction has been awarded construction contracts for four Lowe's Home Centers located in Hermitage, Pa.; Charlottesville, Va.; Hattiesburg Miss.; and Harrisburg, Pa. Total square footage for the four centers is 564,220, with an investment of $15.3 million.
Great Neck, N.Y.-based Keen Realty Consultants Inc. has been retained by Caldor Corp. in its Chapter 11 bankruptcy proceeding to market 11 retail locations of the discount department store chain. The sites range in size from 83,000 sq. ft. to 142,000 sq. ft. and are located in Maryland, Virginia, upstate New York and Long Island.
Baltimore-based KLNB Inc. has been selected exclusive leasing agent by The Rouse Co., Columbia, Md., for Owings Mills Mall in Owings Mills, Md. An expansion that will bring the mall's GLA to 1.3 million sq. ft. is under way. The center, which is currently anchored by Hecht's, JCPenney and Macy's, will add two anchors this fall.
The Los Angeles office of Baltimore-based RTKL Associates Inc. has been awarded the design contract for Waikiki Royal Walk, a $142 million, 280,000 sq. ft. retail center located within the heart of Waikiki in Honolulu by local developer Myers Corp. The five-level retail project is located along Kalakaua Avenue, directly across from the Royal Hawaiian Hotel.
The design of the project includes four terraced levels to provide maximum visibility to upper-level shops, with the fourth level designated as an urban oasis with themed restaurants and extensive lanai seating. An elliptical-shaped courtyard, which increases in diameter as it climbs upward, will be home to a water feature designed to evoke the "spouting water" for which Waikiki is named. Construction is slated to begin in late 1998.
Los Angeles-based Altoon + Porter Architects has been named designer of a 1 million sq. ft. shopping center at Kowloon Station in Hong Kong. Part of a 33-acre, mixed-use, multibillion-dollar development of the Hong Kong-based Mass Transport Railway Corp., the center and two subway systems will operate beneath a podium that will hold 12 million sq. ft. of office, hotel and residential units. The center is expected to serve an estimated 190,000 shoppers daily.
Chicago- and Orlando, Fla.-based VOA Associates Inc. has been selected by Brazilian retailer Mappin Retail Stores to provide architectural design services for the transformation of its flagship department store in Sao Paulo, Brazil. Once completed, the $30 million project will include 210,000 sq. ft. of retail and food court facilities as well as four new cinemas and a 155,800 sq. ft., 600-car parking garage.
The interior will be focused around a three-story, 6,700 sq. ft. atrium, which will include a fountain and tree court, elevator and escalators. Exterior renovations involve the addition of a large, curved glass curtain wall system over the existing main facade as well as canopies and towers featuring the Mappin logo and colors. Construction is slated to begin in August, and the project should be completed by January 2000.
The Rouse Co., Columbia, Md., and Los Angeles-based Westfield America Inc. have entered into a binding agreement to acquire the shopping center portfolio of Toronto-based TrizecHahn Corp. for a maximum of $2.55 billion.
The acquisition does not include the staff or projects of the recently formed TrizecHahn Development Corp. or two assets previously scheduled for separate disposition (Sunnyvale Town Center in Sunnyvale, Calif., and Santa Maria Town Center in Santa Barbara, Calif.).
The portfolio's 20 shopping centers comprise 19 million sq. ft. of GLA located in eight states. The properties have been split along geographic lines to provide a strategic fit with Westfield America's and The Rouse Co.'s respective portfolios. Westfield America will acquire the 13 TrizecHahn properties in California and Washington for up to $1.44 billion. The Rouse Co. will acquire the seven remaining properties, located in New Jersey, Maryland, Texas, Colorado, Nevada, Utah and Iowa, for up to $1.11 billion.
The final sale price, which is dependent upon the interests ultimately conveyed at closing, will be payable in cash subject to certain partner arrangements and other customary closing adjustments. After debt retirement, the sale should provide TrizecHahn with approximately $1.2 billion in net proceeds.
The transaction will have multiple closings, beginning later in the year and completed by year's end.
The shareholders of Greenwich, Conn.-based HRE Properties Inc. recently approved changing the corporation's name to Urstadt Biddle Properties Inc.
According to company officials, the new name not only sets Urstadt Biddle apart from other firms, but also honors the commitment of Charles J. Urstadt, chairman and chief executive officer, and Willing L. Biddle, president and chief operating officer. Urstadt is responsible for changing the company's corporate strategy to its focus on investments in shopping centers, with primary emphasis in the Northeast. Biddle has a substantial interest in the company and represents the next generation of leadership.
The company's NYSE ticker symbol has changed from HRE to UBP.
Urstadt Biddle Properties Inc. is a self-administered equity REIT that owns 20 properties, or 3 million sq. ft. of space.
Birmingham, Ala.-based A.B. Shopping Center Properties Inc. has been renamed AIG Baker Shopping Center Properties LLC to reflect more completely the joint venture formed in 1993 by Alex Baker and AIG Global Real Estate Investment Corp. (AIG Global), a subsidiary of American International Group Inc. (AIG).
The resources of AIG (the company's assets totaled $165 billion at the end of 1997) and the entrepreneurial abilities of AIG Baker's senior management are expected to allow the real estate company to quickly identify and act upon development and acquisition opportunities. AIG Baker's current portfolio includes 36 shopping centers, or 8 million sq. ft., in 17 states.
In conjunction with the name change, AIG Baker formed three new subsidiaries: AIG Baker Real Estate LLC, AIG Baker Management LLC and AIG Baker Development LLC. These subsidiaries manage operating units in the company's development, acquisitions, leasing, construction, planning, asset management, security, marketing, research, legal and financial services areas.