Sales & acquisitions Miami Gardens/441 Plaza, a 184,000 sq. ft. property in Miami, has been sold to West Palm Beach, Fla.-based Boyer In-Rel Management Inc. Locally based Terranova Corp. brokered the $7.7 million sale, representing the seller, Miami-based 441 Plaza General Partnership. Major retail tenants at the center include BJ's Wholesale Club and Happy Floors.
Boston-based Spaulding & Slye Colliers has negotiated the sale of Shops at Somerset Square, an upscale 103,000 sq. ft., open-air mall in Glastonbury, Conn. The property was sold to-based Glastonbury Retail Inc. for $14.78 million. San Francisco-based AMB Property Corp. sold the center on behalf of Somerset Square LP.Tenants include Talbots, AnnTaylor, Gap/Gap Kids, Express, Victoria's Secret and Pendleton.
Jacksonville, Fla.-based Regency Realty Corp. has sold Mountain & Evergreen Center in Monrovia, Calif. The property was sold for $7.6 million to La Canada, Calif.-based Young Properties Inc. At 48,187 sq. ft., the shopping center features Ross Dress for Less, Airtouch Cellular, Chico's Tecate Grill, La Jolla Patio & Mattress and David's Bridal.
Financing Awards Northbrook, Ill.-based Grubb & Ellis Co. recently arranged the $17 million sale of a pool of four retail properties, consisting of 197,423 sq. ft. in two states, to FRISU Inc., a San Diego-based privately held investment company. The retail pool, sold by The Independent Order of Foresters (IOF), San Diego, is part of IOF's 2.3 million sq. ft. U.S. real estate portfolio, which also includes multi-family, mini-storage and office space.
The retail properties included in this purchase were Madera Royale Plaza, a 50,498 sq. ft. center in Simi Valley, Calif.; Mariposa Center, a 57,009 sq. ft. property in Victorville, Calif.; San Pablo Village, an 18,528 sq. ft. center in Palm Desert, Calif.; and Mercado Fiesta, a 71,388 sq. ft. property in Mesa, Ariz. In addition, the Houston office of Grubb & Ellis arranged the sale of Jefferson City Shopping Center in Port Arthur, Texas. The 244,258 sq. ft. property was bought by Mineola, N.Y.-based Malachite Group. Houston-based Jefferson City Inc. sold the center for $4.95 million.
A $180 million mortgage has been arranged to refinance and redevelop the Great Mall of the Bay Area in Milpitas, Calif. The borrower, represented by Miami-based Aztec Group Inc., is Great Mall of the Bay Area LP, an affiliate of Hollywood, Fla.-based Swerdlow Real Estate Group Inc.
The lender is New York-based CDC Mortgage Capital Inc. Great Mall of the Bay Area is currently undergoing a strategic redevelopment that will add several new anchor tenants and an entertainment component to the property. Interior and exterior renovations are also planned. The mall is comprised of 1.25 million sq. ft. of retail space housing 185 retailers, specialty stores, restaurants and entertainment venues.
Management Contracts Tampa, Fla.-based RMC/Konover Property Trust will assume management responsibilities for two Florida shopping centers. Sun City Center, a 96,000 sq. ft. property in Sun City, was awarded by Washington, D.C.-based Sun City LLC. Palm Gardens, a 41,000 sq. ft. center in Largo, was awarded by West Palm Beach-based Largo Properties.
Mount Laurel, N.J.-based Metro Commercial Management Services has been selected as property manager and leasing agent at Lee Newman Plaza in Cherry Hill, N.J. The 14,000 sq. ft. center is anchored by Lee Newman Men's Clothing, Zinman Furs and Paramitos Jewelers. The contract was awarded by Cherry Hill-based H.S. Management Co.
Coconut Grove, Fla.-based Retail Estate and Las Vegas-based Entertainment Enterprises are merging to create Retail Estate Management. The Coconut Grove-based, full-service commercial real estate company will offer property/development management services as well as commercial leasing/tenant representation. Initial property management assignments are for shopping centers in Miami and Orlando, Fla.
New Ventures Alman Group LLC, a Westfield, N.J.-based full-service consulting organization, has formed Alman Realty Group LLC. The new venture will provide commercial real estate services to its customers in the following areas: asset recovery, brownfield redevelopment and financing,management, due diligence, property dispositions, feasibility studies, lease negotiations, market analysis, property evaluation, redevelopment, site selection and tenant representation. Ian V. Lagowitz has been named president of the real estate operations.
Other Transactions The Staubach Co., Dallas, is providing lease administration services for more than 4,000 Blockbuster retail stores in the United States and Canada. The company will work on site at Blockbuster's corporate offices with the retail chain's real estateexecutives handling database management, payment processing, operating expense audits and critical date management. The team effort is expected to enhance help the national music and video chain enhance its real estate operations and to function more efficiently.