New York — Argent Ventures, a locally based private real estate investment company, awarded Shopco Advisory Corp. the management contract for New York City's landmark Manhattan Mall.
Built in 1910, Manhattan Mall served as the home for the historic Gimbel Bros. flagship store until 1989. The 825,000-sq.-ft. building now includes approximately 500,000 sq. ft. of retail space and 325,000 sq. ft. of office space, according to Shopco President Marc Yassky. Current tenants include Aeropostale, Electronics Boutique, KB Toys, Nine West, Lady Foot Locker and Victoria's Secret.
Shopco Advisory Corp. is a Manhattan-based national shopping center development, leasing and management company. It was founded in 1969 and has developed, managed and/or acquired shopping centers totaling more than 17 million sq. ft.
Los Angeles — Locally based Westfield America Inc. announced first mortgage refinancing awards totaling nearly $1 billion. Proceeds were used to repay an existing $754.1 million CMBS facility and a $150 million unsecured loan, both of which mature in December.
Westfield closed an $800 million 10-year loan with UBS Warburg Real Estate Investments and Lehman Bros. That loan is secured by first mortgages on nine Westfield Shoppingtown malls.
Those properties include fourmalls — Parkway Plaza in El Cajon, West Covina in West Covina, Horton Plaza in San Diego, and Fox Hills in Culver City — and four Missouri malls: Mid Rivers in St. Peters, West Park in Cape Girardeau, and Northwest Plaza and Crestwood, both in St. Louis. The ninth property was Enfield mall in Enfield, Conn.
In a separate, UBS Warburg and Lehman Bros. provided a $120.5 million loan secured by Westfield's Plaza Bonita and Capital malls. The two-year floating rate will facilitate the future redevelopment of those properties.
Silverdale, Wash. — Houston-based L.J. Melody & Co. arranged $16.9 million in financing for Silverdale Plaza, a community shopping center in Silverdale. Anchor tenants for the 173,611-sq.-ft. center, which was built in 1980 and renovated in 2000, include Safeway, Rite Aid and Staples.
Columbus, Ohio-based Nationwide Life Insurance Co. provided the financing on behalf of an investment group sponsored by Beverly Hills, Calif.-based Barclays Realty & Management.
Lewisville, Texas — Dallas-based NorthMarq Capital Inc. arranged $3.4 million in permanent financing for Vista Creek, a 20,773-sq.-ft. strip center in Lewisville, on behalf of Dallas-based Gilmore Davis Cos. Anchors for the single-story neighborhood strip center include Coker Floor Co., Wheels & Fitness in Motion, Dallas Mattress, Our Children Pediatric, Gateway Computers and Car Toys.
Los Angeles — Locally based CB Richard Ellis announced the formation of a joint venture between Newport Beach-based Pacific Development Group and Rancho Cucamonga-based Colonies Crossroads Inc. to develop a 110-acre retail project in Upland.
Colonies Crossroads will be developed as part of The Colonies at San Antonio, a 434-acre master-planned community with 1,100 single-family homes, 60 acres of open space, and more than 1 million sq. ft. of retail space. The project will be the only regional commercial development along the new 28-mile I-210 Freeway extension, which is scheduled for completion in fourth quarter 2002.
The freeway extension is being built to handle the increase in commuter traffic and the exploding population growth in the foothills of San Bernardino County. More than 400,000 people live within the boundaries of the trade area. Average household incomes within a mile of the project are in excess of $100,000.
Sales & acquisitions
Raleigh, N.C. — Konover Property Trust agreed to sell a portfolio of outlet centers to Roseland, N.J.-based Chelsea Property Group for a total purchase price of $180 million. The specifics of the portfolio to be sold — including the total number of centers and their locations — were undisclosed. According to Konover, the deal is expected to close in the third quarter of 2001 following due diligence. “The completion of this transaction will enable us to further concentrate our actions and activities on community centers in accordance with our strategic plan,” noted Konover's J. Michael Maloney, president and CEO.
Orlando, Fla. — Locally based REIT Commercial Net Lease Realty, which maintains a portfolio of big-box retail properties, agreed to acquire Ann Arbor, Mich.-based Captec Net Lease Realty, a publicly traded REIT that owns 136 freestanding net lease retail and restaurant properties in 28 states. Following the merger, Commercial Net Lease Realty will own 377 properties in 40 states with total GLA of approximately 7 million sq. ft. The combined commercial assets of the two REITs will be worth about $1 billion.
St. Louis — Locally based Walpert Properties acquired three shopping centers in the Kansas City area for a total purchase price of $5.45 million. The acquisitions bring Walpert's portfolio to 16 properties totaling more than 900,000 sq. ft. in the Kansas City market, notes Gary Rosenbaum, a vice president who heads the company's expansion in Kansas City.
Walpert acquired Noland Road Retail Shops, a 32,380-sq.-ft. center in Independence, from Key Properties I LLC for $1.9 million. Anchors include Dollar General, Rent-A-Center and Zeke's Painted Design.
The company acquired Woodson Village, an 86,187-sq.-ft. center in Raytown, from McGregor Interest KCI LLC for $2.55 million. Anchors include Sunwest Grocery Store and Dollar General.
Walpert acquired Twin Oaks, a 31,086-sq.-ft. shopping center in Belton, from Twin Oaks Partners II for $1 million. Anchors include Family Dollar and Bargain Barn.
Lexington Park, Md. — Columbia, S.C.-based Edens & Avant acquired First Colony Center, a 98,226-sq.-ft. grocery-anchored shopping center in Lexington Park, from an unnamed seller. The purchase price was undisclosed.
First Colony Center is anchored by a 47,000-sq.-ft. Giant Foods. Other tenants include Payless ShoeSource, Hair Cuttery, Dress Barn, Bath & Body Works, and Hallmark. In addition, a 21,000-sq.-ft. Michaels is under construction. The center is located in the trade area's rapidly expanding retail district, which includes retailers such as Lowe's Home Improvement, Target and Staples. The acquisition continues Edens & Avant's ongoing expansion in the Baltimore and Washington, D.C., areas.
Orlando, Fla. — Trammell Crow Co. was named leasing agent for Lake Buena Vista Factory Stores. The center, which is near Walt Disney World, includes more than 40 factory outlet stores with designer and brand names such as Liz Claiborne, Reebok, Gap and Nine West. With offices in nine Florida cities, Trammell Crow now manages and leases more than 31 million sq. ft. of commercial space in the state.
In a separate agreement, Trammell Crow was chosen by New York City-based Allied Partners Inc. as the developer and leasing agent for Woodbury Centre, a 228,000-sq.-ft. strip center now under construction in Woodbury, N.Y. The 68-acre site is adjacent to the 841,000 sq.-ft. Woodbury Commons Premium Outlets.
SIDEBAR: 'Seinfeld' actor joins Centerlinq as spokesman
John O'Hurley, the award-winning actor who shot to fame in his recurring role as catalog magnate J. Peterman on the NBC hit “Seinfeld,” is the new national spokesman for Centerlinq, a video and interactive advertising network based in Los Angeles.
O'Hurley will be the “Voice of Centerlinq,” greeting consumers electronically as they step up to Centerlinq kiosks in malls nationwide, and guiding them through the features and benefits of the network.
Centerlinq's promotional video, which is distributed to advertisers and managers of shopping malls and other public venues, features O'Hurley as he takes the viewer on a tour of the network, demonstrating its benefits and demographics.
In addition to a touch-screen that accesses the Internet, the Centerlinq advertising medium features 42-inch plasma screens that provide video advertising, original programming and music videos. Other features include instant photo e-mail transmissions, interactive mall directories, Internet searches, and the ability to manage rewards memberships and mall affinity programs.
O'Hurley, with dozens of film and television roles to his credit, currently hosts the syndicated shows “To Tell The Truth” and “Get Golf with the PGA Tour.”