New Ventures Northbrook, Ill.-based Bradley Real Estate has formed a co-development program with Oppidan Center Development LLC, an affiliate of Minneapolis-based Oppidan Inc., a developer of grocery-anchored centers. Under terms of the agreement, Bradley and Oppidan will work together on all aspects of the development process and share in the value created from the new developments.
The agreement initially includes five properties in varying stages of development, the majority of which should be completed by year's end. Upon completion, these properties will have an approximate total value of $50 million.
Northbrook, Ill.-based Grubb & Ellis Co. has added four firms to its national affiliates program.
* Mishawaka, Ind.-based Cressy & Everett Commercial provides office, land, investment, retail and industrial real estate services to St. Joseph, Marshall and Elkhart counties in Indiana and Berrien, St. Joseph and Cass counties in southwest Michigan.
* The Furman Co. Commercial LLC of Greenville, S.C., provides office, land, investment, retail and industrial real estate services to the Greenville, Spartanburg and Anderson, S.C., markets.
* Fort Myers, Fla.-based VIP Commercial specializes in office, industrial, retail, land, investment and corporate services in the southwest Florida marketplace.
* Eugene, Ore.-based Northland Real Estate Inc. provides the full spectrum of real estate transaction services to the Lane County area.
To ensure consistency and a high level of service, Grubb & Ellis Co. requires each affiliate to submit to a business quality investigation and to meet experience and performance standards.
Sales & acquisitions Los Angeles-based Colony Capital Inc. and The Michael Swerdlow Cos. of Hollywood, Fla., have acquired Great Mall of the Bay Area in Milpitas, Calif., for more than $130 million from a subsidiary of Ford Motor Co. The 1.5 million sq. ft. outlet and value retailer mall is anchored by Off 5th - Saks Fifth Avenue Outlet, Stein Mart and Burlington Coat Factory.
Columbia, S.C.-based Edens & Avant Commercial Real Estate has acquired five retail centers in areas targeted by the company's Necessity Retail real estate portfolio. Financial information about the acquisitions was not disclosed.
* Ridgewood Farm in Roanoke, Va., was acquired from Salem, Va.-based Ridgewood Farm Village Shopping Center. The 79,342 sq. ft. center is anchored by Bi-Lo and Revco/CVS.
* Southwest Plaza in Roanoke, Va., was acquired from Charlotte, N.C.-based Atlantic Income Properties. The 88,303 sq. ft. center is anchored by Harris Teeter and Revco/CVS.
* Lincoln Center in Lincolnton, N.C., was acquired from Charlotte, N.C.-based Atlantic Income Properties. The 78,770 sq. ft. center is anchored by Bi-Lo and Revco/CVS.
* Sangaree Plaza in Summerville, S.C., was acquired from Atlantic Income Properties. The 58,948 sq. ft. center is anchored by Bi-Lo and Revco/CVS.
* Palm Bay West in Palm Bay, Fla., was acquired from Palm Bay-based Palm Bay Partners. The 263,261 sq. ft. center is anchored by Winn-Dixie and Walgreens.
Houston Gulfgate Partners LP, a new partnership between Houston-based Wulfe Gulfgate Partners LP and the non-profit Houston Redevelopment Authority of the city of Houston, has acquired Gulfgate Shopping Center, the city's oldest shopping mall, for $8.05 million. The seller was Gulfgate Nominee Corp., a partnership of members of the family of the original developer, Theodore Berenson Sr. of Boston.
The 750,000 sq. ft. center, which opened in 1956, has lost most of its major tenants over the past 10 years. A Tax Increment Redevelopment Zone was created to revitalize the declining shopping center and its surrounding area.
E.D. Wulfe, who will serve as managing partner for the redevelopment, and his team plan to rebuild the project into a 550,000 sq. ft. regional power center.
The Price REIT of Los Angeles has acquired Woodgrove Festival in Woodridge, Ill., for an undisclosed amount from Woodmark Associates, an affiliate of New York-based Lehman Brothers. The 249,000 sq. ft. shopping center is anchored by Gap, General Cinema and Kohl's. Oakbrook Terrace, Ill.-based Mid-America Real Estate Group represented the seller in the transaction.
Northbrook, Ill.-based Bradley Real Estate Inc. has acquired four community shopping centers. Total cost of the acquisitions was $43 million. The properties acquired include:
* Oak Creek Centre, a 91,000 sq. ft. center anchored by Sentry SuperSaver and Walgreen's Drug, in Milwaukee;
* Midtown Shopping Center, a 154,000 sq. ft. center anchored by Kroger and Revco Drug, in Ashland, Ky.;
* The Courtyard, a 126,000 sq. ft. center anchored by V.G. Food Center, OfficeMax and Home Depot, in Burton, Mich.; and
* Redford Plaza, a 285,000 sq. ft. center anchored by Kroger, Burlington Coat Factory and Bally Total Fitness, in Detroit.
Corporate mergers The Norman Co., a commercial real estate firm in Seattle, has merged with Dallas-based Trammell Crow Co. The companies will operate under the Trammell Crow Co. name. The combined operation will offer Northwest clients a broad range of commercial real estate services supported by a network of nine offices and 150 professionals. The company will offer advisory and brokerage services, property management, infrastructure management, and development and construction services for office, industrial, retail and apartment categories.
James M. Norman, president of The Norman Co., has been named a senior vice president at Trammell Crow Co. He will concentrate on marketing and business development.
Northbrook, Ill.-based Grubb & Ellis Co. has acquired Irvine, Calif.-based Crane Realty & Management Co. Inc. and Encino, Calif.-based LaCagnina & Associates Inc. to help accelerate the growth of its management services capabilities in California. Terms of the transaction were not released.
Crane Realty manages 3.5 million sq. ft. of property in Los Angeles, Riverside, San Bernardino, San Diego and Ventura counties. Bob Crane, a principal with the company, joins Grubb & Ellis Management Services as a consultant and will be responsible for client relations and business development.
LaCagnina & Associates manages a portfolio of 5 million sq. ft. of primarily retail properties throughout California. Victor LaCagnina, a principal of the firm, joins Grubb & Ellis Management Services as director of retail, western region.
Newport Beach, Calif.-based Donahue Schriber has merged with Costa Mesa, Calif.-based Diversified Shopping Centers. The companies will operate as Donahue Schriber under the direction of its existing board of directors and management team.
Daniel W. Donahue, chairman, and Thomas L. Schriber, president, will continue in their respective roles.
Boston-based BancBoston Securities advised Donahue Schribr in the merger, while New York-based JP Morgan represented Diversified Shopping Centers.
The merger forms a company with total assets of $500 million.
Managment contracts Chicago-based LaSalle Partners Management Services Inc. has been awarded a contract to continue its leasing and management responsibilities for Towson Commons in Towson, Md. LaSalle Partners was selected from five competing firms to maintain its existing assignment on behalf of the center's new owner, Los Angeles-based Westmark Realty Advisors LLC. The 330,000 sq. ft. mixed-use property features 190,000 sq. ft. of office space and 140,000 sq. ft. of shops, restaurants and entertainment space. Anchors include General Cinema Corp. and Borders Books & Music.
North Plainfield, N.J.-based Levin Management Corp. has been awarded three property management contracts.
* New York-based Arlona Limited Partnership has retained the firm to handle the property management, leasing and construction management of Mayfair Shopping Center in Commack, N.Y. The 240,000 sq. ft. strip center is anchored by Burlington Coat Factory.
* Heights Plaza LLC has retained the firm to manage Heights Shopping Center in Hasbrouck Heights, N.J. The 78,000 sq. ft. center is anchored by ShopRite.
* Levin Management Corp. was also retained to manage and lease West Side Mall, a partially enclosed shopping center in Edwardsville, Pa. The 370,000 sq. ft. center is anchored by Hills Department Store and Bi-Lo Supermarket.
Burlington, Mass.-based Finard & Co. LLC has been appointed exclusive managing and leasing agent for three community shopping centers by Chicago-based LaSalle Advisors. The centers are Shaw's Plaza, an 89,900 sq. ft. center anchored by Shaw's Supermarket and Osco Drug, in Ashland, Mass.; Center at Hudson, an 84,700 sq. ft. center anchored by Shaw's Supermarket, CVS Pharmacy and The Paper Store, in Hudson, Mass.; and Hunt River Commons, a 148,200 sq. ft. center anchored by Super Stop & Shop, Marshalls and Ocean State Job Lot, in North Kingstown, R.I.
Greenville, S.C.-based Insignia/ ESG Retail Group has been selected by Boston-based John Hancock Mutual Life Insurance Co. to lease and manage Nolan River Mall in Cleburne, Texas. The 225,000 sq. ft. mall is anchored by JCPenney, Beall's and Kmart.
Financing awards Old Greenwich, Conn.-based Titan Management has provided a $30 million loan to Port Washington, N.Y.-based Cedar Bay Co., an affiliate of SKR Management Corp., for the acquisition of Cedar Income Fund Ltd. The real estate investment trust, which had been administered by Cedar Rapids, Iowa-based Aegon USA Realty Advisors, owns properties nationwide. The borrower pledged as collateral shares of the REIT and two shopping centers in Lancaster and Harrisburg, Pa. As part of the financing, Titan has committed to provide a construction loan at one of the centers to build-out space for Staples and Circuit City.
Los Angeles-based Westmark Realty Mortgage Fund III Citimae provided $7 million in permanent, fixed-rate financing to Campbell Plaza in Middletown, N.Y. The 137,000 sq. ft. center is anchored by ShopRite. Houston-based L.J. Melody & Co. arranged the transaction.
Chicago-based Julian Toft & Downey Inc. arranged $29.475 million in permanent financing to Toronto-based Canadian Real Estate Investment Trust for Shops at Oak Brook Place in Oak Brook, Ill. The 176,901 sq. ft. center is anchored by Filene's Basement, T.J. Maxx, Cost Plus and Old Navy.
Minneapolis-based Realistar Capital has provided $5.5 million in permanent financing to Harbor City, Calif.-based CRE DI, Santa Ana, LLC for a 108,919 sq. ft. single-tenant retail building in Santa Ana, Calif. Realistar also provided $5.8 million in permanent financing to Harbor City-based CRE DI, El Cajon, LLC for a two-tenant retail property in El Cajon, Calif. Los Angeles-based Keystone Mortgage Co. arranged the financing in both transactions.
New York-based PaineWebber Real Estate Securities provided a $4.2 million first-mortgage loan for Webster Square, a 199,236 sq. ft. shopping center in Worcester, Mass. Boston-based Meredith & Grew Inc. negotiated the loan on behalf of the asset manager of the project, The Beal Cos. of Boston, and the owner, Florida-based Simon Kalback Trust.
Other transactions New York-based Excess Space Disposition Inc. has been retained by Woonsocket, R.I.-based CVS to dispose of the company's surplus portfolio, as well as all future surplus that may become available as a result of relocation. There are approximately 150 sites averaging 9,000 sq. ft. located in Alabama, Connecticut, the District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, New York, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and West Virginia.
Hoffman Estates, Ill.-based Sears also has retained Excess Space to dispose of 19 locations that range in size from 5,000 sq. ft. to 130,000 sq. ft. The sites are located in California, Florida, Georgia, Illinois, Louisiana, New York, Ohio, Pennsylvania, Tennessee, Wisconsin and West Virginia.
Westborough, Mass.-based Staples Inc. also has retained the company to dispose of 30 former Rickel Home Centers that range in size from 10,000 sq. ft. to 90,000 sq. ft. and are located in New York, New Jersey, Pennsylvania and Delaware.
Chicago-based General Growth Properties Inc. has agreed to acquire an eight-mall portfolio for $871 million from London-based MEPC plc, the parent company of Dallas-based MEPC American Properties. The transaction is structured as a sale of the stock of the U.S. companies that own the centers.
The regional mall portfolio contains approximately 7.7 million sq. ft. and is currently 87 percent occupied. The portfolio includes: Apache Mall in Rochester, Minn.; Boulevard Mall in Las Vegas; Cumberland Mall in Atlanta; McCreless Mall in San Antonio; Northridge Fashion Center in Los Angeles; Regency Square Mall in Jacksonville, Fla.; Riverlands Shopping Center in New Orleans; and Valley Plaza Mall in Bakersfield, Calif.
MEPC plc began seeking buyers for MEPC American Properties in September 1997, having decided to focus on its investments in England.
General Growth will fund the acquisition - $871 million in cash less adjustments at closing, certain tenant allowances and construction costs at three of the malls currently under expansion or redevelopment - through short-term unsecured loans and new, long-term, fixed-rate secured loans.
This acquisition marks the third major portfolio acquired by General Growth in the past four years. With this acquisition, the company has acquired a total of 68 malls during this time period, bringing its current portfolio to 106 shopping malls in 37 states.
The MEPC portfolio, which produces annual sales of approximately $328 per square foot, will be delivered debt-free at closing, which is expected by mid-June.