Sales & acquisitions Houston-based Weingarten Realty Investors recently acquired two shopping centers. Custer Park Shopping Center in Plano, Texas, was purchased from three separate, unnamed individuals and/or trusts. The 147,000 sq. ft. center currently is anchored by Dollar General, but plans are in the works to add a 60,000 sq. ft. grocery store and to completely renovate the complex. In addition, Weingarten acquired Kohl's Shopping Center, a 116,000 sq. ft. complex in Topeka, Kan. The property was purchased from Kansas City, Mo.-based CLM Realty Trust.
Willow Grove Park Mall, a 981,000 sq. ft. center in Willow Grove, Pa., has been sold to the Investment Advisory Group of Philadelphia-based Legg Mason Real Estate Services on behalf of one of its public pension fund clients. Atlanta-based Lend Lease Real Estate Investments sold the mall for approximately $140 million. Willow Grove Park Mall features 138 specialty stores and a food court.
In conjunction with the acquisition, the addition of a 225,000 sq. ft. Macy's department store was announced. A 700-car parking deck will be constructed to accommodate the parking needs of the Macy's store. Significant interior upgrades to the mall are also planned. Philadelphia-based PREIT obtained the right to acquire an interest in the mall upon completion of the Macy's.
Newport Beach, Calif.-based Donahue Schriber has purchased Gordon Square, a 100,500 sq. ft. neighborhood shopping center in Buena Park, Calif. Locally based Buena Park G & S sold the property for $11.8 million. Plans for Gordon Square include an extensive renovation as well as the addition of 27,000 sq. ft. of retail space, all expected to be completed by the end of the year. The shopping center currently includes tenants Super 1 Mart, PetsMart, Blockbuster Video, and El Pollo Loco.
Rogers Plaza LLC, an affiliate of The Hutensky Group, Hartford, Conn., has acquired Rogers Plaza in Wyoming, Mich., a suburb of Grand Rapids. The 460,000 sq. ft. enclosed center was purchased from Scarsdale, N.Y.-based JL Associates. The sale price was not disclosed. Major tenants at Rogers Plaza include Montgomery Ward, OfficeMax, Big Lots, Old Country Buffet and Fashion Bug. The Hutensky Group will continue to manage, lease and market the center as it has done since 1989 for the two previous owners.
New York-based Shopco Malls LP has sold Cranberry Mall in Westminster, Md., to Cranberry Mall Properties LLC, a co-ownership based in San Francisco and New York. The 530,040 sq. ft. regional center is anchored by Sears, Belk and Montgomery Ward.from the Dallas and Washington, D.C., offices of Insignia /ESG negotiated the $33.5 million transaction.
Management Contracts Miami-based Terranova Corp. recently assumed property management responsibilities for two shopping centers in south Florida. Cypress Lakes Town Center is a 248,492 sq. ft. shopping center anchored by Publix and Home Depot in North Lauderdale. Plans are to revitalize the center and add a third anchor. It is owned by DD North Lauderdale LP, in care of New York-based DRA Advisors.
In addition, Terranova has been retained to lease and manage University Mall, a 321,943 sq. ft. center in Pembroke Pines. Redevelopment work is planned for the mall, which features The Sports Authority, OfficeMax, Eckerd Drugs and Pollo Tropical. It is owned by Houston-based United Investors Realty Trust.
Dallas-based Trammell Crow Co. has been selected as the property manager for four shopping centers in metropolitan, totaling approximately 588,000 sq. ft. of space. The company will manage Brentwood Commons Shopping Center in Bensenville, Niles Civic Center in Niles and Riverview Center in Chicago. The 505,000 sq. ft. assignment for the three Dominick's-anchored centers was awarded by Los Angeles-based Burnham Pacific. Also in the Chicago area, the company will manage Schaumburg Marketplace, an 83,000 sq. ft. center anchored by Hollywood Video. That assignment was awarded to Trammell Crow by the Denver office of MONY.