Albany, N.Y.-based New York State Teachers' Retirement System and New York-based Metropolitan Life have provided a $220 million, fixed-rate loan to The L&B Group, Dallas, for Tysons Corner Center in McLean, Va. The 1.9 million sq. ft. superregional center is anchored by Bloomingdale's, Hechts, JCPenney, Nordstrom, and Lord & Taylor. The transaction was arranged by Houston-based L.J. Melody & Co.
Dallas-based Holliday, Fenoglio, Dockerty & Gibson has brokered the following two financial transactions. In Sarasota, Fla., SouthTrust Bank Of Alabama, Birmingham, has provided $10 million in fixed-rate financing for Glengary Shoppes. Owned by Glengary Shoppes Associates Ltd., the 99,182 sq. ft. shopping center features Best Buy, Barnes & Noble, and Pearl Vision. In Beaumont, Texas, First Union Capital Markets, Charlotte, N.C., provided $8.9 million for Gateway Shopping Center. Owned by Houston-based Beaumont Gateway Partners, the 298,634 sq. ft. shopping center features RadioShack, Hollywood Video, Oshman's and Beall's.
Newton, Mass.-based Ashworth Mortgage Corp. has provided $6 million in mortgage financing to Chestnut Hill, Mass.-based Bellingham L.P. for Stallbrook Marketplace in Bellingham, Mass. The 120,477 sq. ft. shopping center features Payless Shoe- Source, Hobby USA and McDonald's.
Columbus, Ohio-based Nationwide Life Insurance Co. has provided $1.2 million in financing to Warren, Mich.-based Tech Plaza Shopping Center Inc. for the construction of a 21,000 sq. ft. Sears Paint & Hardware store at Tech Plaza in Warren. The 280,000 sq. ft. retail center is anchored by Kmart, Value City and Office Depot. The transaction was arranged by Bloomfield Hills, Mich.-based WMF Proctor.
Atlanta-based Jacoby Development Inc. (JDI) and Atlantic Steel Industries Inc., a wholly owned subsidiary of Montreal-based Ivaco Inc., have entered into an agreement to acquire a 138-acre site in midtown Atlanta. JDI is forming a consortium to develop a mixed-use center on the site. The center will feature 600,000 sq. ft. of retail GLA, 2 million sq. ft. of office space, two hotels, a 2,000-unit apartment complex and entertainment components.
Montreal-based Ivanhoe Inc. has acquired a substantial interest in Towne Mall in Elizabethtown, Ky., from Chicago-based Heitman Capital Management Corp. for approximately $20 million. The 340,185 sq. ft. regional mall, which is anchored by Sears, JCPenney and Proffitt's, is co-owned by Wilmorite Inc., Rochester, N.Y. Center operations will be supervised by Wilmorite-Ivanhoe Property Management L.L.C., a company jointly owned by Ivanhoe and Wilmorite. Ivanhoe currently holds interests in eight U.S. malls.
Paul W. Woo, managing member of a Charlotte, N.C.-based limited liability company, has acquired Regency Mall in Augusta, Ga. Atlanta-based Equitable Life Assurance Society sold the 803,000 sq. ft. center for an undisclosed sum. J.B. White and Montgomery Ward anchor the center.
Dallas-based Sapphire Properties has sold Pembroke Crossing Shopping Center to Newark, N.J.-based Prudential Insurance Co. on a forward commitment basis. The initial funding of the purchase price was approximately $42 million; however, future funding on remaining leasing could increase the price to $45 million, or $155.17 per sq. ft. The 290,000 sq. ft. power center in Pembroke Pines, Fla., features Circuit City, Barnes & Noble, and Old Navy Clothing Co. The transaction was brokered by RJS/Jackson Group, Boca Raton, Fla.
Irvine, Calif.-based Spectrum Properties has acquired Village Hillcrest from Los Angeles-based Lennar U.S. Partners for $23 million. The 139,340 sq. ft., mixed-use medical center in San Diego features Landmark Theaters, Starbucks Coffee and Sunglass Hut. The sale was arranged by Los Angeles-based CB Commercial Real Estate Group.
Kravco Co., King of Prussia, Pa., and New York-based C/S First Boston have acquired Concord Mall from Los Angeles-based Mountain AMD L.P. for an undisclosed sum. The 600,000 sq. ft., enclosed regional mall in Elkhard, Ind., is anchored by Elder Beerman, JCPenney and Montgomery Ward.
JP Realty Inc., general partner of Price Development Co. L.P. (PDCLP), both based in Salt Lake City, has acquired Silver Lake Mall in Coeur d'Alene, Idaho. The $27 million acquisition from Sacramento, Calif.-based Silver Lake Mall Ltd. was financed using a portion of JP Realty's revolving credit facilities, the assumption of approximately $13 million of property-specific debt and the issuance of 72,000 Operating Partnership Units of PDCLP. The 300,000 sq. ft. mall is anchored by JCPenney, Emporium, Lamont's and Sears, which is currently being expanded from 52,000 sq. ft. to 95,000 sq. ft.
Fort Wayne, Ind.-based Equity Investment Group L.L.C. has acquired Westgate Shopping Center in Zephyr-hills, Fla., from New York-based ERE Yarmouth for $3.8 million. The 164,435 sq. ft. shopping center is anchored by Scotty's, Winn-Dixie, Beall's department store and Beall's Outlet. The deal was brokered by Insignia Commercial Group, Atlanta.
Moreland Hills, Ohio-based Developers Diversified Realty Corp. and Newport Beach, Calif.-based Hopkins Real Estate Group have entered into an agreement to jointly develop, own, improve, redevelop and operate community and power centers throughout the western United States.
Developers Diversified will approve investment opportunities and all major decisions and provide capital, while Hopkins will be responsible for sourcing potential investments, development and leasing.
The venture agreement addresses the interim relationship between the parties until such time as Developers Diversified and Hopkins enter into an operating agreement for each project. After a project is completed and operating, Developers Diversified will have the option to purchase Hopkins' interest pursuant to the terms of the agreement. The transaction was brokered by Los Angeles-based Chadwick, Saylor & Co. Inc.
Toronto-based Cambridge Shopping Centres Ltd. has acquired all common shares of Toronto-based Markborough Properties Inc. The stock will continue to be listed on the Toronto and Montreal stock exchanges until a substitute listing of the Cambridge debentures is effected.
The acquisition of Markborough increases total Cambridge assets more than 50 percent, to $3.8 billion. The total purchase price for the acquisition of the Markborough common shares was $375 million.
Mount Laurel, N.J.-based Metro Commercial Real Estate Inc. has been named exclusive leasing agent for 113,000 sq. ft. Summit Square in Newtown, Pa. Tenants of the shopping center, owned by Gigliotti Corp., Langhorne, Pa., include Clemens and Thrift Drug.
Charlotte, N.C.-based Pic 'N Pay Shoes Inc. has appointed Lat Purser & Associates Inc., also of Charlotte, as its exclusive tenant representative for market and site selection and lease negotiation. Lat Purser will scout shopping centers anchored by discount department stores, such as Wal-Mart or Kmart, for sites. Pic 'N Pay Stores operates 495 stores under the Shoe World, Pic 'N Pay, and Shoe City names primarily in the Southeast.
The retail division of Philadelphia-based Colliers Lanard & Axilbund has been appointed exclusive leasing agent by Wilmington, Del.-based Stoltz Bros. Management for eight Philadelphia area retail properties. The portfolio includes 30,000 sq. ft. of Center City in downtown Philadelphia and 626,120 sq. ft. of shopping center GLA. The centers are: Berwyn Shopping Center; Thorndale Plaza; Upland Shopping Center; Fairway Shopping Center in Dresher, Pa.; Valley Plaza in Allentown, Pa.; Village Green Shopping Center in Aston, Pa.; and Pleasantville Shopping Center in Pleasantville, N.J. The aggregate value of the properties is $180 million.
The Goldstein Group, Fair Lawn, N.J., has been selected by Clifton, N.J.-based ARC Properties to exclusively market Edison Crossroads in Edison, N.J. When it is complete, the center will total 312,000 sq. ft. and feature Edwards supermarket and Applebee's Neighborhood Bar & Grill.
Anaheim, Calif.-based Lyle Parks Jr. Inc. has entered into a partnership agreement with Newport Beach, Calif.-based Craig Realty Group to build phase I of the Carlsbad Co. Stores in Carlsbad, Calif. The 300,000 sq. ft. center will feature upscale retailers and a micro-winery when it opens in October.
On behalf on Payless ShoeSource, Excess Space Disposition Inc., New York, has subleased a 3,526 sq. ft. space at Inland Empire Center in Fontana, Calif., to Audio America Inc.