CORPORATE MERGERS Covington, La.-based Stirling Properties has acquired REMCO, the third-party management, leasing andarm of New Orleans-based Joseph Canizaro's Real Estate Co. According to the terms of the transaction, which was effective Nov. 1, 1997, REMCO will operate under the Stirling Properties name and will be based in Covington, with an office in New Orleans. The acquisition brings Stirling's management portfolio to 8.5 million sq. ft. of commercial real estate located throughout the gulf south states.
Beltsville, Md.-based Ritz Camera Centers has acquired Seattle-based Kits Camera Inc., the third largest independent specialty photographic chain in the United States. Ritz's total number of stores will grow from 670 to 810 in 47 states with the addition of Kits.
SALES & ACQUISITIONS New York-based ERE Yarmouth has sold Phipps Plaza in Atlanta to New York-based Corporate Property Investors (CPI) for an undisclosed amount. The 823,000 sq. ft., upscale shopping center, which was renovated in 1994, is anchored by Saks Fifth Avenue, Lord & Taylor and Parisian. The transaction brings CPI's superregional mall portfolio to 18. Among the malls owned and managed by CPI is Lenox Square, which is located across the street from Phipps Plaza.
Tustin, Calif.-based Arnold Industries has acquired Midtown Plaza in Rochester, N.Y. from Rochester-based McCurdy & Co. Inc., for an undisclosed amount. The 1.2 million sq. ft., mixed-use property includes 273,452 sq. ft. of retail space. The center will be leased and managed by-based LaSalle Partners.
Johnstown, Pa.-based Crown American Realty Trust has acquired Valley Mall in Hagerstown, Md., from New York-based ERE Yarmouth for $31.7 million. The transaction was funded in cash and will be accretive to funds from operations. A 31-acre site adjacent to the mall also was included in the sale. The 680,000 sq. ft. shopping center is anchored by JCPenney, The Bon-Ton and Montgomery Ward.
Chattanooga, Tenn.-based CBL & Associates Properties Inc. has acquired Asheville Mall in Asheville, N.C., from Asheville-based R.L. Coleman & Co., for $65 million. The 820,044 sq. ft. regional mall, which is 98 percent leased, is anchored by Belk, Dillard's, JCPenney, Montgomery Ward and Sears.
Stamford, Conn.-based Coral Landings RPF II L.P. has sold Coral Landings Shopping Center in Palm Harbor, Fla., to New York-based RREEF America L.L.C. for $15.5 million. The 145,378 sq. ft. shopping center is anchored by Publix, Ross Dress For Less and Beall's Outlet. The transaction was arranged by Miami, Fla.-based BlackRock Realty Advisors Inc.
Atlanta-based JDN Development Co. has signed a definitive agreement with Dallas-based Olympus Real Estate Corp. to acquire a 106-acre site in Irving, Texas. JDN plans to build a 640,000 sq. ft. community center on the site. Negotiations are under way with Wal-Mart and United Artists Theaters for a May 1999 opening.
Los Angeles-based Westfield America Inc. has acquired 100 percent interest in Northwest Plaza in St. Ann, Miss., from New York-based Paramount Group Inc. for $111 million. The 1.8 million sq. ft., one-level, superregional center is anchored by department stores Dillard's, Famous-Barr, JCPenney and Sears and big-box tenants Service Merchandise, Toys "R" Us, Kids "R" Us and OfficeMax. With the purchase of Northwest Plaza, Westfield America is the largest retail landlord in the St. Louis metropolitan area with 4.1 million sq. ft.
Phoenix-based Plaza 75 Partnership has sold Plaza 75 in Phoenix to Westrust Southwest Retail Partners, Calabasas Hills, Calif., for $5.95 million. The 127,630 sq. ft. shopping center, which is 90 percent occupied, is anchored by Fry's Food & Drug. The transaction was negotiated by the Phoenix office of Los Angeles-based CB Commercial Real Estate Group Inc.
Boston-based Property Capital Trust has sold Loehmann's Fashion Island in Aventura, Fla., to Short Hills, N.J.-based Prudential Real Estate Investors for $37.3 million. The 287,000 sq. ft. shopping center is anchored by Loehmann's, Publix, Barnes & Noble, and a 16-screen AMC Theater complex. The transaction was brokered by the Miami office of New York-based Sonnenblick-Goldman Co.
Conshohocken, Pa.-based Kranzco Realty Trust has entered into an agreement with clients of Parkway Partners L.L.C. and Charles Lesley, Atlanta to acquire five Atlanta area shopping centers for $44 million. The Village at Mableton (231,600 sq. ft.) in Mableton is anchored by Kmart, CVS and Bruno's; North Park Center (180,500 sq. ft.) in Macon includes Kmart and Kroger; Park Plaza (46,000 sq. ft.) in Douglasville features Kroger; Tower Plaza (88,000 sq. ft.) in Carrollton is anchored by Bruno's; and Holcomb Bridge Crossing (105,400 sq. ft.) in Roswell features Cub Foods. Payment will consist of approximately $21.9 million in cash, the assumption of $20.5 million of existing mortgage indebtedness and $1.6 million from the issuance of Kranzco common shares. When the transaction is completed this month, Kranzco will own 59 neighborhood and community centers totaling more than 7.6 million sq. ft. of GLA in 16 states.
New York-based Sentinel Real Estate Corp. has sold Plantation Center Shopping Plaza in Plantation, Fla., to an affiliate of Fort Lauderdale, Fla.-based Stiles Corp., for $11 million. The 240,821 sq. ft. strip center features Winn-Dixie, Eckerd Drugs, Hit or Miss and Blockbuster Video. The transaction was arranged by Miami-based Aztec Group Inc.
MANAGEMENT CONTRACTS Management responsibilities have been awarded to the Las Vegas office of Los Angeles-based CBCommercial Real Estate Inc. by Phoenix-based Opus West Corp. for Galleria Commons in Las Vegas. The 280,000 sq. ft. shopping center features HomeBase, Stein Mart and CompUSA.
Management and leasing responsibilities have been awarded to Charlotte, N.C.-based Faison by Atlanta-based CGR Advisors for SouthPark Mall in Charlotte. The 1.2. million sq. ft. shopping center is anchored by Belk, Dillard's, Sears and Hecht's.
Miami-based Cushman & Wakefield of Florida Inc. has been awarded management assignments for three Florida shopping centers. Flamingo Plaza (225,000 sq. ft.) in Hialeah, which is anchored by Winn-Dixie, and Apopka Plaza (46,000 sq. ft.) in Apopka, which is anchored by Sav-A-Lot grocery store, are owned by Montreal-based Canmont International Inc. Lake Washington Crossing (120,000 sq. ft.) in Melbourne, which is anchored by Publix supermarket, is owned by Tampa, Fla.-based Euro-American Investment.
FINANCING AWARDS Atlanta-based Orix USA Corp. has provided $6.15 million in permanent financing to North Miami Beach, Fla.-based Gator Forest Partners Ltd. The funding will be used for a 142,552 sq. ft. Parisian department store at Forest Fair Mall in Cincinnati. The transaction was arranged by Boca Raton, Fla.-based Tri-Stone Cos.
Birmingham, Ala.-based South- Trust Bank of Alabama NA has provided $12.3 million first mortgage financing to Memphis, Tenn.-based Trezevant Realty Corp. for Trolley Station in Memphis. The 185,000 sq. ft. shopping center is anchored by Toys "R" Us, Kids "R" Us, OfficeMax, Blockbuster Video and Just For Feet. The transaction was arranged by the Atlanta office of Philadelphia-based Legg Mason Real Estate Services.
San Francisco-based Lincoln Investment Management Inc., an affiliate of The Lincoln National Life Insurance Co., Fort Wayne, Ind., has provided $10 million in permanent, fixed-rate financing to Fountain Valley, Calif.-based Kato & Associates for Balboa Mission Center in Granada Hills, Calif. The 157,400 sq. ft. neighborhood center, which was renovated last year, is anchored by Vons, Ross Dress For Less, Big 5 Sporting Goods and Bank of America. The transaction was brokered by Houston-based L.J. Melody & Co.
New York-based Lehman Brothers has provided $13.5 million first mortgage financing to Memphis, Tenn.-based Trezevant Realty Corp. for the first phase of The Market at Wolfcreek in Memphis. The 575,000 sq. ft. shopping center features Best Buy, HomePlace, Walgreens and Just For Feet. The transaction was arranged by Philadelphia-based Legg Mason Real Estate Services.
OTHER TRANSACTIONS The Philadelphia office of Plymouth Meeting, Pa.-based RIPCO Real Estate Corp. has been named exclusive leasing agent by Paramus, N.J.-based Toys "R" Us, Youngstown, Ohio-based Phar-Mor Inc., Woodbridge, N.J.-based Pathmark Stores Inc. and Landover, Md.-based Crown Books Corp.
RIPCO's responsibilities will include scouting build-to-suit and pad sites in the Philadelphia metropolitan area and northeastern Pennsylvania for Toys "R" Us; leasing surplus properties and selecting sites in the Philadelphia area for Phar-Mor; leasing an 11,500 sq. ft. former Pathmark supermarket in Millville, N.J.; and assisting with Crown's expansion in the tri-state market of New York, New Jersey and Pennsylvania, where the company plans to continue rolling out a maximum of 30 new prototype stores within the next seven years.
Newton Highlands, Ma.-based Whole Foods Markets Inc. has selected Chevy Chase, Md.-based H&R Retail Inc. to assist with its expansion into the Northeast United States. H&R Retail will scout 35,000 sq. ft. sites in Virginia, Pennsylvania, New York and New Jersey, where the natural-food supermarket chain is expected to open two to three new locations annually.
Largo, Fla.-based Eckerd Corp. and Pittsburgh-based Thrift Drug Inc. has retained Mount Laurel, N.J.-based Metro Commercial Real Estate Inc. as their exclusive agent to dispose vacant Eckerd and Thrift drug stores in New Jersey and Delaware. The sites available range from 8,800 sq. ft. to 14,000 sq. ft. in size.
Boston-based BankBoston Retail Finance Inc. has entered into a $115 million revolving credit agreement with Dallas-based County Seat Stores Inc. in conjunction with the issuance of the company's $85 million bond offering. The financing will be used to import goods, purchase inventory and open new store locations. County Seat currently operates 482 stores in 41 states.
New York-based Excess Space Disposition Inc. has been named exclusive agent by Ventura, Calif.-based Kinko's Inc., Woonsocket, R.I.-based CVS, Eden Prairie, Minn.-based Buffets Inc., Deerfield, Ill.-based Walgreen Co. and The Penn Traffic Co., Syracuse, N.Y. Excess Space Disposition will dispose of surplus space throughout the United States for the four companies.
Los Angeles-based Texaco Refining & Marketing Inc. has appointed Los Angeles-based CBCommercial Real Estate Inc. exclusive representative for its StarMart expansion throughout the Western United States. CB Commercial will scout major cities in ten states for sites ranging in size from 40,000 sq. ft. to 50,000 sq. ft., located at signalized intersections with high traffic counts. More than 100 StarMart franchises will be rolled out in two to three years.
Jacksonville, Fla.-based Regency Realty Corp. has entered into an agreement to acquire St. Louis-based Midland Group and 21 of its shopping centers for approximately $253 million. Midland will operate under the Regency Realty Corp. name, enabling the company to expand its presence in the Midwest and Raleigh-Durham. The acquisition brings Regency's retail portfolio to 13.2 million sq. ft.
Lee Wielansky, former president for Midland, and Steve Notestine and Rod Jones, partners for Midland, will join Regency Realty to expand the development program. Wielansky also will serve on the Regency board.
Under the terms of the agreement, Regency will purchase 21 existing shopping centers totaling 2.2 million sq. ft. and a development pipeline of 11 shopping centers totaling more than 1 million sq. ft. Also, in a joint venture with Columbus, Ohio-based State Teachers' Retirement Systems of Ohio, Regency will purchase Midland's interest in seven shopping centers in Texas and Colorado.
After the transaction is completed later this month, Regency will pay Midland approximately $169.7 million through the issuance of 640,000 shares of Regency common stock at $26.58 per share, the assumption of $92.5 million of debt and $60.1 million in cash. In addition, Regency will invest $61.3 million in development pipeline properties in 1998 and $13 million over the following two years.
Indianapolis-based Simon DeBartolo Group Inc. and The Macerich Co., Santa Monica, Calif., have formed a 50/50 joint venture to acquire 12 regional malls (a combined total of 10.7 million sq. ft. of retail GLA) from New York-based ERE Yarmouth for $974.5 million.
In South Dakota, the acquired properties include Empire Mall (1.3 million sq. ft.) in Sioux Falls and Rushmore Mall (828,995 sq. ft.) in Rapid City.
The Iowa acquisitions are NorthPark Mall (1 million sq. ft.) in Davenport; SouthRidge Mall (1 million sq. ft.) in Des Moines; Southern Hills Mall (752,768 sq. ft.) in Sioux City and Lindale Mall (694,992 sq. ft.) in Cedar Rapids.
In Indiana, the shopping center acquired is Eastland Mall (1 million sq. ft.) in Evansville.
The two companies also purchased Granite Run Mall (1 million sq. ft.) in Media, Pa.; SouthPark Mall (1 million sq. ft.) in Moline, Ill.; Mesa Mall (850,370 sq. ft.) in Grand Junction, Colo.; Lake Square Mall (560,324 sq. ft.) in Leesburg, Fla.; and Valley Mall (482,332 sq. ft.) in Harrisonburg, Va.
Completion of the acquisition is subject to customary closing conditions. The transaction is expected to be completed this month.