Mergers & Acquisitions San Francisco-based Metric Realty has merged with MetLife Realty Group Inc., White Plains, N.Y., thereby forming a new investment management company, SSR Realty Advisors Inc. The company will have primary offices in San Francisco and White Plains, N.Y.
SSR Realty will have three operating companies: The Tower Fund, The Commercial Operating Co., and The Multi-Housing Operating Co., and will manage $2.6 billion in real estate-related assets. Thomas P. Lydon Jr. will serve as president and chief executive officer for the newly formed company.
Greenwich, Conn.-based Bostonia Inc. and American Realty & Financial Inc., Newport Beach, Calif., have merged credit tenant lease operations to form Bostonia American Financial Group Inc. The firm will originate, underwrite and fund commercial loans backed by single or multiple credit tenants for a variety of real estate property types.
Steven Berger, former principal for American Realty, will serve as chief executive officer of the newly formed company. William J. Cavagnaro, former principal for Bostonia Inc., will serve as president and chief operating officer. American Realty & Financial Inc. will have dual headquarters in Greenwich, Conn., and Newport Beach, Calif.
Norfolk, Va.-based Goodman Segar Hogan Hoffler has signed an agreement with Larson, Ball & Gould Inc., Washington, D.C., to form a limited liability partnership. The joint venture combines management and leasing responsibilities for more than 15.5 million sq. ft. of retail, office and industrial portfolios.
Larson, Ball & Gould Inc. will be known as LBG/Goodman Segar until July 1, when the combined entity will operate under the name Goodman Segar Hogan Hoffler. Management of Larson, Ball & Gould -- including founders H. Peter Larson III, Brian W. Ball, M. Anthony Gould and Stephen R. Collins -- will oversee the Washington, D.C., Northern Virginia and Baltimore markets for the new partnership. Corporate headquarters for Goodman Segar Hogan Hoffler will remain in Norfolk, Va.
Financing Awards New York Life Insurance Co., New York, has provided $35 million in permanent financing to Coconut Grove, Fla.-based Dadeland Station Associates for Dadeland Station in Miami. The three-level, 314,500 sq. ft. power center features Target; Sports Authority; Bed, Bath & Beyond; Michael's and Best Buy. Aztec Group Inc., Miami, brokered the transaction.
New York-based Lehman Brothers Holdings Inc. has provided $170 million in non-recourse, floating rate refinancing to Urban Water Tower Associates L.P. and institutional clients of-based Heitman Capital Management Corp., for Water Tower Place in Chicago. The 822,000 sq. ft. mixed-use project features Lord & Taylor and Marshall Fields. The transaction was co-arranged by Heitman Finance Group and Urban Shopping Centers Inc., both of Chicago.
Galveston, Texas-based American National Insurance Co. has provided $14.9 million in first mortgage financing to Purchase, N.Y.-based National Realty & Development Corp. for Wal-Mart Plaza in Clinton, N.J. The 229,079 sq. ft. center features Wal-Mart and SuperValu supermarket. The transaction was arranged by David Cronheim Mortgage Corp., Chatham, N.J.
Management Contracts Leasing and management contracts have been awarded to Houston-based Transwestern Retail Services by Stanford, Conn.-based General Electric Investment Corp. for three Houston area neighborhood shopping centers: The Commons at Woodlake Square (206,157 sq. ft.), Westchase Shopping Center (117,479 sq. ft.) and Village Real (94,277 sq. ft.). The Commons at Woodlake Square is anchored by Randall's Food Market and Walgreens, and Westchase Shopping Center and Village Real are anchored by Kroger supermarkets.
San Francisco-based Farallon Retail Services Inc. has been awarded leasing and management responsibilities for twoshopping centers: La Jolla Village Square in La Jolla and Del Monte Shopping Center in Monterey. La Jolla Village Square is owned by 8650 Via La Jolla Inc., Tallahassee, Fla. The 414,000 sq. ft. shopping center features Ralph's, AMC Theaters, Sears Homelife, Marshalls, Ross Dress For Less, Linens 'N Things, Tower Records and Cost Plus. Del Monte Shopping Center is owned by Divco West Properties, San Jose, Calif., and SunAmerica Life Insurance Co., a division of Los Angeles-based SunAmerica Inc. The 615,000 sq. ft. regional shopping center is anchored by Macy's and Mervyn's.
Capitol Shopping Center Inc., Augusta, Maine, has awarded the management contract of Capitol Shopping Center to Boulos Property Management, Portland, Maine. The 130,000 sq. ft. community shopping center in Augusta is anchored by Shaw's supermarket, Service Merchandise and Rite Aid.
Sales & Acquisitions Birmingham, Ala.-based A.B. Shopping Center Properties Inc. has acquired Banks Crossing in Fayetteville, Ga., from Boston-based Berkshire Realty Co. Inc. for an undisclosed sum. The 243,660 sq. ft. shopping center, which is anchored by Kmart, Kroger food store and Belk, is 98 percent occupied.
The Bank of Montreal in Montreal, Canada, has sold 1 million sq. ft. Manhattan Mall and Childrenswear Center in New York, to Andrew Penson, a private real estate investor backed by New York-based Lehman Brothers Holdings Inc. The nine-story, vertical mall is anchored by Sterns and The Childrenswear Center office complex. The $135 million transaction was negotiated by New York-based Granite Partners Inc. Manhattan Mall will continue to be managed by Indianapolis-based Simon DeBartolo Group Inc.
San Diego-based Burnham Pacific has acquired four California retail properties for $78.9 million. The properties are Santa Fe Springs Plaza in Los Angeles, Central Shopping Center in Ventura, Crenshaw/Imperial Shopping Center in Inglewood and the majority of Fremont Hub Shopping Center in Fremont. Crenshaw/Imperial Shopping Center was purchased from Los Angeles-based Rubin Pachulski L.P., while the remaining properties were purchased from San Francisco-based BRE Properties Inc. The transaction encompasses 870,458 sq. ft.
Orlando, Fla.-based Faison Orlando has sold International Drive Value Center in Orlando, Fla., to New York-based L.I.D. Associates Ltd. for $20.7 million. The 185,953 sq. ft. shopping center features Bed, Bath & Beyond; T J Maxx; Ross Dress For Less; Books-A-Million; Old Navy Clothing Co. and Shoe Carnival.
Corrections In the April SADI award highlights, Cleveland-based Keeva J. Kekst Architects inadvertently was not credited as the architect of record for First Colony Mall. Also, Slomanson Smith & Barresi Architects, New York, was not credited for its role as design architect for Hudson's.
In the May issue of Shopping Center World, the contact telephone number for Frozen Fusion was stated incorrectly. Tom Horowitz, vice president of real estate development for the Scottsdale, Ariz.-based retailer, can be reached at (602) 948-5604.
Shopping Center World regrets these errors.