Atlanta-based Baita International LLC has acquired the majority equity interest in Buckhead Station in Atlanta and is contracted to purchase full ownership of Phase I of Golden Isles Plaza in Brunswick, Ga. The combined value of the transactions is $53 million. Baita and William R. Collins, who heads Atlanta-based Buckhead Station LLC, the seller, are forming a joint venture for long-term ownership of the Buckhead Center. The 234,788 sq. ft. retail power center is tenanted by Toys 'R' Us, T.J. Maxx, Old Navy, Hallmark and Bed Bath & Beyond.
Buckhead Station LLC and Germany-based BKJ Investments developed Golden Isles Plaza as part of an 80-acre development. Golden Isles Plaza, which opened in September, comprises 200,000 sq. ft. and is tenanted by Circuit City, T.J. Maxx, Books-A-Million, Staples, Rack Room Shoes and Pier 1 Imports.
Los Angeles-based Westfield America Inc. has completed the acquisition of Parkway Plaza in El Cajon, Calif., and Solano Mall in Fairfield, Calif., from San Diego-based TrizecHahn. In addition, Westfield acquired a 39.7% interest in Santa Anita Fashion Park in Acadia, Calif., also from TrizecHahn. The aggregate cost was $308 million. Parkway Plaza is a 1.03 million sq. ft. superregional center anchored by Robinsons-May, Sears, JCPenney and Mervyn's. Solano Mall is a 1 million sq. ft. superregional center anchored by Macy's, JCPenney, Sears and Mervyn's. Santa Anita Fashion Park is a 1.1 million sq. ft. superregional center anchored by Nordstrom, Macy's, Robinsons-May and JCPenney.
Houston-based United Investors Realty Trust has contracted to purchase Highland Square in Sugarland, Texas, for an undisclosed amount from Highland Square Partners Ltd. of Texas. RadioShack and Half Price Books are among the tenants of the 64,000 sq. ft. community center.
An affiliate of The Hutensky Group, Hartford, Conn., has acquired five strip centers in the Dayton, Ohio, area from The Beerman Realty Co., Dayton, Ohio. The aggregate price is $30 million. The properties include Northpark Shopping Center in Huber Heights, The Arbor in Kettering, Prestige Plaza in Miamisburg, Salem Center in Trotwood and Northwest Outlet Center in Dayton. The company is planning to open an office in the Ohio area to service its new properties and to explore further opportunities in Ohio and neighboring markets.
Calabasas Hills, Calif.-based Westrust has acquired Stock- dale Village Shopping Center in Bakersfield, Calif., for $11 million from Northwestern Mutual Life Insurance Co. Westrust plans to spend in excess of $2 million to renovate the 127,480 sq. ft. center. Anchors include Longs Drug Store, Olcotts and Office Depot. The Bakersfield office of CB Richard Ellis represented both buyer and seller.
In another transaction, Westrust Southwest Retail Partners LLC, an entity formed by Westrust and Apollo Real Estate Advisors, has acquired Loma Linda Plaza in Nogales, Ariz., for $10.53 million from Tulsa, Okla.-based Omega Partners. The 210,244 sq. ft. community center is anchored by Wal-Mart, Safeway, Factory 2-U and Walgreens. CB Richard Ellis represented both buyer and seller.
Chattanooga, Tenn.-based CBL & Associates Properties Inc. has acquired Meridian Mall in Lansing, Mich., and Janesville Mall in Janesville, Wis., for $138 million from Boston-based Samuels & Associates. Meridian Mall is a 766,960 sq. ft. mall anchored by Hudson's, JCPenney, Mervyn's and Service Merchandise. Janesville Mall is a 614,658 sq. ft. mall anchored by Sears, JCPenney, Kohl's and Boston Store.
Newport Beach, Calif.-based Donahue Schriber Realty Group LP has acquired Paradise Square in Phoenix for approximately $8.6 million from Scottsdale, Ariz.-based Paradise Square Property. The 105,678 sq. ft. center is anchored by Fry's Food Store. The Phoenix office of Los Angeles-based CB Richard Ellis represented Donahue Schriber, while Scottsdale-based SAF Investments represented the seller.
Philadelphia-based Penn Real Estate Group has acquired 6.6 acres in Frazer, Pa., for $1.1 million from King of Prussia, Pa.-based Robert G. Euler. Penn Real Estate Group plans to develop a United Artists nine-plex theater on the property. Completion is set for late spring/early summer 1999. The transaction was negotiated by Mount Laurel, N.J.-based Metro Commercial Real Estate Inc.
Chicago-based General Growth Properties has made three acquisitions recently:
- Pierre Bossier Mall in Bossier City, La., was purchased for $52.3 million from Greenwich, Conn.-based Bossier Mall LLC. The 614,000 sq. ft. regional mall is anchored by JCPenney, Sears and Dillard's. The Greenwich Group International, New York, arranged the sale.
- Spring Hill Mall in West Dundee, Ill., was purchased for approximately $124 million from TCW Realty Fund V. The 1.1 million sq. ft. mall is anchored by Marshall Field's, Carson Pirie Scott, Kohl's, JCPenney, Sears and Wickes Furniture.
- Coastland Center in Naples, Fla., was purchased for approximately $114.5 million from Coastland Center Joint Venture. The 925,000 sq. ft. mall is anchored by Burdines, Dillard's, Sears and JCPenney.
Greenwich, Conn.-based Urstadt Biddle Properties Inc. has acquired Goodwives Shopping Center in Darien, Conn., for $21.2 million from a local investme nt partnership. The 100,000 sq. ft. center is anchored by Grand Union supermarket.
Houston-based GPM Houston Properties Ltd. has acquired the fee interest in Greenspoint Mall in Houston, Texas, from Prudential Real Estate Investors. The transaction price was not disclosed. The 1.5 million sq. ft. superregional mall is anchored by Foley's, Sears, Dillard's and Montgomery Ward. New York-based Rockwood Realty Associates represented the seller.
Columbia, S.C.-based Edens & Avant has acquired a 20-center portfolio from Boston-based Samuels & Associates. The grocery-anchored centers total approximately 2.3 million sq. ft. The centers are located in New York, Massachusetts, Connecticut, Ohio and Indiana.
In addition, Edens & Avant acquired eight centers totaling approximately 1 million sq. ft. from separate sellers. The centers, located in Virginia, Alabama, Georgia, North Carolina, Tennessee and South Carolina, are anchored by tenants such as Home Depot, Wal-Mart, Winn-Dixie, Stein Mart and CVS.
Montgomery, Ala.-based Towne Square Mall LLC has acquired Towne Square Mall in Owensboro, Ky., for an investment of approximately $29 million from T.S. Partners. The 437,703 sq. ft. center is anchored by Sears, JCPenney, Bacons, Bacons Home Store/Childrens and Dawahares. May Department Stores has plans to acquire the Bacons stores and place a Famous-Barr in those locations. Montogomery, Ala.-based Aronov Realty Management Inc., a partner in Towne Square Mall LLC, will manage and lease the center.
New York-based Insignia/ESG Retail Group has been selected to lease and manage Summit Park Mall in Niagara Falls by CIGNA Investment Management Inc. The 680,000 sq. ft. mall is anchored by Sears, The Bon-Ton and Toys 'R' Us.
GE Capital Real Estate has provided Johnstown, Pa.-based Crown American Realty Trust with a $465 million mortgage loan. The 7.43% loan is cross-collateralized with the mortgages of 15 regional malls owned by Crown American. The 10-year loan is amortized over a 25-year schedule.
Dallas-based Holliday Fenoglio Fowler has arranged a refinancing package for MRE Co., owners of The South Bank in the Riverwalk area of San Antonio. MRE Co. is an affiliate of San Antonio-based Hixon Properties Inc. The South Bank, a 46,700 sq. ft. retail/entertainment complex, has such tenants as Hard Rock Cafe, Paesano's Restaurant, The County Line Restaurant, Fat Tuesday's, Howl at the Moon and Starbucks. GE Capital Access provided the funding.
The San Francisco office of Phoenix-based FINOVA Realty Capital has arranged financing for three Northern California shopping centers:
- The company arranged a $21.25 million loan on behalf of Cupertino Village LLC for Cupertino Village, a 110,000 sq. ft. neighborhood center in Cupertino. The 10-year, fixed-rate financing features a 75% loan-to-value and is amortized over 30 years. The center is anchored by 99 Ranch Market.
- The company arranged a $6 million loan for The Dollar Co., Los Altos, Calif., for the acquisition of Westmoor Village Shopping Center, a 60,855 sq. ft. neighborhood center in Sunnyvale. The LIBOR-based variable-rate financing represents 80% of the purchase price and includes an earnout component. The five-year loan amortizes over 25 years. Wild Oats anchors the center.
- The company arranged a $5 million loan for a local investor for the purchase of a discounted note on Hecker Pass Plaza, a 68,940 sq. ft. neighborhood center in Gilroy. The 75% loan-to-value has a 10-year term amortized over 30 years. Sears Appliances and Ace Hardware anchor the center.
Miami-based Aztec Group Inc. has arranged $13 million to refinance six south Florida shopping centers owned by Miami-based Sal Glottmann. The unanchored centers, which total 145,353 sq. ft., are located in Miami, Fort Lauderdale and Palm Harbor.
The sale of Tandy Corp.'s Computer City Inc. chain to CompUSA Inc. closed Aug. 31. The transaction is valued at approximately $211 million. The company will continue to sell its products through approximately 6,900 RadioShack outlets.
Scottsdale, Ariz.-based Mashburn-Hope Ltd. has retained Dallas-based Real Estate F/X Inc. as advisers on The Scottsdale Waterfront, a 600,000 sq. ft. waterfront, pedestrian-oriented development in Scottsdale, Ariz. Real Estate F/X will handle tenant procurement, the tracking of trends, public-based enhancements, lighting, auditory, entertainment and special events. Borders Books & Music, Coldwater Creek, Portico Bed & Bath, Porta Bella, Harry's Bar & Tables and Simayof have been announced as tenants. The center is scheduled to open in fall 2000.
G+G Retail Inc., a new independent company based in New York, has acquired the businesses of G&G Shops Inc. from Livonia, Mich.-based Petrie Retail Inc. Jay Galin is chairman and CEO of G+G Retail Inc., while Scott Galin serves as president and COO. Herman and Abraham Galin founded G&G in 1924. There are 425 G+G and RAVE mall-based stores operating in 41 U.S. states and the Caribbean.
New York-based Excess Space Disposition Inc. has disposed of a number of properties. Properties include Winn-Dixie in Bay Minette, Ala., Venice, Fla., and New Orleans; CVS in Clarkston, Ga. and Pelham, Ala.; Payless ShoeSource in Taylor, Mich. and San Ysidro, Calif.; Heilig-Meyers in Johnson City, Tenn.; and Eckerd in Camden, N.J., Corpus Christi, Texas, South Orange, N.J., and Knoxville, Tenn. These properties have been subleased to other retailers and service companies.
Greenwich, Conn.-based Charter Realty & Development Corp. has been selected to lease Bridgeview Plaza Shopping Center in Highland, N.Y., by the center's owners, Wynnewood, Pa.-based Weingarten Properties. The 140,000 sq. ft. center is anchored by Grand Union supermarket. Other tenants include RadioShack, Dunkin' Donuts and McDonald's.