CBL & Associates Properties has started a 140,000-square-foot expansion to the 1.1 million-square-foot Fayette Mall in Lexington, Ky. The expansion will include an 80,000-square-foot Dick's Sporting Goods and seven new stores. Dick's is scheduled to open by October 2005. CBL & Associates is also remodeling the existing center.
SEJ Properties bought four Plymouth Park properties in Irving, Texas, from Equity One for $24 million. They total 729,000 square feet and have an average occupancy rate of 72 percent: Plymouth Park North (444,100 square feet, 58 percent occupied, anchors: Dollar General and a post office); Plymouth Park West (179,000 square feet, 96 percent occupied and anchored by Bargain City) Plymouth Park East (56,000 square feet, 97 percent occupied; anchored by a Kroger Supermarket) and Plymouth Park South (49,000 square feet, 78 percent occupied).
Chris Facas is Macerich Co.'s vice president of property management for the Southern California group, which includes 12 centers. Facas, who joined the firm in 2000, was senior manager of property management at Arden Fair Mall in Sacramento.
Four private groups, led by Principal Mutual, have purchased the 335,000-square-foot Village Square in Northbrook, Ill., from RP Properties for $91 million. The center is 100 percent occupied and includes tenants such as Circuit City, Old Navy and Linens 'N' Things. Retail advisory firm Faris Lee Investments represented RP Properties; Melvin Kaplan Realty represented the buyer.
Mark Daday is senior vice president of acquisitions for Landmark Properties Group. Daday was formerly the president of DQE Systems, which was an energy and telecommunications company that he sold in 2003. He joined Landmark in 2004 and has 13 years of experience in financial planning and capital markets.
Scott Lunine is senior vice president of Sperry Van Ness in Ontario, Calif. He was previously a managing director and a national director of retail investments for Sperry Van Ness.
Phillips Edison has purchased the 340,000-square-foot Edgewood Town Center in Edgewood, Pa., its first neighborhood shopping center in the Keystone State. Giant Eagle, Kmart and AJ Wright anchor the property. The company said that this would be its 81st neighborhood shopping center and will bring its total portfolio to 9.5 million square feet.
Passco Real Estate Enterprises has purchased the Village at Orange, a regional mall in Orange, Calif., for $100 million. Passco purchased the property from RB Village/Orange, LLC's I, II and III. JCPenney and Sears are anchors. Passco plans to bring additional retailers such as Old Navy and restaurants to the mall.
New World Restaurant Group named Nelson Heumann, a partner at Greenlight Capital, as chairman of the board. CEO Paul Murphy, acting chairman since October 2003, will remain on the board. New World also named Michael Arthur, head of consulting and interim management firm Michael Arthur & Associates, to the board, bringing the total number of directors to seven.
Houston-based retail development company NewQuest Properties has named Rene Joubert as president and CEO. Joubert was an executive vice president and senior managing director at Northmarq Capital where he worked for 16 years.
San Francisco-based Krausz Cos. has purchased the 264,000-square-foot Crossroads Marketplace in Chino Hills, Calif., from real estate developer and manager Steadfast Cos. in a $62 million 1031 exchange. Brokerage firm Faris Lee Investments negotiated the deal between the buyer and seller. Anchors include Bed, Bath & Beyond, Best Buy and Stein Mart.