CB Commercial Merges With Koll Real Estate Services Los Angeles-based CB Commercial Real Estate Group Inc. and Newport Beach, Calif.-based Koll Real Estate Services (KRES) have merged. The combined entity will operate under the CB Commercial name and be based in Los Angeles. The merger brings CB Commercial's retail portfolio to 37 million sq. ft. managed.
As a result of the merger, CB Commercial has elected five new members to its board of directors. They include: Bradford M. Freeman, former director of KRES; Donald M. Koll, former chairman, chief executive officer and founder of The Koll Co.; Ricardo Koenigsberger, a former KRES investor; Ray Elizabe th Uttenhove, first vice president for CB Commercial; and Ray Wirta, former chief executive officer for KRES and current president of financial services for CB Commercial. In addition, Brett White, former executive managing officer for the Los Angeles region, has been named president of CB Commercial's brokerage services division.
CB Commercial has closed on a $300 million, five-year revolving credit facility. The facility was used to refinance a majority of the company's existing debt, as well as debt assumed in connection with the KRES merger.
The merger did not include several other entities bearing the Koll name, including Koll Construction, Koll Real Estate Group or Koll Resorts International.
New York-based Cushman & Wakefield has acquired Miami-based Venturvest Realty Corp., a company specializing in the management, leasing and sale of Florida retail property. Venturvest will operate under the Cushman & Wakefield name as part of the company's Florida operations. The acquisition brings Cushman & Wakefield's retail portfolio to 11 million sq. ft.
Mark Gilbert, co-founder and former president of Venturvest, will serve as director of retail management, leasing and investment sales in the Miami Lakes, Fla., office of Cushman & Wakefield. Terry Salzman, co-founder of Venturvest, will serve as the company's leasing director in the Florida region.
Dallas-based Trammell Crow Co. has acquired Cleveland-based Doppelt & Co., a company that provides tenant representation and lease disposition. Doppelt & Co. will be combined with Trammell Crow's existing national retail brokerage group to create Trammell Crow/Doppelt Retail Services, a division of Trammell Crow Retail Services. The newly formed company will provide tenant representation and surplus space disposition services to national retailers through a network consisting of Trammell Crow and third-party brokers. Jeffrey J. Doppelt, founder of Doppelt & Co., will serve as president of the new entity. Offices for Trammell Crow/Doppelt Retail Services will remain in Cleveland.
Northbrook, Ill.-based Grubb & Ellis Co. has formed affiliations with five independent brokerage firms, enabling the company to expand into six markets in California and North Carolina. The firms are: Bakersfield, Calif.-based ASU & Associates; The Bissell Cos. Inc., Charlotte, N.C. and Greensboro, N.C.; Central Coast Commercial Group, San Luis Obispo, Calif.; Pearson Realty, Fresno, Calif.; and Vector Properties L.L.C., Raleigh, N.C. They will incorporate Grubb & Ellis into their names.
Beltsville, Md.-based Ritz Camera Centers has acquired 25 stores from The Camera Shops Of New Britain, New Britain, Conn., and 24 stores from Londonderry, N.H.-based Perfecta Camera. The transaction brings Ritz's total number of stores to 650. The company plans to open 100 new locations by the end of this year.
Dallas-based Holliday Fenoglio L.P. has arranged the following two transactions. In Franklin, N.C., New York-based Lehman Conduit has provided $4.5 million in fixed-rate financing for Westgate Plaza. Owned by T.O.H. Associates, Smyrna, Ga., the 157,161 sq. ft. shopping center is anchored by Kmart. In Stafford, Texas, New York-based Credit Suisse First Boston Mortgage Capital L.L.C. has provided financing for The Fountains On The Lake Centre. Owned by Houston-based F.P. Centre Limited, the 539,114 sq. ft. shopping center features Stein Mart, OfficeMax, Bed Bath & Beyond, and Old Navy Clothing Co.
Minneapolis-based Northland Financial Co. and New York-based Lehman Brothers have loaned $18.5 million to Kansas City, Mo.-based Noland Fashion Square Partners L.L.C. for Noland Fashion Square in Independence, Mo. The 306,422 sq. ft. shopping center is anchored by Toys "R" Us and 1/2 Price Store.
Indianapolis-based Indianapolis Life has provided $3.5 million permanent financing to Atlanta-based Abrams Properties for Merchant's Crossing in Jackson, Mich. The 100,000 sq. ft. shopping center is anchored by Kroger and Big Lots. The transaction was arranged by Tri-Stone Cos., Boca Raton, Fla.
Inland Real Estate Corp., Oak Brook, Ill., has acquired four Illinois shopping centers for $41 million. The first center, Maple Park Place in Bolingbrook, was acquired from Chicago-based KBS Retail L.P. The 220,095 sq. ft. shopping center features Eagle Foods, Kmart and Powerhouse Gym. The second center, 8351 Golf Road Plaza in Niles, was purchased from Chicago-based American National Bank And Trust Co. The 26,000 sq. ft. center includes Crown Books and Wolf Camera. Aurora Commons Shopping Center in Aurora was sold by Aurora Commons L.P./Joseph J. Freed & Associates, Wheeling, Ill. The 127,292 sq. ft. shopping center is anchored by Blockbuster Video and Boston Market. Finally, Southpoint Shopping Center in Arlington Heights was purchased from Northpoint Two Partnership/Joseph J. Freed & Associates, Wheeling. The 127,292 sq. ft. shopping center features Blockbuster Video and Chili's.
In a joint venture, Columbus-based Glimcher Properties L.P. and New York-based Nomura Asset Capital Corp. have acquired Dayton Mall in Dayton, Ohio, from an institutional client of Chicago-based Heitman Capital Management. The $91 million transaction was financed using equity contributions and $61.5 million in mortgage financing. The 1.3 million sq. ft., enclosed superregional mall is anchored by JCPenney, Lazarus, McAlpin's and Sears.
San Diego-based Pan Pacific Retail Properties Inc. has acquired Green Valley Town & Country Shopping Center in Henderson, Nev., from Pico Associates, Santa Ana, Calif. The $16.4 million transaction was funded through proceeds from Pan Pacific's initial public offering of 7 million shares in August. The 130,550 sq. ft. shopping center is anchored by Lucky supermarket.
Los Angeles-based Summit Commercial Properties has selected Los Angeles-based CB Commercial Real Estate Group Inc. to manage Summit's 680,500 sq. ft. California portfolio. CB Commercial will be responsible for five properties: Gateway Plaza (195,00 sq. ft.) in Fremont; Summer Hills Plaza (133,000 sq. ft.) and Arcade Square (76,500 sq. ft.) in Sacramento; Creekside Shopping Center (116,000 sq. ft.) in Vacaville; and Bell Gardens Marketplace (160,000 sq. ft.) in Bell Gardens.
Faison Florida, the Orlando-based division of Charlotte, N.C.-based Faison, has been awarded leasing and management assignments by New York-based Mutual Of New York for eight Florida properties. They include: West Volusia Regional Shopping Center (250,000 sq. ft.) in DeLand; The Marketplace At Delray (226,000 sq. ft.) in Delray Beach; Catalina Centre (154,000 sq. ft.) in Boynton Beach; Coral Springs Mall (194,000 sq. ft.) in Coral Springs; Inverrary Plaza (50,000 sq. ft.) in Lauderhill; Hillsborough Square (181,154 sq. ft.) in Tampa; Seminole Plaza (144,011 sq. ft.) in Seminole; and McGregor Point (167,733 sq. ft.) in Fort Myers.
Also, the Atlanta office of Faison has been awarded the management and leasing contract for Roswell Marketplace in Roswell, Ga., by Hartford, Conn.-based Allegis Realty Investor LCC. The 128,709 sq. ft. strip center features Winn-Dixie.
E.W. Howell Co. Inc., Port Washington, N.Y., has been selected by The May Department Stores Co., St. Louis, to renovate a 40,000 sq. ft. Lord & Taylor store at Lake Grove Shopping Center in Lake Grove, N.Y. The project will include new lighting, walls, fixturing, vinyl composite tile, fitting rooms, hung acoustical ceiling and shelving. E.W. Howell also has been appointed by Minneapolis-based Target Stores to construct a 124,000 sq. ft. Target store at King Kullen Plaza in Commack, N.Y.