Newport Beach, Calif.-based Koll has acquired Raleigh, N.C.-based Property Resources, a commercial real estate firm. Property Resources will operate under the Koll name as part of the company's southeast region. Mark Andrews and Mark P. Schweibinz, former principals for Property Resources, have joined Koll as senior vice president and vice president of marketing and brokerage services, respectively. The acquisition brings Koll's management portfolio to more than 189 million sq. ft.
New York-based Metropolitan Life Insurance Co. has provided $92.1 million in permanent mortgage loans for two Atlanta superregional malls. Atlanta-based Cobb Place Associates L.P. has received $51.6 million for Town Center at Cobb (1.3 million sq. ft.) in Kennesaw, Ga. Atlanta-based Gwinnett Place Associates L.P. has received $40.5 million for Gwinnett Place Mall (1.2 million sq. ft.) in Duluth, Ga. Both centers are anchored by Rich's, Macy's, Sears, Parisian and JCPenney. The transactions were arranged by Atlanta-based Wilson & Nolan.
Seafirst Bank and Washington Mutual Bank, both based in Seattle, and Washington, D.C.-based Multi-Employer Property Trust have provided $127 million to Seattle-based Pine Street Development L.L.C. for the construction of Pacific Place in downtown Seattle. The 335,000 sq. ft. shopping center will feature Pottery Barn, Williams-Sonoma Grande Cuisine, Gordon Biersch Brewing Co. and an 11-screen General Cinemas complex when it opens in September 1998.
New York-based Nomura Capital has provided a $20.5 million acquisition loan to E.D.C. Properties, Los Angeles, for Pueblo Mall in Pueblo, Colo. The deal includes a 15-year term loan on a 30-year amortization schedule with a reverse earn out. At resizing in February 1998, any excess loan amount will be converted to preferred equity. The 580,000 sq. ft. mall is anchored by JCPenney, Montgomery Ward, Mervyn's and Joslins.
Kennedy Associates, Seattle, has named Dallas-based Trammell Crow Co. leasing and management agent for The Commons At Willowbrook. The 600,000 sq. ft. power center, located in Houston, features Bed, Bath & Beyond; Computer City; Marshalls and Discovery Zone.
Kravco Co., King Of Prussia, Pa., has been awarded three leasing and management assignments. The first, for 505,887 sq. ft. Camp Hill Shopping Mall in Camp Hill, Pa., was awarded by Philadelphia-based M.A. Kravitz Co. Inc. The enclosed regional center is anchored by Boscov's, Montgomery Ward and Giant Food supermarket. The second contract was awarded by New York-based New Valley Realty for Kanawha Mall in Charleston, W.Va. The 303,000 sq. ft. center is anchored by Hill's, Stone & Thomas, and Gabriel Brothers. The third contract was awarded by Hartford, Conn.-based CIGNA for Boulevard Plaza in Philadelphia. The 306,000 sq. ft. power center features Shop Rite and Caldor's department store.
Chicago-based Urban Retail Properties Co. has been awarded three management, leasing and marketing contracts. The first, for 1.1 million sq. ft. North Riverside Park Mall in North Riverside, Ill., was awarded by Chicago-based North Riverside L.P. The regional mall is anchored by Carson Pirie Scott, JCPenney and Montgomery Ward. The second contract was awarded by Hartford, Conn.-based Aetna Real Estate Investments for Assembly Square Mall in Somerville, Mass. The 322,000 sq. ft. community center is anchored by Kmart and Macy's. The third contract was awarded by Minneapolis, Minn.-based Tampa Plaza Associates Ltd. for Tampa Plaza in Tampa, Fla. The 150,000 sq. ft. community center features Kmart.
Phoenix-based Vestar Property Management has been awarded management responsibilities for Arrowhead Crossing by Cleveland-based Developers Diversified Realty Corp. The 410,000 sq. ft. power center, located in Phoenix, features retailers such as Staples, Linens 'N Things, Fry's, Lil' Things, MacFrugal's, T.J. Maxx, Circuit City, and Barnes & Noble.
Chicago-based Urban Shopping Centers Inc. has agreed in principle to acquire interests in two shopping centers: San Francisco Centre in San Francisco and Copley Place in Boston. In a $31 million cash transaction, Urban will purchase a 50 percent preferred interest in San Francisco Centre, a 500,000 sq. ft. vertical shopping mall anchored by Nordstrom. The seller, a private investor group led by H. Patrick Hackett Jr. and Okla Basil Mead Jr., will retain a 50 percent interest in the property for approximately eight years, after which Urban will acquire the remaining interest. The initial acquisition is expected to close in the second quarter of this year.
Urban Shopping Centers also will purchase a one-third equity interest in Copley Place in Boston from Chicago-based JMB Realty Corp. The $42.3 million transaction will be payable through the issuance of 1 million units of partnership interest in Urban Shopping Centers L.P. The remaining interest in the property is owned by Overseas Partners Capital Corp., a wholly owned subsidiary of Bermuda-based Overseas Partners Ltd. The 1.2 million sq. ft., mixed-use center includes a 369,000 sq. ft. retail component, anchored by Neiman Marcus. The acquisition is expected to close in the third quarter of this year.
A pension fund advised by Chicago-based Capital Associates Inc. has sold Palatine Plaza in Palatine, Ill., to Lombard, Ill.-based Highland Management Associates Inc. for an undisclosed amount. A renovation is planned for the 137,000 sq. ft. shopping center, which is anchored by Ace Hardware. The transaction was brokered by Los Angeles-based CB Commercial Real Estate Group.
Baltimore-based Phillips Edison & Co. has acquired Lemon Bay Shopping Center in Englewood, Fla., from Houston-based Lemon Bay Joint Venture for $2.1 million. The 135,332 sq. ft. shopping center, which is anchored by Publix supermarket and Eckerd Drugs, is 47 percent occupied.
ROSCHE Finanz, Freiburg, Germany, has acquired The Meridian retail complex in downtown Seattle from Maple Grove, Ill.-based TOLD Development Co. for $78 million. The 161,000 sq. ft. urban entertainment and retail project includes Nike; Planet Hollywood; Levi's; ObaChine, a new restaurant concept from Wolfgang Puck; SEGA(TM) GameWorks; and a 16-screen Cineplex Odeon theater.
Equity Investment Group L.L.C., Fort Wayne, Ind., has acquired Concord Village shopping center in Atlanta from Allstate Life Insurance Co., Northbrook, Ill., for $10.2 million. The 184,028 sq. ft. center is anchored by Kmart and A&P supermarket. Equity Investment will lease and manage the property.
Cary, N.C.-based FAC Realty Trust Inc. has acquired five North Carolina community centers from Raleigh, N.C.-based North Hills Inc. for $32 million. Gateway Shopping Center (91,266 sq. ft.) in Wilson is anchored by Kmart. MacGregor Village (142,655 sq. ft.) in Cary features tenants such as Eckerd Drug and Spa Health Club. Eastgate Shopping Center (54,375 sq. ft.), Northridge Shopping Center (165,215 sq. ft.) and Tower Shopping Complex (152,157 sq. ft.) in Raleigh are anchored by Books-A-Million, Winn-Dixie and Food Lion, respectively.
Linthicum, Md.-based Mid-Atlantic Realty Trust (MART) has entered into a contract to acquire nine retail and two office properties from affiliates of The Pechter Group, Towson, Md. The retail centers, located in the Baltimore area, are: Shawan Plaza (95,000 sq. ft.) in Hunt Valley; Glen Burnie Village (95,000 sq. ft.) in Glen Burnie; Radcliffe Center At Towson (86,000 sq. ft.) in Towson; Enchanted Forest Shopping Center (140,000 sq. ft.) in Ellicott City; Ingleside Shopping Center (116,000 sq. ft.) in Catonsville; Timonium Shopping Center (207,000 sq. ft.) and Timonium Crossing (60,000 sq. ft.) in Timonium; Club Centre At Pikesville (44,000 sq. ft.) in Pikesville; and Perry Hall Shopping Center (190,000 sq. ft.) in Perry Hall.
The maximum consideration to be paid for all properties (retail and office) is 3.4 million operating partnership units of MART L.P., an operating partnership to be formed by MART at closing. The operating partnership units would be convertible into cash or, at MART's option, common shares on a one-to-one basis. The parties have valued the operating partnership units at $13 per unit. In addition, MART L.P. would assume up to approximately $85 million in existing mortgage indebtedness.
San Diego-based Burnham Pacific will offer 5.5 million shares of its common stock to the public, pursuant to an effective "shelf" registration. The proceeds of the offering are intended to reduce a $147 million debt associated with the company's aggregate acquisition cost of two shopping center portfolios. Burnham Pacific owns interests in 29 retail properties.
Urban Retail International L.L.C., the international subsidiary of Chicago-based Urban Retail Properties Co., has been awarded development management, property management, and leasing and marketing contracts for Core Pacific City in Taipei, Taiwan, by Core Pacific City Co. Ltd., Taipei. Construction will begin in August on the 2.2 million sq. ft., vertical retail and entertainment center. The center will open in approximately three years.
Eatontown, N.J.-based Manhattan Bagel Co. Inc. has signed a co-branding agreement with Jreck Subs Inc., Watertown, N.Y., to open Manhattan Bagel bakeries in Jreck locations in central and northeastern New York state. Depending upon the location, the in-store units will be operated by Jreck or its franchisees. In an initial rollout to be completed this fall, Manhattan Bagel will replace existing Lox, Stocks and Bagels in-store units in eight Jreck shops. Jreck plans to open an additional 20 co-branded units during the next 12 months.
Bethesda, Md.-based Host Marriott Services Corp. has finalized an agreement with Indianapolis-based Simon DeBartolo Group to master lease and operate a 6,100 sq. ft. food court and one kiosk at Independence Center Mall in Kansas City, Mo. The food court is scheduled to open next year. Host Marriott reports that the food court will house internationally known brands as well as regional tenants. Measuring 1.3 million sq. ft., the two-level Independence Center Mall is anchored by Dillards, The Jones Store and Sears.
CIGNA Investment Management, Hartford, Conn., has appointed Philadelphia-based Legg Mason Real Estate Services as exclusive originating and servicing correspondent for CIGNA's Florida portfolio. The portfolio totals $262 million in commercial loans.