Sales & acquisitions
Dallas — Locally based Retail Plazas Inc. recently acquired Ridgmar Town Square, one of the largest malls in the Fort Worth area, from New York-based Reliance Insurance. The purchase price was not disclosed. The 406,342-sq.-ft. shopping center is anchored by Mervyn's, Oshman's Sporting Goods, PETsMART, MJ Designs and Ross Dress for Less. Retail Plazas Inc. is in negotiations with several potential tenants to occupy the center, which is 73.7% occupied.
Retail Plazas Inc. was established by Texas businessman Jeffrey Olyan in 1992 to acquire, lease and manage retail properties. The firm has acquired 12 retail centers in the Dallas/Fort Worth area totaling approximately 2 million sq. ft.
Cleveland — Locally based Forest City Enterprises recently acquired The Galleria at South Bay, a 955,000-sq.-ft. regional mall in Redondo Beach, Calif., for $116 million. Anchors at The Galleria at South Bay include Nordstrom, Robinsons-May and Mervyn's. Forest City Enterprises announced plans to renovate the mall, which opened in 1985. The Galleria at South Bay is 96% leased and produces sales of $400 per sq. ft.
In August, Forest City Enterprises sold its 67.5% tenancy-in-common interest in Tucson Mall, a 1.3 million-sq.-ft. regional mall in Tucson, Ariz., for $121.5 million. According to Charles Ratner, president and CEO, that transaction resulted in an after-tax gain of $51 million for book purposes and generated cash proceeds of $73 million, which were used to acquire The Galleria at South Bay through a tax-deferred exchange. California is an increasingly important market for Forest City Enterprises, Ratner notes.
Atlanta — Inland Retail Real Estate Trust acquired a majority interest in the recently completed Stonebridge Square shopping center in Roswell. The locally based firm now owns nine properties in the Atlanta area.
Stonebridge Square is a 160,198-sq.-ft. retail center in suburban Atlanta. It is anchored by an 86,584-sq.-ft. Kohl's and a 35,546-sq.-ft. Linens ‘N’ Things. Other tenants include Radio Shack, Bath & Body Works, Rackroom Shoes and Atlanta Bread Co. The center is 90% leased.
Joe Cosenza, chairman of Inland Real Estate Acquisitions Inc., and outside counsel Charles Benvenuto represented Inland in the transaction. The seller was Hendon Stonebridge LLC, a Georgia LLC. The purchase price was not disclosed.
New York — Locally based The Benenson Co. recently acquired a high-profile, 38,307-sq.-ft. retail cooperative in Manhattan. The retail space at 117-127 East 59th St. is net leased to Williams-Sonoma Inc. The building houses Williams-Sonoma and Pottery Barn stores.
The Benenson Co., a privately held real estate and development firm, acquired the property for $19.1 million in an all-cash transaction arranged by Grubb & Ellis. The seller was a partnership of ING Realty Partners Holdings LLC and Alchemy Properties.
Oceanside, Calif. — NewMark Merrill Cos. recently acquired Mission Marketplace, a 378,000-sq.-ft. retail center in Oceanside, from Torrance, Calif.-based Imperial Credit Industries for approximately $30 million. Los Angeles-based Frank Family Trust partnered with NewMark Merrill in the transaction.
Anchors at Mission Marketplace include Big Kmart, Ralph's, Rite Aid, McDonald's, HomeTown Buffet, Cinema Star, and Pic ‘N’ Save. The property was just under 90% leased at the time of the sale.
Based in Tarzana, Calif., NewMark Merrill is a diversified commercial real estate firm specializing in the development, management and value-enhancement of retail centers throughout the West and Southwest.
San Diego — Pan Pacific Retail Properties recently acquired four neighborhood shopping centers on the West Coast for a total of $39.3 million. Combined, the centers total more than 423,800 sq. ft. with an average occupancy rate of 97%. Now the largest neighborhood REIT on the West Coast, Pan Pacific acquired Brookhurst Center, a 181,900-sq.-ft. center in Anaheim; Canby Square, a 115,800-sq.-ft. center in Canby, Ore.; Garrison Square, a 69,790-sq.-ft. center in Vancouver, Wash.; and Powell Villa, a 63,607-sq.-ft. center in Portland.
Santa Ana, Calif. — Passco Real Estate Enterprises recently acquired Rolling Ridge Plaza, an 85,500-sq.-ft. neighborhood shopping center in Chino Hills, for $13 million.
Located just west of the 71 Freeway, Rolling Ridge is located at 2959 Chino Ave. and is anchored by Ralph's Supermarket and Bank of America. Other tenants include Pizza Hut, State Farm Insurance, RE/Max Realty and San Bernardino County. The property is one of only two grocery-anchored centers serving the affluent Northern Chino Hills area, notes Passco chief operating officer, Bill Winn.
Gary Aminoff of Aminoff Co. represented Passco in the transaction and Tom Robinson represented the seller, Kennsington LF.
Management contracts
Boston — Locally based The Wilder Cos. recently won the management contract for a portfolio of 24 shopping centers throughout New England and New Jersey. The contract for the 1.4 million-sq.-ft. portfolio, which is composed mostly of well-located community centers, was awarded by an undisclosed private investment group.
The Wilder Cos. will assume immediate responsibility for all assets of property management for the portfolio, the addition of which brings the total amount of retail space under management by The Wilder Cos. to more than 4 million sq. ft. The portfolio includes The Loop in Methuen, Mass.; CityPlace in Boston; and Wilton Town Center in Wilton, Conn.
Upper Arlington, Ohio — Madison Marquette Realty Services recently won the management, leasing and redevelopment contract for Lane Avenue, a 215,000-sq.-ft. specialty center in Upper Arlington. Anchor tenants at Lane Avenue include Wild Oats Food Market, Banana Republic, Talbot's, Chico's and The Bombay Co.
Financing awards
Houston, Texas — Locally based L.J. Melody & Co. recently arranged $71.2 million in financing for Asheville Mall in Asheville, N.C.
The financing was provided by CIGNA on behalf of Chattanooga, Tenn.-based CBL & Associates. Asheville Mall is a 406,000-sq.-ft. regional center originally built in 1972. Anchors at Asheville Mall include Belk, Dillard's, Sears and JCPenney.