New Ventures Konover & Associates, Farmington, Conn., and The Hausman Cos., Beachwood, Ohio, have formed a strategic alliance. Their agreement to share information and resources is designed to enable both privately held companies to strengthen their real estate management and leasing expertise while allowing them to expand geographically.
Together, the companies will offer leasing, development, property management and sales/brokerageservices to the Northeast and parts of the central United States, including Ohio, western Pennsylvania, Michigan, Kentucky and Indiana.
Houston-based Weingarten Realty Investors and Toledo, Ohio-based Dana Commercial Credit Corp. have formed a joint venture to acquire up to $200 million of real estate assets using limited leverage.
The group plans to target primarily retail properties with a high proportion of strong national and regional anchor tenants. Weingarten, as general partner, will oversee the acquisition process and, through its management subsidiary, will manage and lease the properties. Dana Commercial Credit is a provider of leasing and financing services with a growing segment devoted to real estate investments.
Two former senior executives from Norfolk, Va.-based Harbor Group International have formed their own firm, Perrine & Wheeler Real Estate Investments in Norfolk. The duo, Harrison Perrine and Jon Wheeler, will purchase, remerchandise and reposition grocery store-anchored retail centers and various other real estate investments.
Perrine, formerly senior vice president of Harbor Group's acquisition division, will serve as the new company's chairman and CEO. Wheeler, former senior vice president and director of retail operations for Harbor Group, will serve as president and COO of Perrine & Wheeler.
The new company's first order of business, according to Perrine and Wheeler, is to purchase strategically located properties throughout the mid-Atlantic and Southeast.
Sales & acquisitions Wilkesboro, N.C.-based Lowe's Cos. Inc. has closed escrow on approximately 10 acres in San Clemente, Calif., with plans to anchor Plaza Pacifica, a 450,000 sq. ft. shopping center currently being developed. The seller, represented by Los Angeles-based CB Richard Ellis Retail Services, was Pacific Development Group, the Newport Beach, Calif.-based developer of the project. The sales price was not disclosed.
Groundbreaking for the 120,000 sq. ft. home improvement warehouse is expected this month with plans for an early 2001 opening. Plaza Pacifica also will be anchored by Wal-Mart, Michaels and Albertson's when it is completed in early 2001.
In addition, the Phoenix office of CB Richard Ellis negotiated the $2.6 million sale of Superstition Springs Plaza, a 13,350 sq. ft. specialty center in Mesa, Ariz. The seller was Dave Evans of Scottsdale, Ariz.-based Superstition Springs Plaza LLC. The buyer was John Ross, a Springfield, Ill.-based investor, who was represented by the Phoenix office of Sperry Van Ness.
Lutherville, Md.-based Mid-Atlantic Realty Trust has purchased Stonehedge Square Shopping Center in Carlisle, Pa. The 88,000 sq. ft. center is anchored by a 42,500 sq. ft. Nell's Market and also features Eckerd Drugs. The purchase price was $8.2 million, consisting of approximately $2.6 million cash plus the assumption of $5.6 million in mortgage debt. The seller was Baltimore-based Stonehedge Square LP.
Mid-Atlantic Realty Trust also has bought Fullerton Plaza Shopping Center in Baltimore. The 153,000 sq. ft. center is anchored by Kmart and also features McDonald's, Fashion Bug, Sally Beauty Supply, Sherwin-Williams, Hair Cuttery and International House of Pancakes. Boston-based MGI Properties sold the center for approximately $8.19 million.
The Tri-Stone Cos., Boca Raton, Fla., and Miami-based Taylor Land & Development have closed on a 1.64-acre parcel of land on the Miami River in Miami for the development of an urban mixed-use center.
The partnership purchased the property from Miami River Properties I, JV, a Florida general partnership, for an undisclosed price. Tri-Stone and Taylor Development plan to build River Renaissance II, a 120,000 sq. ft. office tower with approximately 26,000 sq. ft. of upscale, ground-floor retail shops, and a parking garage. Tri-Stone also is an equity partner in Taylor Development's River Renaissance I, a nearby mixed-use complex that is planned to include approximately 600 apartments in two towers, plus 100,000 sq. ft. of retail space.
Management Contracts Chicago-based Landau & Heyman has been awarded the management and leasing contract for University Mall in Carbondale, Ill. The center has a GLA of 709,058 sq. ft., including three anchors - Famous-Barr, JCPenney and K's Merchandise, 70 small shops, a food court and two restaurants. University Mall is owned by Los Angeles-based BA Properties Inc.
Coreland Carlson, a Tustin, Calif.-based commercial real estate firm, landed property management contracts for five Southern California retail properties in the first quarter of 2000. The new contracts represent more than 900,000 sq. ft. of space. In West Los Angeles, locally based Champion Development Group named Coreland Carlson as the manager for two properties - One Westside, a two-level, 145,000 sq. ft. retail center, and Brentwood Place, a 94,000 sq. ft. center. In Marina del Rey, the company was awarded a management contract for a 226,000 sq. ft. shopping center owned and anchored by Costco. In Van Nuys, Nationwide Insurance Co. of Cleveland selected the firm as property manager for its 150,000 sq. ft. Satcoy Plaza. And in Colton, the company was named manager for Colton Centrepointe Shopping Center, a 320,000 sq. ft. Wal-Mart-anchored property owned by Chicago-based Heller Financial.