Management Contracts Jones Lang LaSalle's Atlanta-based retail division announced that it will act as exclusive management and leasing agent for six new properties. The contract with Atlanta-based Lend Lease Real Estate Investments will add more than 3 million sq. ft. to Jones Lang LaSalle's retailmanagement portfolio.
The additional properties include the following four regional malls: Greenbrier Mall (808,761 sq. ft.) in Chesapeake, Va.; Westgate Mall (887,060 sq. ft.) in Amarillo, Texas; Rogue Valley (633,026 sq. ft.) in Medford, Ore.; and Magic Valley (434,827 sq. ft.) in Twin Falls, Idaho. Jones Lang LaSalle also will manage The Shops at Magic Valley, a 44,718 sq. ft. strip center in Twin Falls, and Skyview Plaza, a 281,247 sq. ft. power center in Orlando, Fla.
Jones Lang LaSalle's retail division now manages retail properties totaling approximately 41 million sq. ft. in 25 states, the District of Columbia and Puerto Rico.
Miami-based Continental Real Estate Cos. announced that it will act as exclusive leasing and management agent for two retail properties near Orlando, Fla.
Atlanta-based Lennar Mortgage Holdings Corp. recently retained Continental to manage Uni-Gold Shopping Center in Winter Park, which includes 103,000 sq. ft. of retail space and is anchored by Gooding's Supermarket; and Sam's Trail Plaza, a 72,000 sq. ft. shopping center in Orange County that is anchored by Rhodes Furniture.
Uni-Gold includes a 4,500 sq. ft. outparcel and several bays that are available for lease. Continental Real Estate now manages 4.5 million sq. ft. of office and retail space throughout Florida.
Chicago-based Landau & Heyman recently won the management and leasing contract for four shopping centers in Texas, Arkansas and Louisiana. The contract with owner First Union Realty of Oklahoma City brings Landau & Heyman's third-party retail management portfolio to 18 properties.
Sales & acquisitions An undisclosed private investment group recently acquired a primary retail destination in fast-growing Frederick, Md., from the Atlanta office of Lend Lease Real Estate Investments. The purchase price was $28.4 million. Brad Kotz and Marc Geffroy of the McLean, Va., office of KLNB acted as brokers on behalf of Lend Lease for the sale of 28-year-old Frederick Towne Mall.
Geffroy says the 602,771 sq. ft. regional mall, which is located on 51 acres near a thriving corridor of high-tech companies, serves more than 92,000 customers within a five-mile radius.
Frederick Towne Mall's anchor tenants include The Bon Ton, JCPenney Home Store, Montgomery Ward and Hoyt's 10 Cinema.
The investment group has hired Dallas-based Trammel Crow Co., which is in preliminary negotiations with potential anchors, to revitalize the mall. Trammel Crow plans to add boutiques, restaurants and entertainment-oriented venues.
New York City-based Metropolitan Life Insurance Co. recently sold Cleveland Mall in Shelby, N.C., to Augusta, Ga.-based Hull/Storey Development for $14.8 million. Metropolitan Life was represented in the transaction by the Washington, D.C., and Dallas offices of Insignia/ESG.
Cleveland Mall is a 430,037 sq. ft. enclosed regional mall with more than 30 specialty stores. Anchor tenants include Sears, Belk, JCPenney and Goody's department stores. The mall is 86% leased.
Chicago-based LaSalle Investment Management recently acquired The Village at Westlake, a 217,585 sq. ft. shopping center in the West Lake Hills suburb of Austin, Texas, for an undisclosed purchase price. Dallas-based Holliday Fenoglio Fowler arranged the transaction for seller INVESCO Realty Advisors of Dallas.
Built in 1996, The Village at Westlake is one of two grocery-anchored shopping centers serving the affluent west Austin communities of West Lake Hills, Rob Roy and Barton Creek. The center is 99% leased. Major tenants include Albertson's, Barnes & Noble, The Market, Old Navy and Blockbuster Video.
San Diego-based Pan Pacific Retail Properties recently acquired a 160,800 sq. ft. shopping center in Sacramento, Calif., for $12.2 million, or about $76 per sq. ft.
The seller of Cable Park Shopping Center was an undisclosed Sacramento-based trust. Cable Park, which currently is 99% leased, includes anchor tenants Albertson's, Long's Drugstore and the U.S. Post Office.
Pan Pacific also sold Rosewood Village, a 50,000 sq. ft. center in Santa Rosa, Calif., for $8.6 million to an undisclosed Santa Rosa-based buyer; and Foothill Plaza, a 20,000 sq. ft. center in Rialto, Calif., to Long Beach, Calif.-based Smart Real Estate.
Konover Property Trust recently sold two shopping centers to private owners for a total of $5.4 million. The Cary, N.C.-based REIT sold Casa Grande, a 141,908 sq. ft. center in Casa Grande, Ariz., for $3.2 million; and Sulphur Springs, an 84,917 sq. ft. center in Sulphur Springs, Texas, for $2.2 million. According to C. Cammack Morton, Konover's president and CEO, the move is part of an ongoing effort to concentrate the company's shopping center portfolio in the Southeast.
Southern Management & Development has acquired Golden Gate Shopping Center in Naples, Fla., from Chattanooga, Tenn.-based Fletcher Bright Co. Southern Management, based in Boca Raton, Fla., announced that it is seeking to expand its holdings along the west coast of Florida.
The 107,115 sq. ft. center was purchased for $7.4 million. Golden Gate is 100% leased and features anchor tenants Winn Dixie, Beall's and Family Dollar. Southern Management's shopping center portfolio now includes a total of 2.9 million sq. ft. in Tennessee and Florida.
Southfield, Mich.-based First Commercial Realty & Development Co. recently acquired Carmen Plaza shopping center in Flint Township, Mich., for an undisclosed purchase price. The seller of the 98,000 sq. ft. center was New York City-based J&W Management.
Carmen Plaza is anchored by Kessel Food Store, a grocery chain recently acquired by Kroger. Other tenants include Family Dollar and an office for the Michigan Secretary of State. Approximately 3,000 sq. ft. is available for lease.
Fort Worth, Texas-based Trademark Retail recently acquired Overland Stage shopping center in Arlington, Texas, from Worcester, Mass.-based Allmerica Financial Life Insurance & Annuity Co. The purchase price was undisclosed.
Overland Stage is a 93,711 sq. ft. shopping center built in 1980. It was 97% leased at the time of the sale. Davidson Conine Realty Advisors and NAI Stoneleigh Huff Brous McDowell, both of Dallas, represented Allmerica in the transaction.
Other Transactions A Redondo, Calif.-based private partnership recently acquired the Redondo Village shopping center in Redondo for $5.6 million from Jacksonville, Fla.-based Regency Realty Corp. The Los Angeles office of Charles Dunn Co. negotiated on behalf of Regency Realty. The 57,353 sq. ft. center is undergoing a $1.8 million renovation.
Las Vegas-based RTKL Nevada Corp., a subsidiary of Baltimore-based RTKL, recently won the contract to plan and design Montecito Town Center, a 60-acre project billed as the last open-space development in Greater Las Vegas.
Santa Monica, Calif.-based Watt Commercial Property will develop Montecito Town Center in Las Vegas' rapidly expanding northwest corridor. The Main Street development is intended to become the commercial heart of a 200-acre planned community.
"The team's goal is to create a landmark Main Street development that appeals to a far-reaching audience while also capitalizing on its ideal location," says RTKL's Norman Garden, vice president in charge of the project.
Phase I of Montecito Town Center will include a cinema-anchored Main Street with lifestyle retailers and restaurants, as well as a small hotel. It's slated to open in 2002. Phase II will be a supermarket-anchored convenience center.