Joint ventures
New York — A joint venture between Colliers Apogee International, The Greenwich Group International and Prudential Real Estate Investors arranged and funded a $250 million investment program for mid-Atlantic retail developer Erwin L. Greenberg & Associates of Baltimore.
The program is designed to allow Erwin L. Greenberg & Associates to proceed with plans to build, acquire and redevelop or reposition shopping centers throughout the mid-Atlantic, particularly grocery-anchored neighborhood and community centers.
The first investment will be The Village at Waugh Chapel in Crofton, Md., a 70-acre mixed-use development that opened in June 2000; the second will be The Shoppes at Breton Bay, a community center on the eastern shore of Maryland that opened in fall 2000.
Sales & acquisitions
Chattanooga, Tenn. — CBL & Associates Properties Inc. acquired 21 malls and two associated centers from Cleveland-based Richard E. Jacobs Group for $1.3 billion.
The acquired properties, which total 19.2 million sq. ft., include five malls in Wisconsin; three each in North Carolina, Kentucky and South Carolina; two each in Michigan and Ohio; one each in Illinois, Tennessee and Texas; and associated centers in both Ohio and Wisconsin.
Chattanooga-based CBL acquired 100% interest in 16 of the malls and one of the associated centers and partial interests, ranging from 50% to 80%, in five of the malls and one of the associated centers.
Redondo Beach, Calif. — Redondo Shores, a 106,415-sq.-ft. retail center on the Pacific Coast Highway in Redondo Beach, recently sold for $22.4 million.
The seller, locally based Redondo Shores LLC, has owned the property since 1995. The buyer, a privately owned company, was not disclosed. The Encino office of Marcus & Millichap represented both parties.
Pleasanton, Calif. — In a bid to bolster its position in the fast-growing Mid-Atlantic market, Safeway Inc. recently acquired Genuardi's Family Markets, a privately owned supermarket chain with annual sales of approximately $1 billion. Financial terms of the transaction were not disclosed.
Based in Norristown, Pa., Genuardi's operates 39 stores in Pennsylvania, Delaware and New Jersey. Safeway, which employs more than 200,000 people, operates approximately 1,700 stores in the United States and Canada.
Irvine, Calif. — Wohl Investment Co. recently acquired the final outparcels adjacent to the Ontario Mills mega-mall in Ontario, Calif., for an undisclosed sum.
Based in Irvine, Wohl Investment Co. acquired the 12.5-acre tract, valued at $8 million, from a wholly owned affiliate of Arlington, Va.-based The Mills Corp. Wohl Investment plans to build several restaurants and a 30,000-sq.-ft. retail plaza on the site, according to president Peter Desforges.
Oakbrook Terrace, Ill. — Locally based Mid-America Real Estate Corp. recently sold four shopping centers in the Midwest on behalf of multiple affiliates of Lake Bluff, Ill.-based Pine Tree Commercial. Financial terms of the transactions were not disclosed.
The centers include Pine Tree Plaza, a 70,209-sq.-ft. center in Ames, Iowa; Northridge Plaza, a 61,253-sq.-ft. center in Portage, Wis.; Plover Plaza, a 108,78-sq.-ft. center in Plover, Wis.; and Water Tower Plaza, a 136,830-sq.-ft. center in Bradley, Ill.
Southfield, Mich. — Ramco-Gershenson Properties Trust sold White Lake MarketPlace, a 350,000-sq.-ft community center in White Lake, Mich., for approximately $20 million, representing a capitalization rate of 9.1%. The buyer was undisclosed.
“The sale of White Lake MarketPlace is consistent with the company's ongoing strategy to sell stabilized assets that have reached their maximum value for the foreseeable future,” notes CFO Richard J. Smith.