SOUTHEAST INTELLIGENCE
Oct 1, 2003 12:00 PM
Inland Retail Real Estate Trust coughed up $172 million for 1.4 million-square-foot Fayette Pavilion in suburban Atlanta. The three-phase acquisition of the property from Thomas Enterprises Inc. is being called the largest retail transaction of the year for the market…Belz Enterprises is putting plans to expand its Belz Factory Outlet World in Jacksonville, Fla., on ice for now, waiting for the economy to pick up. Residential developers have bought up land around the center to build 250-350 apartment units and more than 100 townhouses by 2004…Atlanta's Camp Creek Marketplace is outperforming the expectations of tenants and its developer North American Properties. The 1.1-million-square-foot power center (above) is seeing high traffic from the under-served, African-American demographic in suburban East Point. The center's Ross Dress For Less was the chain's No. 1 performing store in Georgia during the week before back-to-school day in Atlanta, its Marshall's placed No. 5 in the nation for the chain…A former Texaco gas station is commanding big bucks on the beach in Duval County near Jacksonville. Local broker Grubb & Ellis/Phoenix Realty Group has listed the 16,000-square-foot site for $995,000, a record-breaking price for the area, which is seeing higher rents and land prices as property near the beaches becomes more scarce…Courtelis Co. is in the second phase of its revitalization plans for 32-year-old, 338,314-square-foot community center Lakewood Shopping Center in Margate, Fla. Wal-Mart purchased 14 acres on the site for a 150,386-square-foot super center…Millennium Development Enterprises is spending $20 million to convert 935,140-square-foot Hollywood Super Mall in Hollywood, Fla., into a flea market-style bazaar including as many as 700 booths for vendors. The developers' rules for tenants are that merchandise must be new, prices must be 5 percent lower than other stores within a 10-mile radius and each merchant must offer a money-back guarantee.
