PROJECTS & PEOPLE
Mar 1, 2004 12:00 PM
Craig Macnab is the new CEO of Orlando, Fla.-based Commercial Net Lease Realty Inc. Previously CEO of Atlanta-based JDN Realty Corp., Macnab succeeds James Seneff Jr., who will continue on as chairman of the board.
Equity One purchased the Publix-anchored Pavilion Shopping Center (above) in Naples, Fla., for $24.2 million. The 168,005-square-foot center, previously owned by CFS-I Pavilion Ltd. and Collier Development Corp., is situated on 20 acres of land near the North Tamiami Trail.
New York-based Thor Equities paid more than $11 million for the Canterbury Shopping Center in Markham, Ill., 25 miles southwest of Chicago. Thor bought the 260,000-square-foot neighborhood strip center, anchored by A.J. Wright, Foot Action and Radio Shack, from Oak Brook, Ill.-based Inland Real Estate Group, and has renamed it Gallery at Canterbury.
Oak Brook, Ill.-based Inland Western Retail Real Estate Trust bought its first two California properties in two transactions totaling $79.6 million. Larkspur Landing, a 136,994-square-foot center anchored by Bed Bath & Beyond in Larkspur, was purchased from Larkspur Landing LLC. The private REIT also purchased North Ranch Pavilions, a 62,812-square-foot center anchored by Malibu Gym and Cookies by Design in Thousand Oaks, from C.H. Realty II/North Ranch LP.
Chicago-based U.S. Equities Realty recently developed the largest infill development in a neglected area of the city's South Side. Stony Island Plaza, a $30 million, 180,000-square-foot retail center, anchored by a 72,000-square-foot Jewel Osco store and an Ashley Stewart store, reaches 250,000 residents within a three-mile radius of the center.
Timothy L. Zay is the new vice president of Atlanta-based Spectrum Realty Advisors, a leasing and property management firm. Zay, a 20-year expert of retail leasing, management and development, previously managed six southeastern shopping centers as vice president of leasing at Atlanta-based Blue Ridge Capital.
Cleveland-based Forest City Enterprises and the city of Westminster in Colorado are partnering to open an AMC Theaters-anchored, 1.2 million-square-foot, mixed-use open-air complex by summer 2006. The project will be developed on 215 acres and will include fashion-oriented retail, residential townhouses and office space. The as yet unnamed development (above) will service Adams County, Weld County and Boulder County in greater Denver.
Thomas Sherlock, senior vice president of Newport Beach, Calif.-based Buchanan Capital Partners, was recently promoted to executive vice president. Sherlock, a 20-year veteran in real estate finance who has been with Buchanan since 2000, will oversee the company's entire financial advisory services division.
Eastdale Mall shopping center, owned by Montgomery, Ala.-based Aronov Realty Management, lured JCPenney away from its current home, Glimcher Realty Trust-owned Montgomery Mall, seven miles away. Eastdale, an 800,000-square-foot center, will undergo expansions to build a new 95,000-square-foot JCPenney and other retail space. The retailer is scheduled to open next spring.
Learsi & Co., a Deerfield, Ill.-based real estate investment firm, paid $4.3 million for Westland Plaza, a 147,290-square-foot shopping center, anchored by Burlington Coat Factory, in Madison, Wis. The seller, Bingham Farms, Mich.-based Malan Realty Investors, accepted the company's offer after six months of negotiating with two other bidders. Leasi plans to redevelop 19,000 square feet of empty anchor space.
St. Louis-based Walpert Properties recently promoted Bairie W. Nichols to COO, in charge of overall operations. Nichols, a 10-year veteran in public accounting and real estate finance and valuation, was first brought into Walpert as CFO in 1997. During his five years on the job, he substantially increased the company's portfolio of retail shopping centers.
Urban Retail Properties Co., a third-party real estate management firm in Chicago, is partnering with Boston-based real estate firm Drew Co. to build Waterside Place, a 1.2 million-square-foot mixed use development that will include 600,000 square feet of retail space in South Boston. The waterfront property will also include luxury condominiums and hotel space.
Chicago-based REIT General Growth Properties formed a partnership with real estate development company The Pinnacle Group to build Pinnacle Hills Promenade in Rogers, Ark. The $100 million, 750,000-square-foot lifestyle center will open in 2006. A 155,000-square-foot Dillard's will anchor the project, which will be located near Wal-Mart's corporate headquarters.
Jericho, N.Y.-based Kimco Realty Trust just purchased the Shops at the Pond, a year-old 102,000-square-foot strip center in Marlborough, Mass., for $26.5 million. The seller, Marlborough-based Upper River Road LLC, sold the property through James M. Koury, senior vice president of Spaulding & Slye Colliers, a real estate firm based in Boston.
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