PROJECTS & PEOPLE
Dec 1, 2003 12:00 PM
Bayer Properties and Forest City Enterprises are teaming up to develop The Summit shopping center, an 800,000-square-foot, mixed-use complex in Bethlehem Township, Pa., to open in 2006. The center will include two anchors and will be based on Bayer's Summit project in Birmingham, Ala., which has a Williams-Sonoma, Ann Taylor and Saks Fifth Avenue. The development will also include a $40 million, 180-acre property for a St. Luke's medical facility, office buildings and multiple-family homes.
Jonathan Lusher, vice president of consulting and inspectional services at IPC International Corp., is the first individual to receive certification from the International CPED (Crime Prevention Through Environmental Design) Association. IPC recently celebrated its 25th anniversary.
Westfield America Trust paid $92.5 million for the Louis Joliet Mall in the Chicago suburb of Joliet, Ill. The single-level, 919,800-square-foot regional mall, anchored by Marshall Fields, JCPenney and Sears, posted $171 million in sales last year and is expected to increase that number 17 percent by 2007. The center will be branded as Westfield Shoppingtown Louis Joliet.
Developers Diversified Realty Corp. is planning a $500 million mixed-use project in suburban Denver to be called Palisade Park. DDR will build the project's 1 million-square-foot retail portion, which will be tenanted by mall and power center retailers. Grand opening is expected in 2005.
Inland Retail Real Estate Trust paid $123.5 million for the retail portion of Continental Real Estate Cos.' The Waterfront project in Pittsburgh. The acquired space totals 750,000 square feet and the deal's cap rate is estimated at 8.5 percent. Barnes & Noble, Dick's Sporting Goods and Victoria's Secret, Giant Eagle, Kaufmann's, Lowe's and Target are all located at the mixed-use center, which opened in 2001 on a former steel mill by the Monongahela River.
Trammell Crow hired Christopher J. Decouflé as vice president of retail investment service advisors in Atlanta. Before serving as a senior executive with an Atlanta-based retail development firm and working at CB Richard Ellis as a senior retail associate, Decouflé launched his own co-venture that generated annual sales of more than $12 million.
Woof & Co., an Edison-N.J.-based retail chain that specializes in the sale of pure-bred puppies, hired Donald C. Jones, former senior vice president of store operations at Gap Inc., as president and CEO. He'll head the company's national expansion. Jones, a 25-year industry veteran, previously worked for Target, Ikea, Filenes, and Macy's.
Cohen Financial hired Richard Figueroa as managing director of its Capital Markets unit in Chicago, where he'll manage the capitalization of assets for clients and assist in the company's national note sales program. Figueroa, 34, was most recently a senior vice president the Capital Markets Group at Jones Lang LaSalle, where he oversaw the company's debt and capital markets.
Buchanan Partners broke ground on a 600,000-square-foot mixed commercial and residential property — the Heritage Hunt Village Center — in Gainesville, Va., outside Washington, D.C. A 29,000-square-foot retail center will house upscale shops, specialty food shops and a beauty salon.
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