TRANSACTIONS
Jul 1, 2002 12:00 PM
- Washington, D.C. — The Alaska Permanent Fund Corp. and Rochester, N.Y.-based Wilmorite Properties formed a joint venture for ownership of Tysons Corner Center, a 2-million-sq.-ft. center with sales per sq. ft. exceeding $600. The Alaska fund already owned more than 55% of the mall and will retain an ownership stake, while Wilmorite will also acquire an interest and manage the property.
- Dallas — Cencor Realty Services formed a strategic venture with Stamford, Conn.-based GE Capital Real Estate for the acquisition of existing centers in major Texas markets including Dallas/Fort Worth, Austin, Houston and San Antonio.
- Panama City, Fla. — Chattanooga, Tenn.-based CBL & Associates Properties Inc. paid Panama City Associates LLC $46.5 million to acquire the 87%-leased Panama City Mall. CBL plans to expand the 605,180-sq.-ft. mall, whose anchors include JCPenney, Dillard's and Sears.
- Lexington, Ky. — NAI ISAAC Commercial Properties Inc. represented Wal-Mart Stores Inc. in the sub-lease of their Elizabethtown, Ky. and Nicholasville, Ky., surplus properties. The transactions totaled more than 121,500 sq. ft. and exceeded $1.48 million in value.
- Salem, N.H. — Cleveland, Ohio-based Developers Diversified Realty, along with its majority-owned affiliate Coventry Real Estate Partners, sold The Village Shoppes of Salem to an undisclosed buyer. The development is a 170,000-sq.-ft. center anchored by Best Buy and CompUSA. DDR expects to report a gain of $1.2 million on the sale, $350,000 of which reflects Coventry's promoted interest.
- Grafton, Wis. — Minneapolis-based Upland Real Estate Group brokered the $3.2-million sale of a 23,500-sq.-ft. OfficeMax to an undisclosed buyer involved in a 1031 exchange.
- Atlanta — REIT IRT Property Co. replaced Arthur Andersen LLP with Deloitte & Touche LLP as its independent accountant.
- Vernon Hills, Ill. — Cleveland, Ohio-based Chase Properties acquired Hawthorn Hills Fashion Square from Heitman Properties for an undisclosed amount. The 222,000-sq.-ft. regional center is anchored by Linens ‘N’ Things, Wickes Furniture and David's Bridal.
For more Transactions, visit our website at shoppingcenterworld.com.
