PROJECTS & PEOPLE
Feb 1, 2004 12:00 PM
Caryn Wegerbauer is the new senior project manager of Main Street Property Services, based in Lafayette, Calif. Wegerbauer spent more than 14 years specializing in tenant and neighborhood relations, retail leasing and budget planning for RREEF Funds and the East Bay Asian Local Development Corp.
Blue Springs, Mo., will soon have a 44.1-acre mixed-use complex, including nine outparcels for retailers and restaurants, and a 220-unit garden-style residential building. The developers are Scottsdale, Ariz.-based Fortis Advisors, Tampa, Fla.-based DeBartolo Property Group and Springfield, Miss.-based Zimmerman Properties.
General Growth Properties is developing The Shops at Fallen Timbers, a 1 million-square-foot, open-air lifestyle center outside Toledo, Ohio, to be anchored by a department store, a book store, a cinema and a sporting goods store. KA Inc. is designing the center, which is scheduled to open in August 2005.
L.J. Melody & Co., a national investment firm under CB Richard Ellis, has agreed to finance a $200 million permanent, fixed-rate loan for Macerich's FlatIron Crossing, a 1.5 million square-foot super regional mall in Broomfield, Colo., anchored by Nordstrom, Dillard's, Foley's and Lord & Taylor.
Miami, Fla.-based Equity One spent $49.2 million for four supermarket-anchored neighborhood centers in the south, totaling about 352,000 square feet. The properties include Hamilton Ridge, an 89,496-square-foot center in Buford, Ga.; Belfair Towne Village, a 125,389 square-foot center in Bluffton, S.C.; and two Publix-anchored centers — a 69,277-square-foot property in Panama City Beach, Fla., and a 68,055-square-foot center in Greenville, S.C.
Hanford, Calif.-based Passco Real Estate Enterprises acquired Hanford Mall, an 11-year-old regional mall anchored by Sears, JCPenney and Mervyn's, from Chesterfield Investments and CIBC Worldmarkets for about $49 million. Passco plans on upgrading the interior and exterior. The deal excludes the Mervyn's and Gottschalks stores.
Mills Corp. paid $79 million for Westland Mall in Hialeah, Fla., near Miami. The 835,000-square-foot center, currently 87 percent occupied, is anchored by Burdine's-Macy's, JCPenney and Sears. The deal, which represents a cap rate of about 9.3 percent, is part of Mills' strategy to acquire B-class malls and reposition them as entertainment destinations.
Talbots chairman, president and CEO Arnold Zetcher is the new chairman of the board for the National Retail Federation. Zetcher, who joined Talbots in 1987 and will serve for two years at the helm of the world's largest retail trade association, replaces outgoing chairman Gordon Segal of Crate & Barrel.
Ottawa, Canada-based office and industrial developer Colonnade Development is establishing a retail division to develop, acquire and reposition institutional grade retail properties. The firm wants to build a 1 million-square-foot portfolio of centers ranging in size from 50,000 to 150,000 square feet.
People Are Talking
“Only about 10 of Saks Fifth Avenue's 62 stores are in locations that can support a luxury goods business. Weak real estate means Saks is not likely to fully participate in a luxury goods upturn.”
— Linda Kristiansen, research analyst, UBS Warburg
