Retail Real Estate News
New Hahn project attracts Colorado's first Nordstrom
Article courtesy of National Real Estate Investor. The Hahn Company, San Diego, has begun work on the 1.5 million sq. ft. Park Meadows Shopping Center in Denver. The total cost is projected to be $164 million, with Union Bank of Switzerland, New York, providing $132 million in financing and Trizec Corp., Ltd., Hahn's parent, furnishing the remainder.
A fall 1996 completion is scheduled for the shopping center, which will feature Colorado's first Nordstrom and the Denver area's first Dillard's.
Simon begins development of Albuquerque mall
Article courtesy of National Real Estate Investor.
Construction has begun on Cottonwood Mall, a two-level enclosed regional mall being developed by Indianapolis-based Simon Property Group in the West Mesa suburb of Albuquerque, N.M.
The 1.1 million sq. ft. mall will have Dillard's, Foley's, J.C. Penney, Montgomery Ward and Mervyn's as anchors. Opening is scheduled for fall 1996.
IRI plans Red Square modernization, expansion
Article courtesy of National Real Estate Investor.
International Realty Investors (IRI), a Washington, D.C.-based private global real estate company led by Steven J. Green, has signed a contract to provide a feasibility study, including a planned joint venture called GUM 2000, for future modernization and expansion of the GUM department store on Red Square in Moscow into a retail, commercial and entertainment complex similar to Union Station in Washington.
The proposed project would include over $250 million of design, development and store expansion and the participation of the Overseas Private Investment Corp. and other government agencies assisting U.S. businesses entering the Russian economy. Also involved is Dallas-based RTKL International, Ltd.
Jim Wilson announces new mall for Baton Rouge
Article courtesy of National Real Estate Investor.
Montgomery, Ala.-based Jim Wilson & Associates, Inc. has announced plans for the Mall of Louisiana, which is slated to be the largest commercial development in Baton Rouge, La., in over 10 years. A fall 1997 opening is scheduled for the 1.3 million sq. ft., two-level mall, which will be located at I-10 and Bluebonnet Boulevard.
The developer has secured commitments from Dillard's and Maison Blanche/Goudchaux.
New America forms group for restaurant/entertainment
Article courtesy of National Real Estate Investor.
The Retail Council of Hightstown, N.J.-based New America Network, Inc., has formed a Restaurant and Entertainment Retail Specialty Group subcommittee, with Steven Graul, CCIM, of Barrueta/NAN, Washington, D.C., as chairman. The new group will facilitate relationships between restaurant, entertainment and retail companies, and property owners, developers, municipalities, public partnerships, contractors and financing sources.
Compass Retail chosen to manage, lease enclosed mall
Article courtesy of National Real Estate Investor.
Atlanta-based Compass Retail has been chosen as manager and leasing agent for The Orchards Mall in Benton Harbor, Mich. Anchored by Sears, J.C. Penney and Elder-Beerman, the 525,000 sq. ft. enclosed center was developed in 1979 by DeBartolo Properties, Youngstown, Ohio, and Equitable Real Estate Investment Management, Inc., Atlanta.Shopping Mall Sale is Country's Largest This Decade (So Far)
OTR Limited Partnership, an investment arm of the $29 billion State Teachers Retirement System of Ohio pension fund, has purchased the Silver City Galleria in Tauton, Mass., for $158.14 million ž the largest single acquisition of a shopping mall in the country so far this decade.
Pyramid Cos. of Syracuse, N.Y., and its subsidiary, Silver City Galleria Group, sold the 1.1 million sq. ft., 150-store mall in an all-cash transaction in late April.
O'Connor Group, a New York-based real estate investment and management firm, advised and represented the buyer. The Pyramid Cos. was represented by Boston real estate investment banking firm Fowler, Goedecke, Ellis & O'Connor Inc. in the transaction.
"This is an example of the appetite of pension funds to own real estate equities in Massachusetts," says John Fowler, a principal at Fowler, Goedecke.
"We were in the market to refinance a construction loan whose term was expiring, and the buyer came along," says Dan Lugosch, Pyramid's general partner. "Rather than financing, we decided to sell it."
Anchor tenants at Silver City Galleria, located on a 120-acre site, include Sears, J.C. Penney, Bradlees, Lechmere, T.J. Maxx, Filene's and Filene's Basement.
A source familiar with the deal, who asked not to be identified, said Pyramid developed the mall at a cost of approximately $100 million. It opened to the public in March 1992. ž Upendra Mishra
