Transactions
MARS Leases 27,000 Square
Feet in Las Vegas
Gerald S. Divaris, president of Divaris Real Estate, announces the
signing of a lease with MARS, The Musician’s Planet, for 27,000 sq.ft. of retail
space located at SWC Karen and Maryland Parkway in Las Vegas, Nevada.
| Headquartered in Fort Lauderdale, Florida, MARS is a large musical instrument store that trades under the name of MARS Music and Recording Superstore. MARS operates 23 stores in 10 states. The stores average 25,000 sq.ft. in size, and the company plans to open 12-14 new stores per year over the next two years. Divaris Real Estate is the national real estate representative for MARS. Randal E. Johnson, principal of Divaris’ Charlotte, North Carolina office, represented the tenant in the negotiations. |
|
For more information, contact Gerald Divaris,
president, Divaris Real Estate, Inc., 757-497-2113.
Northland Marquette Arranges
Financing for Richfield Urban
Village
Northland/Marquette Capital Group, Inc. has arranged permanent
financing of $30 million for Richfield Urban Village, a 385,085-sq.ft. mixed-use
development in Richfield, Minnesota. Edward Padilla, executive vice president of
Northland/Marquette’s Minneapolis office, arranged the financing on behalf of the
borrower.
Northland/Marquette Capital Group, Inc. is a national real estate
investment banker providing mortgage financing for commercial real estate, including
office, retail, industrial and multi-family developments. Northland also arranges joint
ventures and equity sales for commercial properties. Northland Marquette is currently
servicing more than $5 billion in loans on behalf of 50 institutional investors.
For more information, contact Northland/Marquette Capital Group, Inc.,
612-356-0100, Fax 612-356-0097.
Connecticut Sports Center Buys
Facility in Woodbridge
Fred Maretz and Steve Miller of Levey, Miller, Maretz & Proto LLC
in Woodbridge, Connecticut were exclusive agents in the sale of a former tennis facility
in Woodbridge
The 43,700-sq.ft. building was used as a tennis center until July 1997,
when owners HEL Associates, of New Haven, CT, signed a lease with an option to purchase to
Connecticut Sports Center. F. Tyson Krause, president of Connecticut Sports Center,
supervised the complete remodeling of the 25-year-old building into a modern sports
facility featuring courts for indoor volleyball, basketball and tennis. During its two
years of operating under the lease, Connecticut Sports Center successfully organized a
vigorous program of school and public volleyball activity, including the formation of
leagues, statewide tournaments, a clinic, and lessons.
The purchase option was exercised and a closing was held on June 30,
1999. The selling price was $895,000. Financing was arranged by Chris David of C.S.D.
Funding of Branford, CT.
Connecticut Sports Center plans to continue operations in Woodbridge
and will look at other possible sites through Levey, Miller, Maretz and Proto, LLC.
For more information, contact Fred Maretz or Steve Miller, Levey,
Miller, Maretz and Proto, LLC, 203-389-5377, Fax 203-389-6302.
Erwin L. Greenberg Purchases
184 Acres Near Richmond
Erwin L. Greenberg Commercial Corporation and BET Investments closed
the acquisition of 184.4 acres of prime mixed-use development land known as Swift Creek in
Chesterfield County, Virginia. The county is considered the fastest growing area of
greater Richmond, Virginia and one of the fastest growing counties in the U.S.
Swift Creek has approximately 2,150 feet of frontage on U.S. Route 360
(Hull Street Road) and is one-half mile west of the State Route 288/Route 360 interchange.
Located just 13 miles southwest of Richmond, Swift Creek also has access to Commonwealth
Center Parkway and is in close proximity to the Swift Creek Reservoir, the master-planned
communities of Brandermill and Woodlake, and the residential developments of Deer Run and
Triple Crown. Swift Creek zoning and development approvals have been granted for a
1,086,000-sq.ft. regional mall, 70,000 sq.ft. of specialty retail, 480 multi-family units,
250,000 sq.ft. of office space, 200 hotel rooms, and a 5,000-sq.ft. family restaurant.
Erwin L. Greenberg Commercial Corporation and BET Investments will develop the project;
Greenberg will manage and lease it.
Herbert B. Mittenthal, vice chairman of the board of Erwin L. Greenberg
Commercial Corporation, states, “Swift Creek is truly a unique acquisition. With
preliminary approvals in place and active growth and development in the market area, the
timing is right for us to move forward with this exceptional development
opportunity.”
For more information, contact Herbert B. Mittenthal, vice chairman of
the board, Erwin L. Greenberg Commercial Corporation, 410-837-2500, Fax 410-837-0596;
e-mail: elgcc@elgreenberg.com; home page: www.elgreenberg.com.
New Tenants Sign at
The Streets of Woodfield
Dan McCaffery, president of CCR McCaffery Developments, has announced
that Wolf Camera, Inc. and Jamba Juice have recently signed leases at McCaffery’s
latest development project, The Streets of Woodfield.
Wolf Camera has leased 2,800 sq.ft. at the revamped center. Pleased
with The Streets of Woodfield’s new high profile, Wolf has elected to make its new
location one of its more elaborate facilities. In addition to an on-site photo lab and a
Kodak five-minute do-it-yourself Digital Enlargement Station, this Wolf facility will also
feature a complete inventory of photographic and video equipment, frames, albums and
accessories, including Wolf Photonet, which allows customers to share photos over the
Internet. The Atlanta-based company now operates more than 700 stores in 30 states.
|
Jamba Juice has leased 1,500 sq.ft. at The Streets. This specialty retailer offers a “fruit and smoothie” bar that blends fruit and vegetable flavors with vital nutrients into delicious, healthful and convenient drinks. Jamba Juice also serves a variety of soups designed to meet FDA standards. Jamba currently has more than 100 locations, mainly in California, Colorado and Arizona. The new location at The Streets of Woodfield will be the company’s first in the Chicago market. |
The Streets of Woodfield is scheduled to be
complete by the 1999 holiday season. Wolf and Jamba Juice will join Galyan’s Trading
Company, the innovative sports retailer, and Maggiano’s/Corner Bakery, two tenants
already experiencing exceptional sales at the center.
Recently opened at the center is Steven Spielberg’s GameWorks, a
movie-themed entertainment emporium complete with restaurant and bar. A Loews Cineplex
Entertainment 20-screen theater complex and Dick Clark’s AB Diner are both scheduled
to open later this year, as are two Lettuce Entertain You restaurants and Shaw’s Crab
House, the Blue Crab Lounge and Brinker International’s Big Bowl. Several other
notable retailers are currently securing leases at The Streets of Woodfield. Leasing
opportunities are still available.
The Streets of Woodfield is being developed by a strategic alliance
between McCaffery Interests, Inc. and City Center Retail Trust, a private REIT of Security
Capital Group.
For more information, contact Nancy Regan MacIntosh, vice president in
charge of leasing, CCR McCaffery Developments, 312-944-3777.
Midland Red Oak and Lehman
Brothers Close on
Recapitalization Package
Neill McClung, president of Midland Red Oak Realty, Inc., announced
that the company closed June 4 on a recapitalization package with Lehman Brothers that
provides $105 million to refinance existing debt. The new debt facility increases Midland
Red Oak’s overall interest rate by 400 basis points and allows the company to escrow
$10 million for capital improvements.
Midland Red Oak plans to use the money being set aside for capital
improvements for several projects, including La Placita Village, a 211,000-sq.ft.
historical mixed-use property in downtown Tucson, Arizona; 50 Penn Place, a 375,000-sq.ft.
office tower and special retail mall in Oklahoma City, Oklahoma; and Crossroads Mall, a
700,000-sq.ft. entertainment and value-oriented property in San Antonio, Texas.
This is the third financing arrangement between Midland Red Oak and
Lehman Brothers. In June 1998, Lehman financed the purchase of Northcross Mall in Austin,
Texas and in December the purchase of Victoria Mall in Victoria, Texas.
Midland Red Oak Realty, Inc. is a real estate investment company based
in Midland, Texas. The company’s portfolio consists of 3.5 million sq.ft. of
income-producing properties in markets across the Southwest. Red Oak’s owned
properties are managed through its wholly owned subsidiary, MRO Management, Inc. MRO
manages an additional 2.5 million sq.ft. for third-party clients. Red Oak is scheduled to
close $50 million in new acquisitions this summer and plans an additional $150-million
asset growth over the next 18 months.
For more information, contact Neill McClung, president, Midland Red
Oak, Inc., 915-687-0148.
Colliers Lanard & Axilbund
Brokers Philly Restaurant Lease
The retail division of Colliers Lanard & Axilbund, of Philadelphia,
served as the brokerage firm in leasing 706 Chestnut Street in Philadelphia. The
15,000-sq.ft. space will be the site for the newest restaurant venture embarked upon by
Stephen Starr, who plans to open L’Ange Bleu (Blue Angel).
The address, which was the site of Childs Restaurant nearly 75 years
ago and more recently the location of Stan’s King of Stanwiches, is in close
proximity to the new Disney Quest entertainment project being developed by PREIT Rubin,
the Goldenberg Group and the Parking Authority of Philadelphia.
The Philadelphia Inquirer has reported that L’Ange Bleu is
scheduled to open in September and will feature art nouveau decor with a zinc bar imported
from France. Starr also operates two other Philadelphia-area restaurants, Continental and
Buddakan, and reportedly has plans for two more in addition to L’Ange Bleu.
King Stan’s Inc. was the lessor in the transaction. Mike Barmash
brokered the deal for Colliers Lanard & Axilbund.
For more information, call Melanie DiBianca, Mike Barmash, Colliers
Lanard & Axilbund, 215-928-7523.