Shopping Centers Today -> January 2003
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BEAR STEARNS ARM ACQUIRES MORE STORES

Continuing its foray into the retail sector, Bear Stearns Merchant Banking, an equity arm of Bear, Stearns & Co., has bought the Vitamin Shoppe chain and the Lerner New York/New York & Co. apparel retailer. Bear Stearns bought Aeropostale in 1998, turning it into a public company last year, something it might do to Vitamin Shoppe, a spokesman said.

NEW PLAN EXCEL REALTY TRUST TO BUY 58 CENTERS FROM EQUITY INVESTMENT GROUP

New Plan Excel Realty Trust has agreed to buy 58 community and neighborhood shopping centers for $437 million from Equity Investment Group, a Fort Wayne, Ind.-based private retail REIT. The properties, nearly three-fourths of which are grocery-anchored, span 36 metropolitan areas mainly in the central and eastern United States. The deal will add 7.9 million square feet of gross leasable area to the New Plan portfolio, bringing it to 49.3 million square feet. New Plan said it expects to close the deal early this year.

TRIZEC PROPERTIES TAKES SECOND WRITE-DOWN OF HOLLYWOOD & HIGHLAND AND DESERT PASSAGE

Trizec Properties in November wrote down the value of its Hollywood (Calif.) & Highland retail-entertainment property by $181.4 million, and its Desert Passage mall, attached to the Aladdin hotel in Las Vegas, by $57 million. This was the second write-down on the properties in 2002. Hollywood & Highland, which cost the company $560 million to build, is now worth $198 million, Trizec said.

PAN PACIFIC RETAIL TO PURCHASE CENTER TRUST

Pan Pacific Retail Properties plans to buy Center Trust, a Manhattan Beach, Calif., open-air shopping center and regional center owner, for about $600 million. The purchase would increase the portfolio of Vista, Calif.-based Pan Pacific, which owns 180 neighborhood centers on the West Coast, by 5.2 million square feet and raise its profile in California. Pan Pacific would be getting centers in Oregon and Washington, as well as its first properties in Arizona.

EQUITY ONE ACQUIRING IRT PROPERTY CO.

Equity One, a North Miami Beach, Fla.-based owner of 88 supermarket-anchored centers, plans to buy IRT Property Co., which owns 92 mainly grocery-anchored centers in the Southeast. The parties expect to close the deal, which values Atlanta-based IRT at $730 million (including the assumption of $297 million in debt and transaction costs), during the first quarter of this year, pending shareholder approval.

MILLS TO BUY SIX MALLS FOR $621 MILLION

Continuing a strategy shift from building all its own centers, The Mills Corp. is buying six malls for a total of $621 million, five of them from Cadillac Fairview Corp. The six are Broward Mall, Ft. Lauderdale, Fla.; Dover (Del.) Mall; Galleria at White Plains (N.Y.); The Esplanade, New Orleans, La.; Northpark Mall, Jackson, Miss.; and Riverside Square, Hackensack, N.J.

 

 

 

 

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