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IN BRIEF

Siegel back in saddle at Xanadu

Colony Capital Acquisitions, a private equity firm that assumed control late last year of the mammoth Meadowlands Xanadu project in New Jersey from The Mills Corp., hired former Mills CEO Laurence C. Siegel and other former executives of the firm to oversee the project. Construction had stalled on the 2.2 million-square-foot, entertainment-retail center, which broke ground in March 2005, while Mills sought additional financing to cover costs that rose from $1.2 billion to about $2 billion, observers say. Los Angeles-based Colony agreed to take over, investing some $500 million in equity and $1 billion in debt and additional capital on top of the $800 million already invested in the site. Credit Suisse is financing the debt. Colony, New York City-based Dune Real Estate Funds and German investment fund KanAm will join the existing partnership, with Colony replacing Mills (now a limited partner) as managing general partner. Colony, Dune and KanAm will commit $500 million in equity. The partnership will also buy out Edison, N.J.-based Mack-Cali Realty’s retail interest but maintain a partnership with Mack-Cali on the office and hotel components. “I am pleased to partner with Colony Capital as together we see this venture to fruition,” said Siegel in a news release. Siegel led Mills during the early days of the development. He stepped down as CEO in October. The Chevy Chase, Md.-based REIT, which put itself up for sale last February, named COO Mark S. Odon to replace Siegel. The project was originally scheduled to open this year but is now slated for completion late next year.

Mall of America to expand

Mall of America landlord Triple Five announced plans for a 5.5 million-square-foot expansion that will include a 300,000-square-foot Bass Pro Shops store, a Kimpton Hotel, a performing arts auditorium and a branded restaurant from Mexican beer brand Corona. Most of the components are scheduled to open by next year.

Thor continues Coney push

Thor Equities purchased the gritty Astroland amusement park, near Coney Island, in Brooklyn, N.Y., from Carol Hill Albert for an undisclosed sum. Thor plans to transform the neighborhood into a Las Vegas-style gambling and entertainment mecca.

Tesco stays mum on U.S. stores

Britain’s Tesco is remaining tight-lipped about plans to open its first stores in the United States. The supermarket chain is to open 14,000-square-foot convenience stores this year in Arizona, southern California and Nevada that will be called “Fresh & Easy” — thus called because they’ll carry fresh produce and be easy to navigate. Beyond that, Tesco is saying nothing. In fact, the company is telling curious onlookers that a prototype it has built in a closely guarded warehouse is a film set.

Asda suspends new concept

Wal-Mart’s U.K. subsidiary Asda put plans on hold to expand its Asda Essentials concept following disappointing results at two of the stores. The concept was supposed to compete with Tesco’s Express and Sainsbury’s Local stores but fell short because of a narrow merchandise range and a paucity of brand names.

Hungary airport to get mall

Construction began on the Market Central Ferihegy, a 16-hectare, one-level shopping complex between terminals 1 and 2 in the Budapest Airport Ferihegy. The center, with Tesco and Paktiker anchors, is getting financing from New York City and Dallas-based real estate investors AIG/Lincoln.