Shopping Centers Today -> June 2004
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SIMON BUYS FIRST PUERTO RICAN MALL

Simon Property Group acquired its first mall in Puerto Rico, buying the 1.1 million-square-foot Plaza Carolina from the California Public Employees’ Retirement System and the State of Michigan Treasury for $309 million. J.C. Penney and Sears anchor Plaza Carolina, which was built in 1978 and posts about $450 in annual sales per square foot. CalPERS and Michigan Treasury also sold Simon their stakes in Bangor (Maine) Mall and Montgomeryville (Pa.) Mall for a total of $67 million.

WESTFIELD COMBINING COMPANIES

Westfield is combining its three publicly traded companies — U.S. mall owner Westfield America Trust; Australia and New Zealand property owner Westfield Trust; and U.K. center owner Westfield Holdings — into one. The new entity is to be called Westfield Group. The group would control a total of 123 centers in those four countries. Shareholders are expected to vote on the merger next month.

APOLLO, RIDA BUY POLISH CENTERS

New York City-based Apollo Real Estate Advisors and Houston-based Rida Development bought a portfolio of 28 retail properties in Poland for $840 million (see story, page 1). The partnership acquired nine shopping centers anchored by Metro hypermarkets as well as 19 freestanding Metro stores from German property investment fund Immopol GmbH & Co KG.

Riverchase Galleria

GENERAL GROWTH BUYING SOUTHERN MALLS

General Growth Properties is buying one Southern mall and a stake in another for a total of $430.8 million, continuing a program of steady expansion. General Growth will buy the 1.2 million-square-foot Mall of Louisiana, Baton Rouge, from Jim Wilson & Associates and an undisclosed institutional investor represented by Morgan Stanley. The other deal involves the acquisition of 50 percent of the 1.5 million-square-foot Riverchase Galleria, Birmingham Ala., from Jim Wilson. At press time General Growth was expecting a May closing date.

DDR-MACQUARIE EXPAND VENTURE

Australia-based Macquarie Bank will buy an 85.5 percent stake in 12 community centers, most of them owned by partner Developers Diversified Realty Corp., expanding the joint venture they formed last year called Macquarie DDR Trust. DDR will manage the properties and retain a 14.5 percent stake in each. The centers, valued at a total $538 million, are located in the Midwest and on the East Coast. The deal, which the partners expect to close sometime during the second quarter, will bring their joint portfolio to 23 centers.

CONTINUUM’S BELMAR OPENS NEAR DENVER

The first phase of Belmar, a $750 million mixed-use project being developed by Continuum Partners, has opened in the city of Lakewood, eight miles west of Denver. It will eventually cover 22 blocks. Belmar’s first phase comprises 600,000 square feet of retail, 200,000 square feet of office space, 154 row houses and 100 apartments. Denver-based Continuum plans to complete the project over the next five to seven years. Eventually Belmar will have 1.2 million square feet of retail, 800,000 square feet of office and 1,300 homes.
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