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Mills to start building Meadowlands Xanadu

The Mills Corp. and its partners plan to break ground on the 4.8 million-square-foot Meadowlands Xanadu retail-entertainment center on Sept. 29. The center is going up on a site called the Meadowlands Sports Complex, in Rutherford, N.J., west of New York City. The complex, reportedly to cost $1.3 billion, will contain two professional sports arenas and what Mills says is the first U.S. indoor ski resort. The company’s partners are German investment firm Kan Am (which has pledged $250 million to the project) and office developer Mack-Cali Realty Corp.

Mervyn’s buyers plan chain’s revitalization

Sun Capital Partners, one of the buyers of Target Corp.’s Mervyn’s, says it will keep the department store chain intact while turning it around. Mervyn’s hasn’t had the investment or attention it deserves, the firm says. Sun Capital, along with Cerberus Capital Management and Lubert-Adler and Klaff Partners, is buying the 257-store chain for $1.2 billion. The partnership says it will keep the chain’s staff and Hayward, Calif., headquarters.

Westfield Group makes first acquisitions

The Westfield Group will pay A$334 million ($234.8 million) for 50 percent stakes in three Australian shopping centers, marking the new entity’s first acquisitions. The seller is the Australia-based Deutsche Diversified Trust, which is managed by Deutsche Bank Australia. Westfield America Trust (of Australia), Westfield Trust (New Zealand) and Westfield Holdings (the United Kingdom) were combined as Sydney, Australia-based Westfield Group and began trading on the Australian Stock Exchange on July 5.

Regency expands in Chicago

Regency Centers boosted its presence in the Chicago area by acquiring six grocery-anchored centers from local developer Great Lakes Principals for $117 million. The deal, done in a partnership with the Oregon Public Employees Retirement Fund, gives Regency interests in a total of nine Chicago-area centers. The total number of centers it holds in partnership with the fund is 19.

General Growth buys Stonestown

General Growth properties bought the 915,000-square-foot Stonestown mall, San Francisco, for $312 million from Pacific Acquisition Corp. Barnes & Noble, Macy’s and Nordstrom anchor the center, which has sales per square foot of $475. The two-level mall, five miles southwest of downtown, was built by The Stonestown Development Corp. in 1952 and is 91.7 percent occupied.

Glimcher to shed open-air centers

Glimcher Realty Trust is selling 25 open-air and single-tenant centers to Bromont Investments and Dolgen Ventures for $103.1 million. The deal is part of Glimcher’s strategy to focus on its regional malls, which total 2.4 million square feet and are located in the South and Midwest. Of Glimcher’s remaining 42 centers, 25 are malls.

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