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Shopping Centers Today -> October 2001
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MILLS TEAMS WITH ESPN TO LAUNCH X GAMES SKATEPARKS
The Mills Corp., Arlington, Va., and ESPN, Bristol, Conn., have entered into a licensing agreement under which Mills will develop public skateparks branded with ESPN’s X Games moniker. The first X Games Skatepark will open in early November at Discover Mills, Atlanta. Three other parks in development include Arundel (Md.) Mills; Franklin Mills, Philadelphia; and Grapevine Mills, Dallas. Mills also identified Arizona Mills, Phoenix; Sawgrass Mills, Sunrise, Fla.; Missouri Mills, St. Louis; and the proposed Meadowlands Mills, Secaucus, N.J., as other prospective locations. The parks will feature facilities for skateboarding, bike riding and in-line skating. Riders will pay session usage fees to use the courses. The parks will be between 40,000 square feet and 50,000 square feet.BEST BUY AGREES TO ACQUIRE CANADA’S FUTURE SHOP
Best Buy, Minneapolis, has agreed to buy Future Shop, Burnaby, British Columbia, the largest consumer electronics retailer in Canada, in a deal valued at $377 million. Best Buy gains control of Future Shop’s 88 stores, giving it an instant presence in Canada’s retail market. The transaction is a cash deal, with Best Buy paying $11.05 for each Future Shop share. Future Shop will operate as a separate Canadian subsidiary of Best Buy.ARMY CORPS PROPOSES CHANGES TO WETLANDS PERMITTING PROCESS
The Army Corps of Engineers in August published proposed new wetland regulations that would relax the permitting process for developers. However, the changes do not ease the process enough, said William Hoffman, ICSC’s manager of environmental issues.The U.S. Army Corps of Engineers wetlands permits are necessary for any development on sites containing bodies of water larger than 0.5 acres. Among the permits that would be revised is Nationwide Permit 39, which has been in effect since June 2000 and is used by shopping center developers. Environmental groups and the Environmental Protection Agency say the proposal is too lenient while ICSC and other real estate groups say the rules do not go far enough.
The Corps proposal was subject to a written comment period that expired Sept. 24. The Corps will submit its finalized proposal next month, with the new rules going into effect in March 2002.AOL/TIME WARNER CENTER GETS $1.3B LOAN FROM GMAC
The AOL Time Warner Center, the 2.1 million-square-foot mixed-used project planned for New York City’s Columbus Circle, will be partially financed by a $1.3 billion construction loan from Horsham, Pa.-based GMAC Commercial Mortgage Corp. — the largest construction loan ever for a private development. The total project is expected to cost $1.7 billion. The project, set to open in 2003, is being developed by Columbus Center LLC, a partnership made up of The Palladium Co., Apollo Real Estate Advisors and The Related Cos., all of New York City. The complex will include a specialty retail and restaurant complex called The Palladium at AOL Time Warner Center, new office facilities for AOL Time Warner, a musical venue, a five-star Mandarin Oriental Hotel and 191 luxury condominiums.KIMCO INCOME REIT BUYS FIVE CENTERS IN $98.2 MILLION DEAL
Kimco Realty Corp. subsidiary Kimco Income REIT (KIR) has acquired five shopping centers for $98.2 million. New Hyde Park, N.Y.-based Kimco bought four properties from Rodamco North America subsidiary Urban Shopping Centers, Chicago, including Plaza at Brandon (Fla.) Town Center; Plaza at Citrus, Tampa, Fla.; Wolfchase Galleria, Memphis, Tenn.; and New York Square, Aurora, Ill. The fifth property, The Centrum at Crossroads, Cary, N.C., was purchased from an individual owner.GENERAL GROWTH BUYS TUCSON MALL
General Growth Properties, Chicago, has purchased the 1.3 million-square-foot Tucson (Ariz.) Mall from Forest City Enterprises, Cleveland. The $180 million deal represents a cap rate of 8.3% based on a projected net operating income of $15 million for 2002. Forest City built the mall in 1982 and expanded it in 1991. Macy’s, Robinson-May, Dillard’s, Mervyn’s, J.C. Penney and Sears anchor the center, which is 92% leased. The property produces annual sales of $411 per square foot. GGP also owns the other regional mall in Tucson, Park Place, which also is 1.3 million square feet.
Shopping Centers Today
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