Shopping Centers Today -> October 2003
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REGION IN BRIEF
Westfield buys into Chicago mall
Westfield America Trust is buying a 33 percent stake in The
Shops at North Bridge, Chicago, for $105 million. The four-level,
386,000-square-foot mall, built in 2001 on North Michigan Avenue
in the city’s downtown, will be renamed Westfield Shoppingtown
North Bridge. The parties expect to close the deal by the end of
this year. Westfield is buying the stake from The John Buck Co.
and Morgan Stanley Real Estate Funds, the center’s developers.
First Chicago Wal-Mart planned
Wal-Mart plans to build its first store in Chicago. If the city
grants its approval, the retailer says it could open the 150,000-square-foot
store on the city’s west side by the spring of 2005.
Partners build lifestyle center
RED Development and The R.H. Johnson Co. are building The Shoppes
at North Village, a 595,000-square-foot lifestyle center in St.
Joseph, Mo. The $70 million project will have big-box stores, restaurants
and entertainment tenants. The developers, both based in Kansas
City, Mo., expect to complete the center in the fall of 2004. RED
is also building Village Pointe, a 356,000-square-foot lifestyle
center in Omaha, Neb.
Simon, Lauth team up on Clay Terrace
Simon Property Group and Lauth Property Group joined to build
the 570,000-square-foot, $100 million mixed-use Clay Terrace lifestyle
center in Carmel, Ind., about 17 miles north of Indianapolis. The
50-50 partners expect to complete the project, including 500,000
square feet of retail, in the fall of 2004.
Milwaukee mall to be revamped
Boulder Ventures is redeveloping the former Capitol Court Mall,
Milwaukee, a property since renamed Midtown Center. The redevelopment
will cost about $57 million. Locally based Boulder, which began
the work last fall has finished the first phase, turning the formerly
enclosed center into a Wal-Mart-anchored, 300,000-square-foot regional
center. The second phase will add 300,000 square feet. Completion
is set for the later part of next summer.
Winnetka, Ill.-area center started
Dodge Cantera has begun the 218,533-square-foot, Super Target-anchored
Cantera Commons, Warrenville, Ill., about 32 miles west of Chicago.
The Winnetka, Ill.-based developer expects most of the stores to
open by the end of the year. Mid-America Asset Management is leasing
the center.
GGP expands Wisconsin center
General Growth Properties will complete an expansion of Fox River
Mall, Appleton, Wis., next month. The project will bring the mall
to 1.2 million square feet and accommodate the addition of Aeropostale,
Chico’s, Pottery Barn and other tenants.
Tri-Land buys Chicago-area mall
Tri-Land Properties has bought the 120,000-square-foot North
Riverside (Ill.) Park Plaza, which is located about 10 miles west
of Chicago, from Simon Property Group. The Westchester, Ill.-based
company says it plans to start renovating the Dominick’s-anchored
center in the spring.
