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DEVELOPERS DIVERSIFIED TO BUY JDN

Developers Diversified Realty, an owner, manager and developer of neighborhood centers, is merging with JDN Realty Corp., a manager of value-based centers. The combined entity, which will be under the Developers Diversified name, will have 442 centers (Developers Diversified’s 361 centers and JDN’s 81), totaling 76.7 million square feet. On top of the existing properties, Developers Diversified will also assume control of 27 properties that JDN has under development.

EDENS, SAMUELS TO CLOSE ON 36-CENTER KONOVER ACQUISITION

Edens & Avant and Samuels & Associates expect to close on a 36-center purchase from Farmington, Conn.-based Konover & Associates in January. Konover put its portfolio of shopping centers, which are located in the Northeast, up for sale in May 2001 under a plan to shift its focus to the development of new shopping centers, offices, schools and prisons. Edens & Avant now lists 54 centers on its Web site, including those that are part of the Edens-Samuels acquisition. The deal leaves Columbia, S.C.-based Edens & Avant with eight of the Konover properties, while the two companies together will own 28, of which 11 will be either redeveloped or liquidated. Samuels will lease and manage 17 of the jointly owned centers.

LOWE’S OUTLINES EXPANSION PLANS

Home improvement retailer Lowe’s plans to open 60 stores in the New York City area in the next few years (currently it has eight stores there), putting it head-to-head with rival The Home Depot, which has 65 New York City locations. Lowe’s also plans to open 130 stores nationwide in fiscal year 2003 and 140 in 2004. The chain, which opened two of the New York-area stores in September, did not say how long the rollout would take. One analyst said Lowe’s could go into former Kmart locations.

WAL-MART KEEPS ON GROWING

Wal-Mart Stores will build as many as 335 U.S. stores and more than 100 stores overseas next year, gaining a total of 48 million square feet of retail space. Wal-Mart’s U.S. growth plans include about 200 new Supercenters, 45 to 55 additional discount stores and a further 20 to 25 Neighborhood Market grocery stores. Wal-Mart also plans to expand the number of its Sam’s Club discount stores here by 40 to 45 units. Meanwhile, Wal-Mart International will expand by about 130 stores in existing markets.

WESTFIELD SAYS IT’S COVERED, DESPITE WTC INSURANCE RULING

Westfield America Trust said its insurance policies will adequately cover losses resulting from last year’s destruction of the World Trade Center, despite a September U.S. District Court ruling in New York City defining the attack as one event, not two. Westfield, which held the lease for the 400,000-square-foot mall in the twin towers, and WTC leaseholder Larry Silverstein had argued that because the attack involved two hijacked planes, it constituting two events and entitled them to $7 billion — twice the $3.5 billion maximum per event stipulated in the terrorism insurance policy. “The Trust remains confident that the property insurance policies are adequate to protect its investment and to reimburse it for expected business interruption losses due to the terrorist attacks,” Westfield said in a written response to the ruling.