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Shopping Centers Today -> December 2001
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FOREST CITY BUYS GALLERIA AT SOUTH BAY
Forest City Enterprises has purchased a 50 percent stake in the
955,000-square-foot Galleria at South Bay, Redondo Beach, Calif.,
for $116 million. The mall is currently 96 percent leased and is
producing sales of $400 per square foot. The center’s anchors
include Nordstrom, Robinsons-May and Mervyn’s. Cleveland-based
Forest City developed the Galleria at South Bay in 1985, but in
1992 sold a 50 percent stake in the property to the California Public
Employees’ Retirement System.
BROOKFIELD PROPERTIES EXITS RETAIL ARENA
Brookfield Properties Corp., a New York City-based office REIT,
has sold the 1.2 million-square-foot Bramalea City Centre, Toronto,
to unidentified institutional investors for $130 million. Coupled
with the company’s recent sale of the Seven Oaks Mall and West
Oaks Mall in Vancouver, the transaction ends Brookfield’s foray
into retail real estate. The move also further consolidates Canada’s
mall sector, where most owners are pension funds.
PAN PACIFIC RETAIL BUYS FOUR CENTERS FOR $39M
Pan Pacific Retail Properties, San Diego, has bought four strip
centers in Oregon, Washington and California with a combined area
of 423,800 square feet in separate transactions, paying a total
$39.3 million. The properties acquired are the 181,900-square-foot
Brookhurst Center, Anaheim, Calif.; the 115,800-square-foot Canby
(Ore.) Square; the 69,790-square-foot Garrison Square, Vancouver,
Wash.; and the 63,607-square-foot Powell Villa, Portland, Ore.
DEAL OF THE MONTHKimco Realty Corp. and RioCan, which announced a joint venture in August to pursue acquisition and development opportunities in Canada, have closed on the partnership’s first purchase. In October the companies bought four shopping centers in British Columbia, comprising a total of nearly 1 million square feet, for $108 million in cash and the assumption of $70 million in mortgage debt. David Henry, Chief Investment Officer for New Hyde Park, N.Y.-based Kimco, the driving force behind the company’s Canadian efforts, said the firm is also exploring entering Mexico. |
PACIFIC COAST PURCHASES TORRANCE CROSSROADS
Pacific Coast Capital Partners, San Francisco, bought the 500,000-square-foot
Torrance (Calif.) Crossroads for $108 million from Overton Moore
Properties and AEW Capital Management. The power center, which opened
in 1992, is anchored by The Home Depot and Sam’s Club.
The Retail REIT Index was designed by Salomon Smith Barney for Shopping Centers Today. The index is based on total returns (including dividends) starting at a base of 100 on December 31, 1995. For the period ending Oct. 30, the regional mall index is at 196.12, up 4.3%; the strip center index (including power, neighborhood and community centers) is at 200.10, up 1.4%; and the factory outlet index is at 128.82, down 1.1%. The index is updated monthly. |
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