Done Deals
Pacific Theatres Expands to Hawaii
Pacific Theatres’ Consolidated Amusement Co., Ltd. leased
85,000 sq.ft. at a Victoria Ward Centers entertainment/retail development in Kakaako,
Hawaii. The theater company plans to build a 16-screen megaplex. Construction will begin
in June 2000 with an opening before Memorial Day 2001. The megaplex will seat 4,000 and
feature wall-to-wall screens, 360-degree digital sound and stadium-style seating. The two
story project will have parking and approximately 20,000 sq.ft. of shops and restaurants
on the first level with the theater and auditoriums on the second level.
Simon Property Group is partnering with Victoria Ward, Limited to develop a larger retail
complex on the property, which is owned by Ward. The Pacific/Consolidated theater is
viewed as the initial anchor for an entertainment/retail destination, which still needs
state, county and municipal approval.
For information, contact Victoria O’Brian, Victoria Ward, Limited, 808-591-8411
ext.216.
Robert K. Futterman Reps NYC Spaces
Robert K. Futterman & Associates (RKF), retained by The Related
Companies, is offering for lease a two-level 17,727-sq.ft. store at the base of a new
27-story, 250-unit luxury residential building under construction in New York City. The
property is situated on the southeast corner of 39th at Second Avenue and will be ready
for occupancy in the fourth quarter of 2000. The two-level space offers 5,359 sq.ft. on
the ground and 12,368 sq.ft. on the lower level. The asking rent for the property is $50
per sq.ft.
Also, Union Square at 12 East 14th Street in New York, formerly occupied by Woolworths, is
on the market for lease through RKF. The 40,000-sq.ft. space consists of two levels
connected by an interior escalator with 75 feet of frontage on both 14th and 13th Streets.
The 13th Street side can accommodate a store as well as serve as a portal for deliveries.
The space offers 16,000 sq.ft. on the ground level, 17,000 sq.ft. on the lower level and a
mezzanine of 5,500 sq.ft., plus a small office area of 1,400 sq.ft. RKF is acting on
behalf of the landlord, Aaron Kozak & Partners. The space is priced at an asking rent
of $1.7 million per annum which equates to approximately $42.50 per sq.ft.
Urban Outfitters, the trendy men’s and women’s wear retailer, leased space at
510 Sixth Avenue on the southeast corner of 14th Street in New York. RKF brokered the
26,500-sq.ft. deal. The site encompasses three floors with 8,000 sq.ft. on the ground
floor, 16,500 sq.ft. of selling space on the cellar level, plus 2,000 sq.ft. of sub-cellar
office space. The landlord retained RKF to lease most of the building’s remaining
space. The McDevitt Company and New Spectrum represented Urban Outfitters in the
transaction.
For information, contact Howard Gilbert, senior managing director, RKF, 212-599-3700.
Trammel Crow Closes Tulsa Transactions
Trammell Crow Company in Tulsa, Oklahoma completed a lease for the
national retailer Chico’s FAS, a specialty retailer of private label casual clothing
and accessories for women. Chicos FAS will occupy 3,677 sq.ft. at 21st Street and Yorktown
in Tulsa, adjacent to Utica Square Shopping Center. Negotiations were handled by Pamela
Higgins, retail leasing specialist for Trammell Crow Company in Tulsa.
Also, the Tulsa office of Trammel Crow finalized the $13.85-million sale of the
222,654-sq.ft. Eton Square shopping center at 61st Street and Memorial Drive in Tulsa. The
seller was Esquare, LLC. The buyer was Transcontinental Realty Investors, Inc., a
subsidiary of Dallas-based real estate investment trust Transcontinental Realty.
Transcontinental’s property management group, Carmel Property Management, will assume
management and leasing operations for Eton Square. The center is 90 percent leased with
tenants including Hollywood Theaters, Atlantic Sea Grill, Uno Pizzeria and Jason’s
Deli.
For information, contact Pamela Higgins, Trammell Crow Company, 918-588-9600.
W.P. Carey REIT Acquires Virginia Theater
W.P. Carey & Co., Inc., closed on the acquisition of a planned
20-screen stadium seating theater located in Richmond, Virginia on behalf of Corporate
Property Associates 14, a private real estate investment trust and member of the
$3-billion W.P. Carey Group. The theater, anticipated to be completed by mid 2000, will be
located in Richmond’s Commonwealth Centre retail complex and will be leased to
Consolidated Theatres Holdings under a 20-year bond-type net lease. The purchase price of
the 88,000-sq.ft. facility was approximately $14.7 million. Wachovia Bank is providing a
construction/first mortgage loan in the amount of $9.4 million.
Consolidated is currently building more than 100 screens throughout six markets, and its
five-year plan involves expansion to more than 500 screens with over 200 in operation by
year-end 2000. The sale/lease-back financing arranged by W.P. Carey will be instrumental
in allowing Consolidated to pursue and capitalize on an aggressive strategy involving
solely megaplex, stadium-seating theater construction in the Southern U.S.
For information, contact W.P. Carey & Co., Inc., 800-972-2739.
Eagle Inn to Build in Huntley Village Green
The Prime Group, Inc. announced the sale of land to a partnership between Don and Scott Brinckman, Brian Jason and John and Sonia Lucks for the development of The Eagle Inn Ltd., a 7,000-sq.ft. upscale restaurant and antique shop to be located in the Huntley Village Green shopping center. The property is located within The Prime Group’s 2,850-acre master-planned community in Huntley, Illinois. The Victorian-era building will include a 180-seat restaurant and lounge area as well as an antique and home decorating accessories shop. Charles Burnidge, principal of the Elgin-based architectural firm of Burnidge Cassell Associates, designed the building. A spring 2000 completion date is scheduled. Huntley will eventually include a 1,997-acre Sun City active-adult community, a 185-acre destination golf center, 345 acres of commercial\retail use, a 400-acre corporate office park, an 83-acre business park and 22 acres for municipal functions.
For information, contact John Lucks, Eagle Inn Corporation, 847-971-5647.
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