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Done Deals
General Growth Acquires Crossroads Center
General Growth Properties acquired Crossroads Center, a 765,000-sq.ft. enclosed mall in
St. Cloud, Minnesota, from First Union Real Estate Equity and Mortgage. The aggregate
consideration was approximately $80.3 million, consisting of cash and debt elimination of
$33.7 million and the assumption of $46.6 million of existing fixed-rate mortgage debt.
General Growth had previously loaned the seller approximately $30 million and had received
an option to buy the property.
Crossroads Center opened in 1966, was extensively remodeled in 1996, and is presently 93
percent occupied. Anchors include Dayton’s, Sears, JCPenney and Target. Sales of $362
psf were reported last year and the property is expected to produce approximately $8.7
million in net operating income during the next 12 months.
John Bucksbaum, CEO of General Growth, says, “By adding Crossroads to our existing
dominant Minnesota malls in Mankato (River Hills) and Rochester (Apache), and our ongoing
redevelopment of Knollwood Mall and Eden Prairie Center in Minneapolis, we can offer
retailers a strong group of centers in the same geographic area.” General Growth
currently has ownership interests in or management responsibilities for 135 shopping malls
in 37 states.
For more information, contact John Bucksbaum, CEO, General Growth, 313-960-5005; Web site:
www.generalgrowth.com.
Whole Foods Anchors Edgewater Town Centre
Whole Foods Market opened a new location to anchor the Edgewater Town Centre in Edgewater,
New Jersey. The 50,000-sq.ft. store offers a marketplace of all natural foods, a 125-seat
cafe-style dining area and specialized beauty, nutrition, household and pet supplies.
Whole Foods is the first opening at the mixed-use project, which was formerly a warehouse
for the United States Postal Service. G. Heller Enterprises is developing the eight-acre
site into a waterfront town center with retail and residential components enhanced by
parking and landscaped pedestrian areas.
For more information, contact Todd Heller, G. Heller Enterprises, Inc., 201-945-9555.
Lata GmbH to Open Second NYC Boutique
Garrick-Aug Associates Store Leasing, Inc. arranged a lease for Swiss luxury shoe retailer
Lata GmbH to open a second boutique in New York’s Soho section. The new store is
located at 430 West Broadway between Prince and Spring Streets.
Under the terms of the 10-year lease, the 1,800-sq.ft. location will operate under the
name Kerquelen and will complement Lata’s nearby 6,000-sq.ft. flagship store,
corporate headquarters and showroom at 44 Greene Street. Both locations are expected to
open this summer. Lata operates 60 stores in Europe, primarily in Italy and Switzerland,
under the tradename Ckyra, Ltd. Garrick-Aug is the exclusive U.S. representative for the
retailer.
Garrick-Aug also arranged for Jivamukti Yoga Center to open a second location at 853
Lexington Avenue in New York. Under terms of the 10-year lease, the center will occupy
1,500 sq.ft. near the Barbizon Hotel and Bloomingdale’s. The center offers classes,
concerts, therapy and merchandise. Jivamukti Yoga Center currently operates a facility in
Manhattan’s East Village. Garrick-Aug represented both tenant and landlord in the
transaction.
For more information about Lata GmbH, contact Faith Hope Consolo or Roberta Baldizzone;
for information about Jivamukti Yoga Center, contact Faith Hope Consolo or Ferne
Glanzrock; Garrick-Aug Associates Store Leasing, Inc., 212-557-9090, Fax 212-983-7192.
New Tenants Sign at Galleria at Roseville
Crate & Barrel, Pottery Barn, Restoration Hardware and Williams-Sonoma will join the
tenant line-up at Galleria at Roseville in Placer County, California. Urban Shopping
Centers, Inc. is developing the 1.1 million sq.ft. regional shopping center, which is
scheduled to open August 25, 2000. Anchors will be Nordstrom, Macy’s, JCPenney and
Sears. Other home furnishing tenants will include Bombay, Select Comfort and Thomas
Kinkade Gallery.
For more information, contact Tom Omundson, Urban Shopping Centers, Inc., 312-440-4800,
Fax 312-915-2001.
Cafaro Signs Pacific Sunwear, Aeropostale
The Cafaro Company signed leases for a 3,960-sq.ft. Pacific Sunwear at Millcreek Mall in
Erie, Pennsylvania and a 3,325-sq.ft. Aeropostale at Meadowbrook Mall in Bridgeport, West
Virginia.
For more information, contact The Cafaro Company, 330-747-2661, Fax 330-743-2902.
Stockton Golfland Awaits Decision
Stockton Golfland, a minigolf and family entertainment center located at 7850 N. West Lane
in Stockton, California, may be shutting its doors due to falling profits caused by
declining attendance rates.
The center’s owner, Golfland Entertainment Centers, has reportedly been in
negotiations with out-of-town developers including Lance-Kashian of Fresno, California.
The developers are said to be interested in converting the property to a big-box retail
center to accompany nearby commercial development that has included openings for Costco,
Wal*Mart and Home Depot. The sale would be dependent on city approval of improvements
including vehicle access to the property and curbed sidewalks surrounding it.
If the sale does not go through, Golfland may try to continue to operate the property. An
attempt would be made to negotiate lower property taxes, which have cut into the declining
center’s bottom line. Lower attendance at the center has been blamed on students
attending school year-round in the area, which has curtailed traditional summer family
outings, and the Stockton Unified School District’s requirement for school board
approval for field trips involving water activities, which has resulted in a decline in
school field trips.
Golfland Entertainment Centers operates 10 entertainment centers in California and
Arizona. Its locations have had mixed returns, with some centers closing because of
competition or changes in surrounding areas and others growing in popularity. The Stockton
location is valued at approximately $3.5 million and features miniature golf, bumper cars,
a waterslide and an arcade.
For more information, contact Robert Kenney, Golfland Entertainment Centers, 408-739-1971;
Web site: www.golfland-sunsplash.com.
Angelo and Maxie’s Steakhouse to Open in VA
Chicago-based Chart House Enterprises, Inc. plans to open a Angelo and Maxie’s
Steakhouse at the Reston Town Center in Reston, Virgina. The company signed a lease for
8,000 sq.ft., including a 1,000-sq.ft. patio, at the center, which is owned by Equity
Office Properties. Located in Western Fairfax County, less than 30 minutes from downtown
Washington, Reston Town Center includes 40 national and local shops, a 13-screen cinema,
an ice-skating pavilion and a Hyatt hotel.
Chart House is expanding the Angelo and Maxie’s Steakhouse concept. Other openings in
2000 include a second Manhattan restaurant and new locations in Atlanta, Phoenix, West
Palm Beach and Washington, D.C.
For more information, contact Anthony Amunategui, Chart House Enterprises, Inc., 312-266-
1100, Fax 312-481-2579; Web site: www.chart-house.com.
Nicole Miller Plans Retail Expansion
Nicole Miller plans to open five Nicole Miller Boutiques by the end of the year. A new
location opened at Pacific Place in Seattle, Washington in early June. August openings are
scheduled at The Mall at Short Hills in Short Hills, New Jersey and Northbrook Court in
Northbrook, Illinois. Florida locations at City Place in West Palm Beach and The Boca Town
Center in Boca Raton are scheduled to open in October and November, respectively. The new
stores will average 1,500 sq.ft.
In addition to retail expansion, the company is also expanding its product line. Known for
its upscale women’s fashions, Nicole Miller will launch a menswear collection in
Miami and Los Angeles during fall 2000. A bridal salon is also planned for
Manhattan’s West Side.
For more information, contact Sara Lynch, Nicole Miller, 212-719-9200.
Nordstrom Plans Expansion in Major Markets
Seattle-based Nordstrom signed letters of intent with the Rouse Company to
build a two-level store of 140,000 sq.ft. to 170,000 sq.ft. at the Mall at St. Matthews in
Louisville, Kentucky and a three-level store of approximately 200,000 sq.ft. at Fashion
Show Mall in Las Vegas, Nevada. The Kentucky store is tentatively scheduled for a fall
2002 opening and the Nevada store is expected in open in fall 2002 or spring 2003. The
stores will be the retailer’s first locations in the two states.
Nordstrom also reached an agreement with Urban Shopping Centers, Inc. to build a store at
the Houston Galleria as part of the mall’s 700,000-sq.ft. expansion. The
225,000-sq.ft. store, Nordstrom’s first Houston location, is expected to open in
spring 2003.
The retailer’s national expansion plans over the next few years will focus primarily
on the the top 50 United States metropolitan markets. New locations will open this year in
Frisco, Texas; Chicago, Illinois; and Boca Raton, Florida. Future store openings are
planned during 2001 in Hurst, Texas; during 2002 in Charlotte and Durham, North Carolina,
St. Louis, Missouri, Coral Gables, Florida and Dallas, Texas; and during 2003 in
Cincinnati.
For more information, contact Dave Mackie, vice president of real estate, Nordstrom Inc.,
206-373-3036.
Winick Leases Space for New NYC Restaurant
Winick Realty Group leased the famous Trois Jean restaurant at 154 East 79th Street in New
York City to the owners of the Screening Room, Manhattan’s well-known
restaurant/movie theater combination located at 54 Varick Street. The owners of the
Screening Room plan to open a new restaurant called The Dining Room at the newly leased
79th Street location.
East 79th Street is a restaurant hot spot with neighboring eateries including Butterfield
81, La Refuge, Elio’s, Zocalo, Due and Quatorze Bis within a few blocks. The Dining
Room is scheduled to open in July 2000.
The lease transaction was completed by Winick Realty Group restaurant specialists Leslie
Siben and Ray Tekosky. In the past several months, Winick completed lease transactions for
several other restaurant clients, including Borocco Wine Bar, La Nonna and
“Roc.”
For more information, contact Leslie Siben or Ray Tekosky, Winick Realty Group,
212-792-2600.
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