Prominent Players
Urban Retail To Lease Laurel Mall
Urban Shopping Centers Inc.’s management company affiliate, Urban Retail Properties Co., was assigned management, leasing and marketing responsibilities for the Laurel Mall in Laurel, Maryland. The contract was awarded by Cheslock Bakker & Associates and Apollo Real Estate Investment Fund II, LP, co-owners of the property.
The project, a two-level, 660,301-sq.ft. enclosed regional mall on U.S. 1, opened in 1979 and underwent a major renovation completed in 1998.
For leasing information, contact Nancy Jones, Urban Retail Properties, 202-342-8190.
Trader Joe’s Comes to Chicago
| Mid-America Real Estate Corp. was appointed exclusive representative for Trader Joe’s in the Chicago-area market. Mid-America vice presidents Peggy McNamara and Alan Raskin will co-broker the account with Roy Roberts of Milestone Associates of Natick, Massachusetts. Milestone is the national real estate representative for Trader Joe’s East, headquartered in Needham, Massachusetts. |
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The specialty supermarket, which has been successful throughout the West, Southwest and East Coast, is now entering the Chicago market and seeking educated consumers with a touch of sophistication or sense of adventure in food. The company operates 132 stores in 11 states. Trader Joe’s hopes to roll out 15 stores in the Chicago area and is looking for premises of 8,000 sq.ft. to 13,000 sq.ft. with ample on-site parking. Plans call for continued expansion in Chicago and on the East Coast. The company will consider build-to-suits, long-term leases, ground leases, and purchase of appropriate properties.
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Mid-America Real Estate Corp. is an operating company of Mid-America Real Estate Group based in Oakbrook Terrace, Illinois and an affiliate of ChainLinks. Mid-America specializes in retail tenant representation, investment sales and development advisory services. |
For information, contact Peggy McNamara or Alan Raskin, Mid-America Real Estate Corp., Two Mid-America Plaza, Suite 330, Oakbrook Terrace, IL 60181; 630-954-7300, Fax 630-954-7304.
Roseville Selects DPRA Enviromental
The city of Roseville, Minnesota selected DPRA Environmental to handle environmental services for the Twin Lakes Redevelopment Project, located off the intersection of 35W and County Road C.
The 90-acre site, now home to a number of trucking terminals and heavy industries, is classified as an urban brownfield. The Environmental Protection Agency awarded the town a $200,000 grant to pay for assessing the site in connection with a planned new road. Over the next five to 10 years, the city plans to turn it into a business park with more than two million square feet of office, high tech and retail space in anticipation of bringing 7,000 new jobs to the area.
The first phase of the project is buying the land and building an access road. DPRA will complete environmental site assessments of the right-of-way corridor in phases I and II and, if needed, develop a Response Action Plan for approval under the state’s Voluntary Investigation and Cleanup program. The company has a two-year contract with the city.
DPRA is an environmental consulting firm providing services to private and public sector clients in brownfield redevelopment, environmental due diligence, environmental engineering, regulatory compliance, environmental liability services and environmental management and planning. The company has nine offices throughout the U.S. and Canada.
For more information, contact Kathy Bennett, City of Roseville, 2660 Civic Center Drive, Roseville, MN 55113.
Grubb & Ellis Co. to Market Lindbergh Plaza
Moro-Broadview Holding Co. brought Grubb & Ellis Co. on board to market its 40-year-old Lindbergh Plaza Shopping Center in Atlanta. The owners are looking for a joint venture partner to redevelop the 426,000-sq.ft. shopping center into a mixed-use project or to sell it outright. Investment bankers estimate the property value at $35 million.
John Sexton, president of Moro Management Inc., advisor to the owners, says, “The time has really come to look at alternative uses of Lindbergh Plaza.”
Grubb & Ellis will be contacting 300 potential partners and buyers this month, says broker Phil Barry. Redevelopment work will not begin until after a Kmart lease at the center expires on June 30, 2003.
The 27-acre plaza is zoned for up to five million square feet of commercial development. Adding residences to the site, however, would reduce space available for commercial development. The plaza is located across the street from another 47-acre mixed-use project being developed by Carter & Associates around the Lindbergh Center MARTA station. The MARTA project will become home to a BellSouth Corp. business center in 2001. The telecommunications company is taking two million square feet in the five million-sq.ft. development, which will also include residences and retail.
John Gowin, a senior vice president with Grubb & Ellis, says the plaza’s closeness to the MARTA project makes it “in probability, the most significant new or unannounced redevelopment in Atlanta.”
The plaza is now 92 percent occupied, and its 58 tenants include Office Depot, Bennie’s Shoes, MacFrugal’s, McDonalds, Popeyes Chicken & Biscuits and QuikTrip.
For information, contact Phil Barry, Grubb & Ellis Co., 400 North Bridge Road, Suite 1200, Atlanta, GA 30350-3356; 770-552-2413.
Schultz Will Lease Ballpark Retail Space
The Schultz Organization of Woodbridge, New Jersey has been appointed exclusive leasing agent for 10,360 sq.ft. of retail space at the Somerset Ballpark in Bridgewater, New Jersey, says company principal Harvey Schultz. The new stadium seats 6,360 and is home to the Somerset Patriots, a member of professional baseball’s Atlantic League.
The park is located just off I-287 and is next to the Bridgewater Promenade, a 414,000-sq.ft. retail power center with tenants including Target, Costco, Home Depot, Bed, Bath & Beyond and Old Navy. Within five miles of the park are more than 300 corporate office and industrial properties including AT&T, Lucent, Merrill Lynch, MetLife, Chubb and Pharmacia-Upjohn.
The site is being marketed as a possible restaurant location and is visible from the stadium, I-287 and the Promenade. The two-story, 10,360-sq.ft. space includes a 2,115-sq.ft. deck with a terrace overlooking left field and reserved and valet parking and a liquor license. The restaurant would be able to operate 365 days a year, independent of the baseball stadium schedule.
The Schultz Organization is a regional real estate corporation with services including leasing, investment sales, management, development and consulting for tenants, owners, investors and institutions.
For information, contact Harvey Schultz, principal, The Schultz Organization, 732-855-000
Pankhurst Properties Markets Southfield
Pankhurst Properties Inc., a commercial real estate firm based in Southfield, Michigan, will handle marketing and leasing for the Southfield Town Center. Pankhurst was chosen by Blackstone Real Estate Advisors, a division of the Blackstone Group, a privately held merchant bank based in New York City. Blackstone Property Management will manage the center.
Pankhurst recently named Clarence M. Gleeson, a former vice president with Grubb & Ellis of Michigan, as a partner. Gleeson and company founder William Pankhurst will jointly handle day-to-day marketing and leasing responsibilities connected with the center’s four signature towers.
The center, which Blackstone acquired in September, is a 2.1-million-sq.ft. mixed-use development including Class A office, retail and medical space. It also features a luxury hotel and a 33-story, 216-unit residential tower.
For information, contact William Pankhurst or Clarence Gleeson, Pankhurst Properties Inc., 248-350-2222.
Lacoste Picks Greenberg Group
Lacoste appointed The Greenberg Group Inc. as its exclusive real estate advisor.
Joseph T. Hopkins, executive vice president of The Greenberg Group, says his company will work with Lacoste to set up a strategic plan for retail operations. The company plans to open from six to 10 units this year, says Hopkins, and is looking for locations in major malls and on prime retail streets.
Lacoste stores feature the company’s private-label apparel for men, women and children.
For information, contact Joseph T. Hopkins, The Greenberg Group, 516-295-0406, extension 207.
Katz to Rep Galyan’s
Katz & Associates Corporation, of Pearl River, New York, will serve as the exclusive national real estate agent for Galyan’s. The Plainfield, Indiana-based sporting goods retailer currently has 18 stores operating in Georgia, Indiana, Kansas, Maryland, Minnesota, Ohio and Virginia. Galyan’s uses 80,000 sq.ft. to 100,000 sq.ft. in freestanding facilities and specialty and power centers. Current plans call for nine new stores in the next 18 months.
For information, contact Katz & Associates Corporation, One Blue Hill Plaza, Suite 1440, PO Box 1645, Pearl River, NY 10965; 800-835-0939, Fax 914-735-6680.
Architects Selected to Design On Broadway
Architects Field Paoli of San Francisco and Fehlman LaBarre of San Diego were chosen by city officials in Redwood City, California to design On Broadway, a new retail entertainment area in Redwood City’s downtown. The project will be built next to a new parking facility.
The 80,000-sq.ft. project, taking up a full city block, will include a theater, restaurants and retail stores. Century Theatres, based in San Rafael, California, is the first major tenant to commit to the site, with plans for a 20-screen theater.
Site work is scheduled to commence by the end of 2000 after an environmental review, says project spokeswoman Peggy Hamilton.
For information, contact Rob Anderson, Field Paoli, 445-788-6606.