Transactions
ORIX Purchases Interest in Marq*E
ORIX Real Estate Equities, Inc. acquired a 50 percent interest in Marq*E Houston, a
365,000-sq.ft. entertainment center located in Houston, Texas. Partners in the venture
include PLC Commercial and Edwards Circuit Affiliated Group, both of Newport Beach,
California.
Scheduled for a Christmas 1999 opening, Marq*E will include 240,000 sq.ft. of retail
entertainment and restaurant space and a 23-screen Edwards cinema with an IMAX theater,
state-of-the-art sound, and stadium seating. Other tenants already signed include
Jillian’s, Surfer’s Paradise, Cafe Adobe, and Just Sports. The development is
located at Interstate 10 and the 610 Loop Freeway, adjacent to the affluent River Oaks and
Memorial neighborhoods and the Galeria Mall commercial district.
Michael McCullough, ORIX executive vice president, says, “Marq*E meets our investment
criteria and is a solid addition to our rapidly growing development activities.” In
recent years, ORIX has developed nine theater facilities across the country, in addition
to many other retail, office, industrial and hotel projects. The company is a wholly owned
subsidiary of ORIX Corporation, a $45-billion international financial services company.
ORIX Real Estate Equities, Inc. oversees all real estate development, acquisition and
management of ORIX’s real estate assets in the United States and Canada and currently
has more than 700 million of office, industrial, retail, hotel and theater projects under
development in 11 U.S. states and one Canadian province.
For information, contact Jim Anderson, project manager, ORIX Real Estate Equities, Inc.,
312-669-6400.
CBRE Brokers Restaurant Deals
The Schaumburg, Illinois office of CB Richard Ellis represented two restaurant companies
in the acquisition of land for two new eateries in the Chicago area.
 |
RAM International Ltd., based in Lakewood, Washington and operator of the Humperdink’s Restaurant and Big Horn Brewery chain, acquired a 2.8-acre site on McConnor Parkway, one block north of Woodfield Mall in Schaumburg. The company plans a 12,000-sq.ft. restaurant and brew pub, scheduled to open in late 1999. It will be the first Chicago location for Humperdink’s, which currently has 27 locations throughout the United States. |
Weber-Stephen Products Company, headquartered in Palatine,
Illinois, purchased a 2.2-acre outlot parcel at Fountain Square, a 51-acre mixed-use
development that will include a Galyan’s Trading Company, AmeriSuites hotel, luxury
condominiums and additional restaurants and retail. The company has broken ground on the
site for a second Chicago-area Weber Grill Restaurant, with an expected opening in early
December 1999. The 12,000-sq.ft. facility will be nearly double the size of the existing
Weber Grill restaurant located in Wheeling.
Wendell Hollan, Carole Borg, and John Schoditsch arranged the RAM International
acquisition. Borg and Hollan were responsible for the Weber deal. CB Richard Ellis is the
exclusive agent for Weber Grill.
For more information, contact the Schaumburg office of CB Richard Ellis, 847-517-1850; RAM
International, Ltd., 630-860-3636.
Pirates Cove Buys Williamsburg Site
Gerald S. Divaris, president of Divaris Real Estate, Inc., announces the sale of 1.79
acres of land located in the Kingsgate Greene Shopping Center in Williamsburg, Virginia.
Kmart Corporation sold the property to Pirates Cove Adventure Golf; purchase price was
$450,000. Rob Hicks of Divaris’ Virginia Beach office, along with CB Richard Ellis,
represented Kmart Corporation. The buyer was represented by McCardle Real Estate.
Pirates Cove Adventure Golf will develop the site into an 18-hole family-oriented
miniature golf course with a pirate theme. Founded in 1983 in Traverse City, Michigan,
Pirates Cove Adventure Golf operates 22 locations nationwide, including one in Disney
World in Orlando, Florida.
For more information, contact, Gerald S. Divaris, president, Divaris Real Estate,
757-497-2113.
Loews Plans Virginia Multiplex
The Springfield Mall of Springfield, Virginia has entered an agreement with Loews Cineplex
Entertainment to house a 100,000-sq.ft., 20-screen multiplex with stadium seating.
Scheduled to be completed by winter 2000, the theater will join more than 240 merchants,
including Macy’s, JCPenney, and Ward’s.
The Springfield Mall is located at the intersection of the Capital Beltway (I-495), I-95
and I-395. The mall is owned by Franconia Two, LP and is managed and leased by Reese and
Company, Inc., of White Plains, New York.
For more information, contact Janice Yun, director of leasing, Springfield Mall,
703-971-3600.
D & B Commits to The Waterfront
| Dave & Buster’s, Inc. committed to The Waterfront, a $300-million mixed-use development currently underway near Pittsburgh on the former site of the U.S. Steel Homestead Works. The retail entertainment project, located along the Monongahela River in Allegheny County, is being developed by Continental Real Estate Companies and Nationwide Realty Services, Ltd., both of Columbus, Ohio.Frank Kass, chairman of Continental, says, “We are thrilled to add Dave & Buster’s to the tenant mix at The Waterfront. This concept has been extremely successful in similar markets, quickly becoming a regional draw for close to one million customers annually. The combination of trendy food and grand-scale entertainment ranging from simulated alpine racing to traditional video games has elevated Dave & Buster’s to category killer status .” Dave & Buster’s currently operates 17 locations across the United States. |  |
Other Waterfront tenants will include a Loews 22-screen
theatre, Lowe’s Home Improvement, Giant Eagle, and Target.
For leasing information, contact Continental Real Estate Companies, 614-221-1800.
Silicon Revs Up National Rollout
Silicon Entertainment, Inc., of Campbell, California, a NASCAR-licensed racing simulation
and entertainment company, signed leases to open NASCAR Silicon Motor SpeedwayTM
interactive racing centers in three major shopping and entertainment shopping malls in
North Carolina, Texas and Tennessee.
| According to Silicon Entertainment Chairman and CEO David Morse, Silicon Entertainment will open locations in September at Concord Mills near Charlotte, North Carolina and in October at Katy Mills near Houston, Texas. Both malls are owned by the Mills Corporation. Another new location is planned at Peabody Place Retail and Entertainment Center, which Belz Enterprises is developing in Memphis, Tennessee. |  |
Expansion plans call for up to eight more new locations in 1999 and 16 per year beginning in 2000. NASCAR Speedway sites range from 6,000-8,000 square-feet. There are currently five in operation, with locations in the Mall of America near Minneapolis, Dallas Galleria, Woodfield Shopping Center near Chicago, Palisades Center outside New York City, and Irvine Spectrum Center in Southern California. These entertainment facilities combine the fastest growing sports trend in the country and the thrill of competitive race car driving with cutting-edge interactive computer technology. The simulator approximates a two-seat NASCAR stock car. |
The replicas provide fans with a door-banging, competitive
race experience including life-like banking, bumping and blistering 195-mph speed
simulation. Retail sections offer motorsports merchandise.
For more information, contact Russell Friend, vice president of real estate, Silicon
Entertainment, 210 Hacienda Avenue, Campbell, CA 95008; 408-364-6710, ext. 449, Fax
408-364-6724.
Hiffman Shaffer Arranges Purchase
Hiffman Shaffer Associates, Inc. (HSA) of Chicago arranged a restaurant purchase in
Wheeling, Illinois for Chicago restauranteur Phil Stefani, who bought a 2.1-acre site at
550 S. Milwaukee Road. The 7,600-sq.ft. building on the site, formerly East Side
Mario’s restaurant, will become Stefani’s fourth Tuscany restaurant in the
Chicago area. He currently operates Tuscany locations on Taylor street in Chicago, on
Clark Street in Wrigleyville, and in Oak Brook. The area is becoming a popular suburban
restaurant corridor, with existing eateries such as Bob Chinn’s and Le Francais.
The new Wheeling location will employ much of Tuscany’s signature decor as well as
menu items. Mark Knauer of Highland Park, a noted restaurant architect, is handling the
design. A fall 1999 opening is scheduled.
For more information, contact Jerry Becker, Hiffman Shaffer Associates, Inc., 312-683-7245
GSC Brokers United Artists Theater
GSC-The Real Estate Services Group of McLean, Virginia recently brokered the sale of a
closed United Artists movie theatre in Fairfax, Virginia. The 23,000-sq.ft. building
situated on 4.4 acres sold for $2.7 million. The purchasers intend to subdivide the
property into two or three parcels and perhaps renovate the existing building for
traditional retail. GSC had the exclusive listing to sell the property for United Artists
when the movie theatre chain opened a new multiplex in the area.
For more information, contact Bill Giuliano, GSC-The Real Estate Services Group,
703-847-7200.
Recent Garrick-Aug Transactions
Faith Hope Consolo and Joseph Aquino, senior managing director and managing director,
respectively, of Garrick-Aug Associates based in Manhattan, New York, have announced
several retail leasing transactions:
• Demeter Fragrances, the avant garde perfumery that bottles only
natural, earthy scents, leased 2,600 sq.ft. of space for its first Manhattan retail store
at 83 Second Avenue in the heart of the East Village;
• Salon de The, a French bistro serving lunch, dinner and afternoon
tea, signed a 2,500-sq.ft. lease in the Olympic Tower at 645 Fifth Avenue;
• Shoe designer Mark Schwartz leased 500 sq.ft. at 47 Spring Street
in “Nolita” for a second New York City location of his boutique, “It’s
About Time”;
• fresh, inc., a Boston-based manufacturer and retailer of luxury
personal care products, leased 2,500 sq.ft. at 57 Spring Street in “Nolita”;
• Christian Louboutin, French shoe designer, will open his U.S.
flagship store in 900 sq.ft. at 941 Madison Avenue;
Red Rose Music, Inc., the new venture of audio industry leader Mark
Levinson, will open in 750 sq.ft. at 943 Madison Avenue;
• Michael Ashton, the fine jeweler known for its collection of
estate jewelry, watches and antiques, leased 1,500 sq.ft. at 933 Madison Avenue;
• Calypso St. Barths, a Caribbean-based salon featuring beachwear,
perfume and accessories, leased 1,500 sq.ft. at 935 Madison Avenue.
Consolo and Aquino are exclusive agents for 83 Second Avenue and 933-943 Madison Avenue.
They also serve as exclusive retail leasing agents for The Onassis Foundation and as
exclusive national representative for fresh, inc.
Garrick-Aug Associates operates throughout the U.S. and abroad. Garrick-Aug Worldwide,
headquartered in Paris, works with prominent international retailers in identifying and
securing the best locations for U.S. stores and retail operations.
For more information, contact Faith Hope Consolo or Joseph Acquino, Garrick-Aug
Associates, 212-557-9090; Fax 212-983-7192.