CHICAGO-Two malls in the Houston market and a third in Florence, KY are acquired in joint ventures with the New York state and Illinois teachers' pension funds. General Growth Properties Inc.'s property management firm is in place at two of the assets.
SAN ANTONIO-Tomorrow, the Rouse Cos. and USAA will get the crews going on the long-awaited Shops at La Cantera. The northwest submarket center, part of a 1,677-acre development, is carrying a fall 2004 opening date.
BEE CAVE, TX-The St. Louis retail giant withdraws from the contest to anchor the Hill Country Galleria, a proposed 114-acre mall in Bee Cave. The project is one of the nation's most watched as the developer courts anchors with $25 million in sales tax abatements.
BEAUMONT, TX-CBL & Associates finishes up work on an 80,190-sf mall, secured in 2001 when it bought 21 malls and two centers from the Richard E. Jacobs Group. The center, with a trio of anchors, opened at 91% leased.
HOUSTON-The retail market is holding its breath, hoping that the nearly $350 million invested into several upscale projects will pay off this holiday season. "The big story is the buoyancy of the market," says O'Connor & Associates director of research Richard Zigler.
HOUSTON-Ohio-based REIT, Glimcher Realty Trust has made good on a plan to buy out its joint venture partner at the Northwest and Almeda Malls in Houston. The firm has paid $5.5 million in cash and is assuming a $34.9-million mortgage on the properties.
DENVER-Equity Office Properties Trust's 560,000-sf asset at 1200 17th St. keeps Townsend and Townsend and Crew LLP in the 30-story office portion of a development that also includes Shops at Tabor Center, a parking garage and a Westin Hotel.
HOUSTON-MetroNational won't be tapping the capital for 18 months, but it has locked in the financing with New York State Teachers Retirement System. The loan will replace a credit line now being tapped for the owner's share of a $300-million renovation.
CITY OF COMMERCE, CA-Los Angeles Die Casting, a division of Del Mar Industries, signs the lease for 36,108 sf of space in a move from downtown Los Angeles after 75 years there.
HOUSTON-Two years after it was foreclosed, the Sharpstown Center secures a new owner. The private investor's game plan includes a multi-million-dollar renovation for the 72%-occupied mall positioned on 43 acres.