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Shopping Centers Today -> November 2003
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REGION IN BRIEF
GGP BUYS NEW MEXICO MALL …
General Growth Properties bought the 49 percent of the 1.1 million-square-foot Coronado Center it did not already own from partner Ivanhoe Cambridge. Foley’s, J.C. Penney, Macy’s, Mervyn’s and Sears anchor the Albuquerque, N.M., center, which has sales per square foot of $354. General Growth did not release the sale price or the capitalization rate, but media reports say the company paid $158 million.… AND COMPLETES TUCSON MALL REFIT
General Growth has completed renovation of its 1.3 million-square-foot Tucson (Ariz.) Mall. The improvements include new restaurants, a children’s area and new entrances.MACERICH BUYING PHOENIX CENTER …
The Macerich Co. is buying Biltmore Fashion Park from Taubman Centers for $158.5 million in a deal expected to close by year-end. Macy’s and Saks Fifth Avenue anchor the Phoenix center, which has sales per square foot of $430. Analysts estimate the deal’s capitalization rate at 7.1 percent. The 611,000-square-foot mall will be Macerich’s second upscale fashion center; the company also owns Scottsdale (Ariz.) Fashion Center.… AND RENOVATING NEARBY MALL
Macerich says it will start renovating the 1.1 million-square-foot Arrowhead Towner Center, Glendale, Ariz., in the spring. The work, to be completed in the fall, will include new flooring and lighting and a remodeled food court. The center reports sales per square foot of $412; anchors are an AMC theater, Dillard’s, J.C. Penney, Mervyn’s, Robinsons-May and Sears.ALBUQUERQUE MALL GETS MORE SCREENS
A new United Artists theater in Simon Property Group’s Cottonwood Mall, Albuquerque, adds six new screens to the center. This brings the venue’s total to 16 — in time for the holiday season. The 1 million-square-foot mall is anchored by Dillard’s, Foley’s, J.C. Penney, Mervyn’s and Sears.VESTAR TO BUILD SIX ARIZONA CENTERS
Vestar Development is set to open a center in Phoenix next year, followed by five more in the area in 2005.The Phoenix-based firm plans to start by unveiling Tuscano Towne Center, a 375,000-square-foot community center, next October. Then, in March 2005, Vestar will open the 1.3 million-square-foot Crossroads Towne Center, a Gilbert, Ariz., power center whose anchors will include Pier 1 Imports, Ross and Target. That same month Vestar will launch the 800,000-square-foot Gilbert Gateway Towne Center, which will count Cost Plus, Linens ’n Things and Michaels among its anchors. The firm will round out the month with Happy Valley Towne Center, an 825,000-square-foot power center slated to open in Phoenix; Circuit City, Cost Plus and The Sports Authority will be the anchors there. In April 2005 Vestar’s 190,000-square-foot, Wal-Mart-anchored Ocotillo Towne Center is scheduled to open in Chandler, Ariz. But the company has named no anchors yet for Tempe (Ariz.) Marketplace, a 1 million-square-foot entertainment-lifestyle center set for an October 2005 opening.
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