Westcor is facing a payment deadline of April 30 on its lease of state trust land for a long-planned shopping mall at Scottsdale Road and Loop 101.
The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site.
Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner.
The company was under extension last year until Dec. 30 and was granted another four-month extension.
Westcor officials did not return calls seeking comment.
Late last year, Scott Nelson, Westcor vice president of development, said the company was evaluating whether to retain a 99-year lease for the site northwest of the freeway interchange in Phoenix.
Westcor was the winning bidder for the land lease in April 2008, agreeing to pay $32 million for use of the land and invest $67 million for improvements of utilities, roads and drainage.
Westcor made $1.26 million in lease payments through 2010 and deferred its January 2011 payment of $960,000 to Dec. 30. With interest, that payment is $1.1 million. This year's payment is $1.04 million.
Last spring, Macerich, the parent company of Westcor, announced a partnership with AWE Talisman Co., of Coral Gables, Fla., to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road.
But two other Valley outlet shopping centers have been launched since then.
Tanger, of Greensboro, N.C., broke ground a month ago on an outlet mall at Glendale's Westgate City Center.
Plus, the Indianapolis-based Simon Property Group on March 28 started building an outlet mall at the Gila River Indian Community's Wild Horse Pass development near Interstate 10.
The Arizona State Land Department has taken back a dozen parcels of land since the real-estate market cratered in 2008.
by Peter Corbett - Apr. 13, 2012 07:19 PM The Republic | azcentral.com
Westcor payment on lease due soon
Showing posts with label westcor. Show all posts
Showing posts with label westcor. Show all posts
Saturday, April 14, 2012
Thursday, April 12, 2012
Westcor's parent sells its stakes in 3 centers
Macerich Co., the parent of Phoenix-area mall developer Westcor, has sold its stakes in three East Valley power centers in transactions valued at more than $100 million.
Cole Real Estate Investments, a Phoenix-based real-estate investment trust, paid $54.8 million for Macerich's wholly owned 284,500-square-foot SanTan Marketplace power center in Gilbert.
Cole also teamed with RED Development to buy Macerich's 50 percent stakes in the Chandler Festival and Chandler Village Center power centers for $31 million and $14.8 million, respectively.
The remaining 50 percent of the two Chandler centers is held by the East Valley's Propstra family.
Chandler Festival contains 365,000 square feet of retail space and Chandler Village Center, 130,000 square feet.
Santa Monica, Calif.-based Macerich, a REIT that acquired the Valley's dominant mall developer, Westcor, in 2002, has been selling off non-core shopping centers to concentrate on its regional malls. Borgata of Scottsdale and Hilton Village in Scottsdale are among other Macerich shopping centers thought to be on the market.
RED Development Managing Partner Mike Ebert said the Chandler acquisitions were the first under a Cole/RED joint venture formed last year to take advantage of opportunities in the retail real-estate market. He said the venture has another property under contract but declined to give its name.
"We feel it's perfect time to buy," Ebert said. "Interest rates are low, prices are pretty good, and we are at the beginning of economic recovery."
Cole Executive Vice President Thomas Roberts said all three centers are anchored by nationally recognized retailers and benefit from traffic from nearby regional malls.
"These power centers are all primary retail destinations in the southeast Phoenix trade area," he said.
RED Development, based in Phoenix, will handle leasing at all three properties.
In the past year, RED, which is developing the 1.1 million-square-foot CityScape in downtown Phoenix, has acquired the Aspen Place at the Sawmill retail enter in Flagstaff and the Shops at Prescott Gateway development in Prescott. The company also has acquired an interest in the Town & Country shopping center in central Phoenix and took over management of the CityCenter of CityNorth development in north Phoenix.
"We are trying to move up our growth through acquisitions," Ebert said.
Cole, which holds more than $10 billion in commercial real estate in six non-traded public real-estate investment trusts, also has been in an acquisition mode. The 33-year-old company bought $2.5 billion in real estate in 2011 and plans to spend $3 billion on properties in 2012.
Recent acquisitions include the Greenway Commons power center in Houston and the Fairlane Green power center in Detroit.
by Max Jarman - Apr. 11, 2012 06:25 PM The Republic | azcentral.com
Westcor's parent sells its stakes in 3 centers
Cole Real Estate Investments, a Phoenix-based real-estate investment trust, paid $54.8 million for Macerich's wholly owned 284,500-square-foot SanTan Marketplace power center in Gilbert.
Cole also teamed with RED Development to buy Macerich's 50 percent stakes in the Chandler Festival and Chandler Village Center power centers for $31 million and $14.8 million, respectively.
The remaining 50 percent of the two Chandler centers is held by the East Valley's Propstra family.
Chandler Festival contains 365,000 square feet of retail space and Chandler Village Center, 130,000 square feet.
Santa Monica, Calif.-based Macerich, a REIT that acquired the Valley's dominant mall developer, Westcor, in 2002, has been selling off non-core shopping centers to concentrate on its regional malls. Borgata of Scottsdale and Hilton Village in Scottsdale are among other Macerich shopping centers thought to be on the market.
RED Development Managing Partner Mike Ebert said the Chandler acquisitions were the first under a Cole/RED joint venture formed last year to take advantage of opportunities in the retail real-estate market. He said the venture has another property under contract but declined to give its name.
"We feel it's perfect time to buy," Ebert said. "Interest rates are low, prices are pretty good, and we are at the beginning of economic recovery."
Cole Executive Vice President Thomas Roberts said all three centers are anchored by nationally recognized retailers and benefit from traffic from nearby regional malls.
"These power centers are all primary retail destinations in the southeast Phoenix trade area," he said.
RED Development, based in Phoenix, will handle leasing at all three properties.
In the past year, RED, which is developing the 1.1 million-square-foot CityScape in downtown Phoenix, has acquired the Aspen Place at the Sawmill retail enter in Flagstaff and the Shops at Prescott Gateway development in Prescott. The company also has acquired an interest in the Town & Country shopping center in central Phoenix and took over management of the CityCenter of CityNorth development in north Phoenix.
"We are trying to move up our growth through acquisitions," Ebert said.
Cole, which holds more than $10 billion in commercial real estate in six non-traded public real-estate investment trusts, also has been in an acquisition mode. The 33-year-old company bought $2.5 billion in real estate in 2011 and plans to spend $3 billion on properties in 2012.
Recent acquisitions include the Greenway Commons power center in Houston and the Fairlane Green power center in Detroit.
by Max Jarman - Apr. 11, 2012 06:25 PM The Republic | azcentral.com
Westcor's parent sells its stakes in 3 centers
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