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HomeMy WebLinkAbout1998 07-06 CCP Special Meeting on Brookdale Vr/ V Z v W J w Q Z s � � W p Z_ Q W A CL Z Q a V� W Z w •� ap J W {N a � �y i� i !t Y� f! 22 i t x� r a kftr , v y R.S d e 6 A m �s fA\ f of a isman Compani Talisman Companies, L.L.C. was formed in 1994 Coupled with the fact that Talisman also performs its for the purpose of purchasing retail properties in own management and leasing truly makes it a fully need of upgrading and expansion as a value- integrated redevelopment company. added opportunity. Talisman's particular forte is the refurbishment and turn - around of projects suffering Currently, the Talisman Companies have completed from decreasing net income while positioning the the purchase, and in varying degrees, renovation of center for future growth in our increasingly crowded $120 million of power centers in Atlanta, Knoxville retail landscape. Utilizing the in -house talents of its and Baltimore. More recently Talisman acquired a associates, Talisman is prepared to reconstruct, re- five department store anchored, super- regional mall lease, manage and finance projects ranging from in Minneapolis which is slated for a major expan- large community centers to super regional centers. Sion /renovation. Talisman possesses its own architecture /engineering and general contracting divisions, allowing for accu- rate cost estimating of even the most complicated remodels and expansions. O ' - r WINS wocro B ingtion , ;y.I % SPORTS UNLIMITED FOWI.EU% L UX BURY U HOTEL PET (ARE Warehouse I I I = r .� � s 7VI i i i i About Our Roswell Town Center Factory, JoAnn Fabrics and Gold's Gym. The lower Roswell, Georgia level, which is on grade, includes Super Saver Theatre, a national first -run theatre operation, the soon -to -be The Roswell Town Center, formerly known as the opening prototype for Star Time Family Entertain - Roswell Mall, was originally built in 1974 as a ment Center featuring 43,000 sq. ft. of indoor and small, two -level mall with an attached Richway three acres of outdoor Location Based Entertainment Department Store. In 1978 the Kmart was added venues, the lower level of Burlington Coat and mis- completing the center. The mall was operated as a cellaneous local /regional tenants. fully leased shopping center through the 1980's until it became evident that, due to the advent of "big Windsor Square box" retail and the dominating presence of the Knoxville, Tennessee super- regionals, conversion to a power strip center was the only solution. The previous ownership, reluc- Windsor Square is a 485,000 sq. ft. power strip taut to become engrossed in a major renovation, sold center that underwent expansion and renovation in 1995 -1996. It is the largest strip center in Ten - the project to Talisman Roswell, L.L.C. in 1994. g p - nessee with such anchor tenants as Carmike Cinemas, A major renovation and expansion of the center has Burlington Coat Factory, Waccamaw, Sports Unlimit- ed, Bi . now been completed expanding the GLA of the cen- g Lots, Hamrick's and other fine mini - boxes ter to 505,000 sq. ft. The new power strip format includes, on the upper level, the previous Target and Kmart stores, the newly opened 1Naccamaw Homes Store, a 110,000 sq. ft., two level Burlington Coat SR �- logo WERE mmilkliam ins Mm mom I w-f Ab out Our Towson Place Brookdale Center Towson, Maryland Brooklyn Center, Minnesota Towson Place is an existing 540,000 sq. ft. shopping Brookdale Center is a single - level, super- regional, mall that is in the process of being reconverted to a enclosed shopping mall containing 981,856 sq. ft. of 680,000 sq. ft. power strip center. The existing tenants GLA and five department store anchors located in a include Montgomery Ward (144,000 sq. ft.), Toys `R' Us growing suburb of northwest Minneapolis. The anchors f (45,000 sq. ft.), Marshall's (32,000 sq. ft.) and Blockbuster are Dayton's (195,368 sq. ft.), Sears (180,669 sq. ft.), � Video (6,000 sq. ft.). Joining this group of tenants, all of Mervyn's (138,279 sq. ft.), J.C. Penney (140,320 sq. ft.) and which have enjoyed exceptional sales for extended periods Kohl's (75,000 sq. ft.). Original construction dates to 1962. m . of time, are Bed, Bath and Beyond (35,000 sq. ft.), Target The mall was most recently renovated, in part, in 1994/95. (134,000 sq. ft.), Sports Authority (45,000 sq. ft.), Michael's Talisman acquired the property in November 1997, and is (20,000 sq. ft.), TJ Maxx (32,000 sq. ft.), A Et P SuperFresh planning a major expansion and renovation, which will (55,000 sq. ft.), PetsMart (26,000 sq. ft.), Frugal Fannie's feature the addition of a state -of- the -art, stadium -style (57,000 sq. ft.) and two national restaurants. megaplex theatre and an additional 125,000 sq. ft. of in -line specialty store GLA for a total square footage of 1.4 million. The location of Towson Place is unique. It is surrounded by upper- middle to high -end residential with high density and is near the most prominent and highest end regional mall in _ greater Baltimore, Towson Town Center. Towson Place is, in fact, the only power center of significance within a - t. 10 -mile radius.' Talisman Companies, LLC, an organization of strength, leadership and professionalism, led by CEO James Schlesinger, author of numerous industry articles, including: Shopping Centers Today September 6, 1996 "De- malling Requires Detailed Planning" Shopping Center World February 1989 "Smart Planning Makes Revamping Profitable" The Journal of Real Estate Development VVinter 1989 "Center Redevelopment: How to Hit the Ground Running" Value Retail News November 1988 Development Strategies Column "Assessment on Buy -to- Upgrade Center Must be Thorough" Principal's Dr. Edward Cohen -e Dr. Edward Cohen, born in 1939, is a graduate of Adelphi University and the Penn College of Optometry, receiving his doctorate in 1962. Y Starting with the family's single store in New York City, Dr. Cohen and his two younger brothers created the _ Y well -known optical chain, Cohen's Fashion Optical. With over 100 stores, Cohen's is well recognized as the leader in high -end fashion eyewear. In the early 1980's, Dr. Cohen formed American Vision Centers. This eighty -five store chain eventually went public and was later sold to Balfour McLain. In 1992, Cohen's purchased the 55- year -old Sterling Optical Company and after an initial public offering in 1995, has _ increased the venerable chain from 135 locations to now over 300 stores. Combined, Cohen's Fashion Optical and Sterling Optical are the third largest optical chain in the United States. M _ In addition to the optical business, Dr. Cohen has been 2.2 f f K r involved in a number of other retail ventures and real estate . u _ investments. - Dr. Cohen has been active in the real estate business since his earliest days in the creation of Cohen's Fashion Optical. As the party responsible for locations, Dr. Cohen actively purchased and sold numerous sites. He is currently a partner in ERA Realty Company, a venture that owns over fifty real estate properties. A resume of these properties is available upon r- request. Principal's James A. Schlesinger Schlesinger Companies, Inc. Schlesinger Companies, Inc., has been active in the areas of construc- In 1994, Schlesinger Companies, in partnership with Edward Cohen and lion, development, and specifically, shopping center redevelopment, the Brodt and Zaidman family, created the Talisman Companies specializing since 1979. Its CEO, Mr. James Schlesinger, holds a B.A. Cum Laude from in adding value to existing, well- located shopping centers /malls. In April the University of Michigan, J.D. Cum Laude from Wayne State University 1994, they completed the purchase of Roswell Town Center, a 390,000 sq. and is licensed to practice law in the State of Michigan. He is also a ft. mall. It is now a fully leased, 500,000 sq. ft. regional power shopping licensed real estate broker in Michigan, and a licensed general contractor in center, including Target, Waccamaw, Kmart, Burlington Coat Factory, Cloth ° y Michigan and Florida. Schlesinger Companies is a full service company World, United Artists and a major entertainment anchor, StarTime Enter - with an in -house design /build construction staff and full architectural tainment. In September 1994, Talisman Companies purchased Windsor personnel. Schlesinger Companies leases and manages over 3,000,000 Square, Knoxville, Tennessee, the largest strip center in Tennessee with square feet of retail space. over 440,000 sq. ft. of space. The expansion of that center is now com- plete and it is 100 percent leased. In March 1995, Talisman Companies Schlesinger Companies, on behalf of the Taubman Company, an acquired the 560,000 sq. ft. Towson Marketplace now expanded to international shopping center company, reconstructed and acted as part of 680,000 sq. ft. Towson Marketplace includes such tenants as Toys 'R' Us, the redevelopment team for two 300,000 sq. ft. community strip centers Montgomery Ward, Bed, Bath £t Beyond, Marshall's, Target, Sports Author - during the period 1982 -1984. The company brought such well -known ity, PetsMart, A£tP SuperFresh, Michael's, Frugal Fannie's and other national tenants as Marshall's and Service Merchandise to Michigan for the first tenants. The renovations exceeded $35 million, one of the largest retail time. In 1984 -85, it built and developed the first two Costco Membership renovations to occur in Baltimore. Club warehouses in Florida. During this same period, it developed over one million square feet of office buildings and a 300 -unit apartment complex In November 1997, Mr. Schlesinger, with the Talisman Companies, in suburban Detroit. purchased Brookdale Mall, a 980,000 sq. ft. super - regional mall in Min- neapolis, Minnesota. The center will be expanded to 1,400,000 sq. ft. at a In 1986, in partnership with American Express, Schlesinger Companies cost of $100 million. This center, with renovations designed by the well - purchased the former Midway Mall, now known as Mall of the Americas. known international firm, D.I. Design and Development Limited, will j This 800,000 sq. ft. regional mall was 50 percent vacant and was a certainly become the most innovative of the regional malls in Minneapolis. forgotten piece on the real estate landscape of Miami. With a $31 million renovation, Schlesinger Companies brought such tenants as Marshall's, T.J. Mr. Schlesinger has written many articles on the subject of shopping cen- Maxx, Luria's, AMC Theaters, Home Depot, Oshman's, Sound Warehouse, ter redevelopment which have been published in several national journals. Linens 'N' Things, and 100 new national and local tenants. At this current Mr. Schlesinger has also lectured in South America and consulted on the date, the mall is 100 percent leased, with sales of $300 per sq. ft. and is development of Shopping Center D, the first and largest discount mall in generally considered among the most successful value mall redevelopments Brazil located in San Paulo. in the U.S. The mall sold in 1994 for $75.2 million to REEF funds. gj In 1989, Schlesinger Companies, again in conjunction with American Express, purchased the Westview Mall, a 750,000 sq. ft. regional mall in Baltimore, MD. Mr. Schlesinger brought T.J. Maxx, Marshall's, United + Artists and other national tenants to create one of the more successful value centers in the greater Washington D.C. /Baltimore area. Principal's Brodt Et Zaidman Real Estate Brodt £t Zaidman is a business partnership formed four decades city. Besides hotels, many of their properties include restaurants and ago between two families, the Brodts and the Zaidmans. For retail shops due to their superior locations. Of the twenty -nine more than forty years, Brodt £t Zaidman has been engaged in real owned buildings, twenty -five are situated in the heart of Munich, all estate development and investment: construction of ground -up pro- at vital concentration points of the city and almost all in the city Y a -- jects, restoration of existing properties and exclusive management of center. Three properties are located in two top "satellites" of its extensive portfolio. Today, the partnership includes Josef's two Munich: Augsburg and Ingolstadt, both of which are experiencing sons, Alexander and Jacob Brodt, and Ghini Zaidman. The company a big boost after the fall of the Berlin Wall, as they are situated is a major private owner of real estate in Munich with an impecca- along the route to the East. There is also one property in Cologne, a ble track record of total success with its 30 properties. The company major city in the area of the Rhine River. has always met its obligations to its banks and business partners, establishing over four decades of close relationships with its house The company's properties possess low leverage mortgages represent - banks, the Hypo Bank and the Bayerische Vereinshbank, both major ing only a third of their value with a resulting superior cash flow. German real estate leaders. Its strategy is to buy and hold, develop- Additionally, the properties are all fully leased, drawing excellent ing and investing with a long range ownership strategy, bringing to rents linked to the German rate of inflation. Brodt £t Zaidman its properties the best of care through its in -house management. exclusively own all but one of the properties. Brodt £t Zaidman has also created the following specialty in the res- Bread Realty Ventures owns interests in $300 million of U.S. retail idential real estate field: leasing of entire buildings to government real estate including major regional power centers and /or enclosed organizations and top corporations for the purpose of housing their malls in Atlanta, Georgia, Washington /Baltimore, Knoxville, Ten - employees. Clients include the National Railways, the National nessee and Minneapolis, Minnesota. With over 3.2 million sq. ft. of Postal Service, the government of the State of Bavaria, The Munic- prime retail space, Bread Realty Ventures enjoys low leverage and pality of the Cities of Munich and ingolstadl, the University of the excellent geographic diversification. Bread Realty, the managing City of Augsburg, Penta Hotels (a division of Lufthansa), Hilton company for Bread Realty Ventures, also owns a single tenant prime Hotels, and BMW. office building in Knoxville, Tennessee, in addition to its function- ing responsibilities for Bread Realty Ventures. Additionally, Brodt £t Zaidman own apartment buildings and hotels, located at strategic centers of Munich, mostly in the exclusive inner