THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Thursday, September 8, 1994 TAG: 9409080473
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY MYLENE MANGALINDAN, STAFF WRITER
DATELINE: NORFOLK LENGTH: Short : 43 lines
JMB Retail Properties Co. in Chicago has assumed the management, leasing, development and marketing responsibilities for Military Circle shopping center, the firm's parent announced Wednesday.
Urban Shopping Centers Inc., which trades on the New York Stock Exchange, is the nation's fourth largest property manager. It currently manages 101 shopping centers in the United States.
Urban Shopping's JMB affiliate will be taking over management of the mall from The Rouse Co., based in Columbia, Md.
Rouse tried to revamp the mall - 940,000 square feet of retail space - when it bought Military Circle in 1986. However, those plans were shelved after Rouse sold a controlling interest in the mall.
Military Circle Shopping Center is co-owned primarily by Dai-Ichi Kangyo Bank, Ltd., the world's largest privately owned bank, and Morgan Investments, a division of J.P. Morgan & Co., through the third party entity known as Military Circle Limited Partnership. The Rouse Co. owns a small percentage of the shopping center but is in the process of selling its ownership stake.
``We're in discussion with Rouse'' to buy their remaining interest, said Ann Cole, an assistant vice president with Morgan Investments.
The contract for the management and leasing of the mall was decided between JMB and Minneapolis-based General Growth Management Inc., one of the nation's largest shopping center property managers. Faison & Associates, a well-known regional leasing and management company based in Charlotte, N.C., had been one of the original companies vying for the management contract.
Officials at the Chicago-based Urban Shopping Centers were pleased with the new account.
``As a company we are quite proud to have been selected for Military Circle,'' said Matthew S. Dominski, president and chief executive officer of Urban Shopping Centers Inc. ``Our track record of working closely and effectively with a variety of shopping center owners to obtain solid results distinguished us from the competition.'' by CNB