Rubin firm enlarges its retail portfolio

Real Estate Weekly, Sept 22, 1993

Pacific Mutual Life Insurance Company, Newport Beach, California and GE Credit Equities, a subsidiary of GE Capital Stanford, Connecticut, have awarded contracts for management, leasing and marketing of retail properties to the value retail group of Rubin Strouse Retail, a division of The Rubin Organization, Inc., Philadelphia, it was announced by George F. Rubin, president of TRO.

Three retail centers in the southeast owned by Pacific Mutual Realty Finance, Inc. a subsidiary of Pacific Mutual, one retail center owned by Pacific Mutual, and a strip center in historic old Baltimore owned by GE Credit Equities add close to 1.2 million square-feet to the Rubin Strouse Retail portfolio, which already includes 21 million square-feet of malls, strip centers and powers centers in 15 states.

Norman Peters, RS Retail senior vice president, who negotiated the Pacific Mutual deal, said Rubin would take on the new responsibilities within 30 days. Included are: Church Street Center, a 180,000 square-foot, three level, enclosed mall in downtown Nashville, TN, Market Place, a 286,000 square-foot power strip center in Knoxville, TN., anchored by Home Depot, Service Merchandise, Marshall's, Michael's and Kroger; The Mall at Shelter Cove, a 240,000 square-foot enclosed mall anchored by JC Penney and Belks, Hilton Head, SC; and Greenwood Square Shopping Center, a 197,000 square-foot power strip anchored by K-Mart and Houchen's Grocery, Bowling Green, KY.

This new assignment brings the Rubin Strouse Retail portfolio in the southeast region to 5.5 million square-feet at 11 centers.

The Baltimore property is Mount Clare Junction, adjacent to the B&O Railroad Museum and one mile from Camden Yards Stadium. A 200,000 square-feet strip center with 26 tenants, it is anchored by Safeway. According to TRO asset manager Alan Feldman, who negotiated the deal, portions of the property will undergo renovations and retenanting.