A group of veteran retail development specialists formed Net Lease Alliance LLC, a Nashville, Tenn.-based firm that offers comprehensive support services to retail and commercial real estate development firms.
Net Lease Alliance will partner with small and medium-sized developers and brokers of net lease and built-to-suit properties to provide management of the appropriate capitalization mix, comprehensive legal services, site development services, design and construction services, property management, marketing services and asset placement. These services will be provided without out-of-pocket costs to the clients. In addition to Nashville, Net Lease Alliance will operate offices in Montgomery, Ala. and Phoenix, Ariz.
C. Patrick Cox will serve as president and CEO of the new company. Cox has 13 years of experience in real estate finance, development and operations. Prior to launching Net Lease Alliance he served as president and CEO of Newton Oldacre McDonald, a shopping center and net lease developer.
In addition to Cox, the management of Net Lease Alliance will include Sam L. Colson as vice president and CFO, Wayne Harris as vice president of legal services, Jim McWilliams as vice president of construction and development services and Chris Wilson as vice president of development.
“Net Lease Alliance provides a next-generation support solution for all the services necessary to successfully complete a deal,” said Cox in a statement. “This allows small and emerging developers and brokers an opportunity to focus their limited time and resources moving volume into the development pipeline to maximize the number of projects they can complete.”
O’Neill Properties to Start Construction on The Point in New Jersey
O’Neill Properties Group will break ground for The Point, an 8-million-square-foot mixed-use development in Sayreville, N.J. The project will include a 3-million-square-foot fortress mall and entertainment district, 2,000 luxury residential units, 650,000 square feet of office space, hotels, luxury marinas and a waterfront promenade. Phase I of The Point will be The Landing at the Point, a 620,000-square-foot retail center.
Cedar CEO to Step Down, Bruce Schanzer Appointed as Successor
Cedar Shopping Centers Inc. announced that Leo S. Ullman, chairman, president and CEO of the shopping center REIT, will retire effective June 15, the date of the company’s annual meeting of shareholders and directors. Bruce Schanzer will then assume the post of president and CEO of Cedar and will join the firm’s board of directors. Ullman will continue to act as a consultant to the company through September 30.
Schanzer currently serves as managing director of real estate investment banking at Goldman, Sachs & Co. He has 20 years of experience in corporate and real estate finance, and in commercial real estate law. In the past, he has worked for Merrill Lynch and practiced real estate law in New York.
“On behalf of the entire company and board of directors, we truly appreciate Leo’s leadership over the years in founding and developing Cedar and its portfolio,” said Paul G. Kirk Jr., Cedar’s lead director, in a statement. “We want to thank Leo for his enormous contributions and we look forward to his future pursuits.”
“Bruce Schanzer is a talented professional who brings an ideal combination of skills and experience to the company,” he added. “We are confident that, as we look to the future, the company and its shareholders will benefit from his unique perspective and capabilities.”
GGP Appoints New C-Suite Officers
General Growth Properties appointed Shobi Khan as chief operating officer and Scott Morey as chief information and technology officer.
Previously, Khan served as U.S. chief investment officer with Bentall Kennedy, a real estate investment advisory firm. In the past, he has also worked at Equity Office Properties Trust. While there, he was involved in Equity Office Properties’ $39 billion sale to the Blackstone Group in 2007.
Khan will begin his post at General Growth Properties on June 13.
Prior to joining General Growth, Morey served as managing director for Alvarez & Marsal. While there, he led the firm’s European real estate advisory practice. He has more than 20 years of experience in real estate, technology and operations.
In addition, General Growth appointed Andrew Joa as vice president of investor relations. In his new position, Joa will be responsible for managing and fostering relationships with the global investment community. He has 20 years of industry experience. Previously, he served as vice president of investor relations for Callahan Capital Partners, a real estate private equity firm.
ICSC Appoints New Members to Board of Trustees
ICSC appointed 12 industry executives to its board of trustees. The new board members include Rick J. Caruso, founder and CEO of Caruso Affiliated; Karen B. Case, president of commercial real estate at The PrivateBank; Alfredo J. Cohen, director at Constructora Sambil; Karen Flavell, president and CEO of Purdy’s Chocolates; Seth D. Geldzahler, vice president of real estate at Bed Bath & Beyond; Sandeep L. Mathrani, CEO of General Growth Properties; Martin A. Mayer, president and CEO of Stirling Properties; Alejandro Ramirez, CEO of Cinepolis; Michael Rodel, COO of Rebosis Property Fund; Mark A. Schurgin, president of The Festival Cos.; Suk Singh, senior vice president of development with Darden Restaurants; and Marcus Wild, CEO of SES Spar European Shopping Centers.
“Behind every strong association is a strong board of trustees, and these 12 individuals will ensure that ICSC continues to be the premier global retail and real estate trade association in the world,” said Michael P. Kercheval, president and CEO of ICSC, in a statement. “These new trustees have a vast and diverse background in the retail real estate industry and I, along with the current board members, look forward to working with them during their term.”
CBRE Renames its Private Client Group
CB Richard Ellis Group Inc. has changed the name of its private client group to private capital group. The private capital group serves the real estate investment needs of individual investors. The rebranding is meant to reflect the broad array of capital solutions available through the CBRE platform. The group will remain part of the firm’s investment properties group and will continue to be led by Jeffrey Ackerman and Jennifer Pierson.
“The private capital group name underscores our capital markets capabilities and maximizes the synergies between our investment sales and debt and equity finance businesses to better serve our clients,” said Chris Ludeman, president of Americas brokerage and capital markets, in a statement. “The rebranding also more clearly defines our client base, market specialization and further differentiates us from our competitors.”
LaVida Appoints Master Developers to Expand its Brand in Georgia
LaVida Massage appointed Duane Goodwin and Terry Sharp as master developers in the state of Georgia. Goodwin and Sharp will be responsible for the coordination and development of new LaVida operations specific to the market, including the recruitment of prospective franchisees, the research of potential locations and overall brand development. They are expected to bring LaVida’s presence in Georgia from two locations to four by the end of 2011, with plans for further expansion in 2012.
Dick’s Sporting Goods to Open Location in White Plains
Dick’s Sporting Goods signed a lease with Bloomingdale Road Investors LLC for a 58,750-square-foot store at The Source in White Plains, N.Y. The retailer will be located in a former Fortunoff store. Patrick A. Smith and Alex D’Alessandro, of SRS Real Estate Partners, represented the tenant in the transaction. Carol Carbonaro, of New England Development, represented the landlord.
In addition, SRS Real Estate Partners negotiated smaller leases on behalf of Urban Outfitters in Greenwich, Conn. and on behalf of Sugar and Plumm Purveyors of Yumm in New York City.
Sport & Health Clubs Signs Lease at Heritage Hunt in Gainesville
Sport & Health Clubs signed a lease with Buchanan Partners for a 46,000-square-foot facility at the Heritage Hunt development in Gainesville, Va. The facility is currently under construction and will open in December 2011. Cary Judd, of KLNB Retail, represented the landlord in the transaction. Tom Fauquier and Greg Klein, of Vanguard Realty Group, represented the tenant.
Stonemar Signs New Leases, Extensions
Stonemar Properties closed several new transactions at its properties:
- Dunham’s Sports signed a 10-year lease for a 34,600-square-foot store at Jackson Plaza in Cookeville, Tenn. The lease is valued at $2 million and included a $600,000 build-out contribution from Stonemar. Stonemar and The Shopping Center Group negotiated this transaction.
- Old Navy signed a seven-year, 12,000-square-foot extension lease at Jackson Plaza. The lease includes a five-year extension option and is valued at $930,000. The deal was sealed in conjunction with the remodeling of the store.
- Nonna’s Pizza signed a 10-year lease for 3,000 square feet at Milford Plaza in Milford, Conn. The lease includes a five-year renewal option and is valued at $430,000. First Service Williams represented the tenant in the transaction. Saugutuck Commercial Realty and Stonemar Realty Management represented the landlord.
Centro Signs New Leases
Centro Properties Group negotiated new transactions at centers throughout the country:
- Planet Fitness signed a lease for a 22,950-square-foot store at Delta Center in Lansing, Mich. Sean O’Brien, of CB Richard Ellis, represented the tenant in the transaction. Robert Saggese was the in-house representative for Centro.
- Roses signed a 71,159-square-foot lease at Roanoke Landing in Williamson, N.C. Pam Harrelson represented Centro in the transaction.
Smaller transactions includes leases with the Orange County Tax Collector, Advance Auto Parts, Jazzercise, Dots and Richmond Geeks.
Location Matters Helps Negotiate Restaurant Leases in California
Location Matters closed several new transactions:
- Tony Roma’s Ribs, Seafood and Steak and Capricciosa Italian Restaurant signed a 10-year, 12,195-square-foot combined lease at Torrance Crossroads in Torrance, Calif. The lease is valued at $3.4 million. Michael Spilky, of Location Matters, represented the tenant in the transaction. Ted Lawson and Lynda Boyd, of CB Richard Ellis, represented the landlord.
- Cucina Enoteca signed a lease at the Irvine Spectrum center in Irvine, Calif. The restaurant will have a 6,245-square-foot indoor retail space and 2,200 square feet of outdoor seating at the center. Michael Spilky represented the tenant in the transaction. The landlord represented itself.
- Mia Francesca Restaurant signed a lease at 12955 El Camino Real in Del Mar, Calif. The restaurant will have 5,020 square feet of indoor retail space and 2,540 square feet of outdoor seating. Michael Spilky represented the tenant in the transaction. Phil Lyons, of Cassidy/Turley BRE Commercial, represented the landlord.
- Spirited Group I LLC, whose affiliates own/operate urban cocktail lounges, signed a 10-year, 4,273-square-foot lease with AshRon General Partnership for a space at 3054-3056 University Ave. in San Diego, Calif. Paul Ahern, of Location Matters, represented the tenant in the transaction. The landlord represented itself.
- Terra Restaurant & Bar signed a 10-year, 3,325-square-foot lease at 7091 El Cajon Blvd. in San Diego, Calif. for $464,170. Michael DiNorscia, of Location Matters, represented the tenant in the transaction. The landlord represented itself.
Anthropologie Leases Another New York City Location
Anthropologie signed a lease with Tower East Properties Corp. for a 14,564-square-foot store at 1230 Third Ave. in New York City. The store is scheduled to open in time for the 2011 holiday season. Robert K. Futterman and Beth Rosen, of Robert K. Futterman & Associates, along with Wade McDevitt and Stephen Prourde, of The McDevitt Co., represented the tenant in the transaction. Gene Spiegelman and Michael O’Neill, of Cushman & Wakefield, represented the landlord.
Red Chariot Teams Up with Audiobrain
Red Chariot, a Minneapolis-based firm that helps retail and consumer product companies link brand, product and shopper experience, added Audiobrain to its retail collaborative. Audiobrain is a New York-based team of award-winning composers who specialize in sound branding.
Other Notable News
S.L. Nusbaum Realty Co. negotiated leases and lease renewals throughout Virginia on behalf of the following retailers: The Hard Shell, Sleepy’s, The Mattress Professionals, Rituals Salon, Casa Grande, Barnett’s Hallmark, Verizon Wireless, Virginia ABC Store, Hyatt Automotive Services LLC, Dan Ryan’s For Men, Jaesung Park Taekwondo, Five Forks Café, RE/MAX, Birdneck Animal Hospital, Boardwalk Burgers and Fries, Swift Creek Cleaners, Jimmy Johns Gourmet Sandwiches, Doormasters Inc., Starbucks, Linda’s, Lindsey’s Opticians, Ocean Art Gallery, Giant Food Stores Inc., NGD&K LLC, TJ Nails, Pollos Roman Corp. and Hair Braiding & Design.
Johnnie’s Foodmaster Supermarket’s renewed its 32,000-square-foot lease at the Foodmaster Plaza in Medford, Mass. The lease will help maintain the center’s 100 percent occupancy. Richard McKinnon, of The Grossman Cos., represented the landlord in the deal.
Howard’s Appliance and Flat Screen Superstores opened a 17,000-square-foot store at The Market Place in Irvine, Calif.
Avison Young hired John Ziesmer and Kevin Moore as principals, Kimberlyn de Buhr as associate director and Brian Means as analyst. The team will be based in the firm’s Chicago office. Previously, all four worked for Grubb & Ellis, with Ziesmer and Moore serving as senior vice presidents.
Winoker Realty Co. hired David Simon as director. In his new position, Simon will work on occupancy assignments for both tenants and landlords and will spearhead the growth of Winoker’s social media platform. He has 30 years of experience in the real estate industry. Prior to joining Winoker, he worked with the New York Yankees on a multi-media project while pursuing an M.S. in construction and logistics management from New York University.
Millennium Properties hired Wanda Spado Evangelista as senior vice president of property management. In her new position, she will help expand the firm’s receivership and management business. In the past, Spado Evangelista held positions with Rally Capital Services, Chicago Transit Authority and Royal American Bank, among other firms.
Ryan Cos. US Inc. promoted Casey Hankinson to vice president of development for the Midwest region. In her new position, Hankinson will spearhead the pursuit of national build-to-suit projects, distribution centers and regional operational centers. Hankinson has worked at Ryan’s Minnesota office for three and a half years. Prior to joining Ryan, he worked as an industrial real estate broker with United Properties.
Fortney & Weygandt Inc. appointed Joe Stinolis as project manager and Gerald Gentz as business development manager. In his new position, Stinolis will be responsible for the retail, commercial and multifamily market segments. He has 38 years of construction management experience. Gentz has more than 20 years of experience in business development and marketing. Prior to joining Fortney & Weygandt, he worked for the Cleveland Clinic.