Effective Dec. 22, General Growth Properties Inc.’s CEO Adam Metz and President and COO Tom Nolan have left the company. Metz and Nolan led General Growth through a successful reorganization effort from April 2009 through November 2010.
Metz, a member of the REIT’s board of directors, assumed the title of CEO in October 2008 as a replacement for John Bucksbaum. He plans to stay on the REIT’s board for at least another year. Nolan, a private real estate investor, became president in October 2008 and COO in March 2009.
As General Growth has successfully exited Chapter 11 bankruptcy protection in November, the company’s board of directors agreed that Metz and Nolan could safely transfer leadership responsibilities to Sandeep Mathrani. Mathrani had been picked as General Growth’s new CEO in October. He is scheduled to assume his new post on Jan. 17, 2011. Until then, he is serving as a consultant for the REIT.
River Chase Gets Economic Development Site Certification
Louisiana Economic Development (LED) Certified Sites Program designated River Chase, a master-planned, mixed-use development in Covington, La., as a LED-certified site. The certification means that River Chase is suitable for economic development projects. Stirling Properties owns the project.
hhgregg Comes to Gurnee Town Center in Illinois
hhgregg signed a lease with Inland Western Retail Real Estate Trust Inc. for a 34,000-square-foot store at Gurnee Town Center in Gurnee, Ill. The retailer will occupy a space formerly leased to Linens ‘n Things.
Three New Tenants Come to The Commons at Town Center
Woolbright Development signed three new leases at The Commons at Town Center in Boca Raton, Fla. Plato’s Closet signed a lease for 3,000 square feet. Prime Cigar & Wine Bar signed a 2,335-square-foot lease. And Jamie’s Boutique signed a 1,235-square-foot lease. All three retailers are now open for business. Gloria Kramer, in-house leasing agent with Woolbright Development, negotiated these transactions.
Hodgdon Group Completes Burbank Store Conversion
Hodgdon Group completed the conversion of a former Circuit City building in Burbank, Calif. into a 31,000-square-foot Ashley Furniture HomeStore. Hodgdon Realty Group negotiated the lease with Crown Realty & Development Inc. and Hodgdon-Miank Construction served as the full-service design-build contractor on the project.
Other Notable News
Centro Properties Group signed leases totaling 13,383 square feet throughout its U.S. portfolio. Tenants included Beyond Your Nutrition, Fish Place, FX Video Game Exchange, Mingles International Café, NeighborRX, Pizza Hut and St. Pete Pipe & Cigars.
Tailwinds Development LLC appointed Stephen Infantino as property manager and sales and leasing associate and Margaret Pas as property manager. Both Infantino and Pas joined Tailwinds’ management sales and leasing team earlier this year.
CPEX hired Duke McCabe for its New York investment sales division. Prior to joining CPEX, McCabe worked for the Hess Corp. CPEX also hired Joel Toro for its retail leasing division. Prior to joining CPEX, Toro worked for an apartment rental brokerage firm.