Phillips Edison & Co. promoted Robert F. Myers to president and COO. In his new position, he will oversee all aspects of the company’s financial interests, operational programs and strategic planning. He will also lead the development of new business initiatives, establish the company’s short- and long-term goals and evaluate operating procedures and results.
Myers has served as Phillips Edison’s COO since September 2010. He joined the company in 2003 as a regional leasing manager. Prior to that, he worked as a property manager with Equity Investment Group.
“We are confident in Bob’s ability to excel in this newly created executive role,” said Phillips Edison principal Michael C. Phillips in a statement. “Always an energetic, creative leader, Bob has demonstrated an exceptional ability to generate the positive results that are essential for our continued growth. We are confident that his proven leadership skills, strategic vision and operational effectiveness will take Phillips Edison & Company to new levels of success.”
StonebridgeCarras, PH Hoffman Partner with Northwestern Mutual to Develop Bethesda Mixed-Use Project
StonebridgeCarras and PH Hoffman formed a joint venture with Northwestern Mutual to develop Lot 31, a $200 million mixed-use center in Bethesda, Md. When completed, the project will contain 250 residential units, 40,000 sq. ft. of retail space and a public parking garage for 950 cars. Groundbreaking is scheduled for January 2012.
“We are extremely pleased to have been able to bring one of the most successful institutional real estate financial partners into the development of Lot 31,” said StonebridgeCarras principal Douglas M. Firstenberg in a statement. “We look forward to creating a vibrant mixed-use project that builds on the great success of Bethesda Row.”
In addition to Northwestern Mutual, Buvermo Investments will also invest in the project. HFF arranged the joint venture on behalf of StonebridgeCarras and PH Hoffman. KLNB Retail will handle retail leasing for the development. SK&I Architectural Design Group designed the project and Clark Construction Group is serving as the general contractor.
Avison Young Buys Los Angeles Real Estate Brokerage
Avison Young acquired Ramsey-Shilling Commercial Real Estate Services Inc., a full-service real estate brokerage firm based in Los Angeles. The acquisition will expand Avison Young’s market coverage in Southern California and will add 23 employees to its operations. The terms of the deal were not disclosed.
Ramsey-Shilling Commercial Real Estate Services was founded in 1953 and offers marketing and consulting services to real estate owners, developers and tenants.
As part of the acquisition, Christopher V. Bonbright, Mark Evanoff, John Tronson and Michael Dettling joined Avison Young as principals. Andrew Berk, Brandon Mason, Chris Baer, Dan Wakumoto, David Landau, Glenn Melnick, Helga Weinbach, Howard Strom, Sam Caloroso, Steve Robertson, Steve Tronson, Thor Lee, Tom Barich and Tony Kim joined the firm as brokers.
El Ad US Appoints Udi Erez as CEO
El Ad US Holding Inc. appointed Udi Erez as CEO. In his new position, Erez will be responsible for pursing new investment opportunities throughout the U.S. and Canada. Previously, he served as CEO of El-Ad Group Canada Inc., where he oversaw the growth of the company’s portfolio to more than $3 billion in assets.
The Shopping Center Group Helps Tuesday Morning’s Expansion in Alabama
The Shopping Center Group negotiated two relocations for Tuesday Morning in central Alabama. The relocations total 22,000 sq. ft. and helped increased the retailer’s footprint in the area by 70 percent.
In the first transaction, Tuesday Morning signed a lease for an 11,295-sq.-ft. store in a former Goody’s space in Hoover, Ala. The retailer previously operated a smaller store at Riverchase Village.
In the second transaction, Tuesday Morning signed a lease for a 10,720-sq.-ft. store at Brook Highland Plaza in Birmingham, Ala. It previously operated a store of approximately 5,000 sq. ft. at the same center.
Will Akin and Neal Owens, associates with The Shopping Center Group, represented Tuesday Morning in both transactions.
Winick Realty to Represent MedRite in Manhattan Site Search2h>
MedRite Urgent Care appointed Winick Realty Group LLC as its exclusive leasing broker in Manhattan. The company will look for locations ranging from 2,000 sq. ft. to 3,000 sq. ft. in high traffic areas. Tatiana Jung and Richard Smith will handle this assignment on behalf of Winick Realty.
Other Notable News
Faris Lee Capital appointed Michael Ryan as director of new business development. Ryan will be based in the firm’s New York office and will be responsible for new business development, procuring debt and equity financing. Prior to joining Faris Lee, Ryan worked for Gale International Korea.
KTGY Group Inc. Architecture + Planning promoted Craig Chinn to associate principal of its retail studio and hired Rick Grandy as director. Chinn previously served as a director with the retail studio. Prior to joining KTGY, Grandy worked as principal with JAG Architects.
Grubb & Ellis Co. hired Ken Skinner as senior vice president of investment services. In his new position, he will focus on land sales. Skinner has 33 years of experience in commercial real estate. He began his career with Grubb & Ellis in 1978. Most recently, he worked at Enchanted Circle Resort Development LLC and at Stonemark Investments LLC.