Marketing

CINCINNATI — Phillips Edison & Company has named John S. Kokinchak, SCSM, SCLS, as GM of Parmatown Mall in Parma, Ohio, Cleveland's largest suburb.

Kokinchak, a veteran executive of the shopping center industry, will assist in leading the transformation of the historic retail location into The Shoppes at Parma, a "Main Street" destination for shopping and dining that will act as a town center for residents of Parma and surrounding communities.

BENTONVILLE, Ark. — Walmart’s board of directors has given the company the green light to repurchase $15 billion of its shares, effective June 6, the company announced at its annual shareholders meeting. 

This program replaces the previous $15 billion program announced on June 3, 2011. As of June 6, the company had approximately $712 million remaining on the 2011 Authorization. Under the share repurchase program, repurchased shares are constructively retired and returned to unissued status.

PITTSBURGH — Berkshire Hathaway and an investment fund affiliated with 3G Capital have completed their acquisition of H.J. Heinz Company. 

Heinz shareholders will receive $72.50 in cash for each share of common stock they owned as of the effective time of the merger, without interest and less any applicable withholding taxes. As a result of the completion of the merger, the common stock of Heinz will no longer be listed for trading on the New York Stock Exchange and Heinz expects no further trading after the close of business on June 7.

ST. PAUL, Minn. — CHS Inc., an energy grains and foods company and the nation's leading farmer-owned cooperative, has promoted Roger Baker to VP and GM of CHS Europe. The company also announced that SVP and CEO of CHS Europe Claudio Scarrozza plans to retire. 

The world’s largest company held its annual shareholders meeting Friday morning and the most noteworthy development at the event — aside from a $15 billion share repurchase authorization — was a surprise appearance and glowing comments by Hollywood heavyweight Tom Cruise.

Plano, Texas -- J.C. Penney Co. on Thursday took the wraps off its highly anticipated new home department. More than 500 stores received a complete home department revamp, with updated flooring, accent lighting, custom fixturing and a widened pathway.

The new department is made up of a collection of in-store shops for popular designers, including Michael Graves Design, MarthaHome, Happy Chic by Jonathan Adler, and Design by Conran. Each shop-has its own distinct look with a size range of about 300 to about 800 sq. ft.

Fort Lauderdale, Fla. -- Marcus & Millichap Real Estate Investment Services has promoted Douglas K. Mandel to first VP investments. Mandel also serves as senior director of the firm’s National Office and Industrial Properties Group and director of the National Retail Group.

In 2012, Mandel was the firm’s top office and industrial agent nationwide.

Charlotte, N.C. -- Jones Lang LaSalle has signed industry veteran Stephanie Moore as VP in its Charlotte office. Moore will work with John Bemis, executive VP and retail lead for the southeast region.

Moore comes to Jones Lang LaSalle from CBRE, where she represented landlords such as Equity One, Tishman Speyer, Behringer Harvard and Grosvenor in acquisitions and dispositions. She also conducted nationwide searches for Max Mara, GAP, Godiva and Hickey Freeman.

By Wade Savoy, [email protected]

Atlanta -- Construction of a new Brixx Wood Fired Pizza is underway at The Avenue East Cobb in Marietta, Ga., just north of Atlanta. Cousins Properties manages the development.

Approximately 3,600 sq. ft., the new Brixx will seat about 140 inside and 45 outside on a patio. Franchisees Nick and Raj Vadgama will open the new restaurant, the first Brixx in Georgia, in the fall.

Brixx has also announced plans for a second franchised Georgia location in the Avenue Peachtree City, another Cousins property.