Corporate Governance

Philadelphia -- PREIT announced that its recent sale of Palmer Park Mall marked the ninth lower-productivity mall sold by the company since having announced its plans to divest non-core properties in late 2012. These properties generated average sales per sf of $254 at the time of sale. The company also has four additional malls under contract with significant non-refundable deposits. Pro-forma January 31, 2016 portfolio sales per square foot excluding the assets sold or under contract for sale are $451.

Fort Worth, Texas -- Trademark Property Co. announced that it is under contract to purchase 3.5 acres of land adjacent to its 278,000-sq.-ft. WestBend mixed-use development in Fort Worth, Texas. The parcel is located on University Drive immediately south of WestBend, along the Trinity River.

Customers responded favorably to holiday promotions at Pier 1 during the fourth quarter and the retailer is poised for an even better spring now that it plans a return to TV advertising.

Dick's Sporting Goods is launching an emotional omnichannel campaign as part of its sponsorship of Team USA.

The TV and digital effort tells the story of everyday sacrifices made by Olympic/Paralympic-hopeful athletes, and it prominently features five Team USA Contenders who are currently employed in Dick's stores nationwide.

As discussed last week custom facades as advertisements have migrated from the domain of premiere retail flagships to many, varied uses across the commercial and retail spectrum.

This trend was earlier spotted by Gensler On: Lifestyle as part of its “Top Ten Retail Trends in 2013.”

A strong report on Friday from the Labor Department shows that retail employment was up 51,100 jobs in February on the heels of a gain of 52,100 in January.

Compared with February 2015, retail jobs were up by 247,300. The numbers exclude gasoline stations, automobiles and restaurants.

As part of a leveling of its technology spending, Nordstrom Inc. has made a reduction in its technology personnel.

According to Geekwire, Nordstrom recently laid off 10 employees in its technology department.

Kroger puts produce front and center at its new grocery store concept, Main & Vine, which also boasts a large bulk-bin area and an event center where cooking demonstrations take place. The store, in Gig Harbor, Washington, capitalizes on Kroger’s centralized buying and distribution power to keep prices affordable on produce and staples, according to the Columbus Dispatch. [Columbus Dispatch]

Chicago -- CBRE recently completed the sale of two retail centers in the Chicago, Illinois suburbs for $14.8 million.

Regency Square, a 43,361 sq. ft. center, located in Huntley, Illinois is 97% leased. The center is anchored by Aldi and includes tenants Athletico, Jimmy John’s, Little Caesar’s and SportClips. CBRE represented the seller, Interstate Partners. Regency Square sold for $10.8 million. CBRE’s Derrick Almassy and Rich Frolik represented Interstate Partners in the sale to Hamilton Partners.

Columbus, Ohio -- CASTO, The Daimler Group and The New Albany Company announced a joint venture to develop a large scale, mixed-use property, comprising 320 acres located in Columbus, Ohio at State Route 161 and Hamilton Road interchange.

Hamilton Quarter when completed will include over 700,000 sq. ft. of office space, 1 million sq. ft. of retail, restaurant, and entertainment space, up to 800 multi-family units, and 130 senior living units, as well as hospitality and other destination oriented venues.