Corporate Governance

Wilmington, N.C. — Marcus & Millichap Real Estate Investment Services has arranged the sale of The Forum, a 105,000-sq.-ft boutique retail center in Wilmington, N.C. The $24,680,000 sales price equates to $233 per square foot.

Marcus & Millichap’s Fort Lauderdale office represented the seller, the developer of the property, Swain & Associates, as well as the buyer, L&B Realty Advisors LLP, a pension fund. Swain & Associates will maintain its offices at The Forum and continue to handle leasing responsibilities.

Westwood Village, Calif. — Urban Outfitters has signed a lease with Topa Management Co. for 16,556 sq. ft. in Westwood Village, Calif., more than doubling the size of its presence in the urban village. The McDevitt Co. represented both parties in the transaction.

The new store, Urban Outfitters third largest in California, has original exposed brick wall, ironwork and high ceilings and provides a brand appropriate space for the retailer.

Cumming, Ga. — LaVida Massage Wellness Center will open its seventh location in the greater Atlanta area in October. The new 3,200-sq.-ft. center will be located with in Castleberry Southard Shopping Center in Cumming.

The new center will have 11 regular massage therapy rooms including one dedicated to couples’ massage.

New York -- Lord & Taylor, a division of Hudson’s Bay Company, has opened a store at Mizner Park, an open-air, mixed-use center in downtown Boca Raton, Fla. The two-level, 80,000-sq.-ft. store store marks the retailer’s return to the Sunshine State.

The new store features the company’s latest store design, which emulates a classic style but with a new, updated twist. A sense of glamour permeates the space, seen in such details as chandeliers imported from Italy and 300 mannequins that showcase strong fashion statements.

Schurman Retail Group, owners of Papyrus North America, unveiled its newest concept, Niquea D., on the Upper East Side of Manhattan. The store features women’s jewelry and accessories, clothing, scents, home décor, and paper and gift products.  

With a mix of antique furniture, one-of-a-kind chandeliers, and hand-painted rich blue damask walls, the 900-sq.-ft. space has the feel and look of a Parisian boutique. A second Manhattan location is scheduled to open later this fall, downtown on Hudson Street

Pleasanton, Calif. – Safeway Inc. saw its net income plunge 58% from $157 million to $65.8 million during the third quarter of fiscal 2013, amid a software impairment charge, higher theft and lower property gains. Results, however, beat expectations however.

Sales grew 1.1% from $8.52 billion to $8.62 billion, driven by a 1.9% improvement in same-store sales.

New York – Halston is launching its digital flagship store in more than 80 countries today, including the U.S., and Canada. The vertical e-commerce site will feature Halston Heritage apparel and accessories. The brand is also expanding its physical presence, with plans to expand to more than 20 locations by yearend.

Shelton, Conn. -- TABS Group, a technology-enabled analytics firm, has announced the formation of a senior-level team dedicated to supporting internal and customer-related initiatives with Walmart.

TABS Group will tap into its new talent base to obtain a comprehensive understanding as to how the largest U.S. retail chain operates on a chain and local level. The insights gained will benefit Walmart and consumer products manufacturers and further contributes to the firm's mission to simplify and improve the way analytics is conducted within the industry.

Dhaka, Bangladesh – Another deadly fire has reportedly hit a garment factory in Bangladesh. According to Bloomberg, an Oct. 8 blaze at a garment factory near the Bangladesh capital city of Dhaka killed 10 workers and injured more than 50.

Monroe, Mich. – La-Z-Boy Inc. intends to acquire two La-Z-Boy Furniture Galleries stores located in the Youngstown, Ohio, market, with combined revenue of approximately $6.5 million. The stores are located in Boardman and Howland, Ohio, and are owned and operated by independent dealers who are retiring.