Corporate Governance

Lansing, Mich. — Mid-America Real Estate Corporation’s Investment Sales team has brokered the sale of a portion of the 313,000-sq.-ft. Edgewood Town Center in Lansing, Mich. Office Max and Dollar Tree anchor the center, while Target and Sam’s Club shadow anchor.

RCG Ventures LLC purchased the 86,000-sq.-ft. portion, whch excludes shadow anchors, for an undisclosed amount from Ramco-Gershenson Properties Trust. Mid-America represented Ramco-Gershenson.

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.

Global Payments president Jeffrey S. Sloan has been named as the company's CEO by the company’s board of directors. He succeeds Paul R. Garcia, who has been the company’s CEO since June 1999 and Chairman since October 2002.  

Under Garcia's leadership, Global Payments became a publicly traded company in early 2001. At that time, Global Payments generated annual revenues of under $350 million, nearly all of which was sourced in the United States. Today, Global Payments is a multinational corporation with nearly $2.5 billion in revenues for fiscal year 2013.

New York -- Consumers are choosing specialty foods over conventional foods at record levels, according to research from the Specialty Food Association.
 
Nearly 75% of U.S. consumers report making specialty food purchases this year, a major increase since the economic downturn of 2009 when only 46% reported that they bought these high-quality products. Consumers surveyed say they spend about one quarter of their at-home food dollars on specialty options like artisanal chocolates, cheeses and oils.

New York -- Artisanal Brands, a marketer and distributor of specialty, artisanal and farmstead cheeses and other specialty food products, has signed a long-term lease on a new Artisanal Cheese Center in New York City with cheese aging caves, production and office facilities, as well as the first retail outlet to be owned and managed by the company.  
   

Springfield, N.J. – Village Super Market reported net income of $6.2 million during fourth quarter 2013 and $25.8 million during the full fiscal year. These figures were respectively down 31% from $9 million and 18% from $31.4 million year-over-year.

The retailer cited the negative impact of higher expenses and lower gross profits as contributing to its drop in net income.

Plano, Texas – J.C. Penney Company shareholder Alan Marcus is suing the troubled department store chain because of its recent decision to build equity by issuing more than $800 million worth of new stock, which sent share values plunging, Reuters reported.    

The report said Marcus, who bought 300 shares of Penney stock on Sept. 26 shortly before the new stock was announced, is trying to obtain class-action status for his suit.
     

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.