Corporate Governance

Cincinnati, Ohio -- Phillips Edison-ARC Shopping Center REIT Inc. has announced the acquisition of Sunset Center, a 164,797-sq.-ft. shopping center anchored by a 54,971-sq.-ft. Safeway.

The acquisition brings the Phillips Edison-ARC portfolio to 41 properties in 16 states with an aggregate purchase price of approximately $518.5 million.

MINNEAPOLIS — Target Corp. has appointed former senator and secretary of the interior Kenneth Salazar to its board of directors. He replaces Mary Dillon, who resigned from the board last month after being named CEO of Ulta Beauty.

Salazar, who recently began working for the law firm WilmerHale, served as a Democratic member of the Senate from Colorado from 2005 to 2009 and as interior secretary under the Obama administration from 2009 until earlier this year, when he was replaced by Sally Jewell. 

Seattle -- TC Global (dba Tully’s Coffee Shops) has announced the completion of the sale of substantially all of its assets to Global Baristas, an investment group led by Patrick Dempsey. Global Baristas bought the assets in an auction in bankruptcy court last January. The company plans to continue to operate Tully’s Coffee Shops and to retain all of the employees.

NAPERVILLE, Ill. — OfficeMax is taking its new Business Solutions Center store concept to Chicago’s business-rich Streeterville neighborhood later this summer. The retailer opened its first center in Milwaukee back in April to test the pilot concept. 

The currently unoccupied street-level location at 550 St. Clair St. will give the retailer 3,900-sq.-ft. of retail space where it will be able to showcase business services, solutions and products to help local entrepreneurs grow their businesses. 

Burlington, Mass. -- KeyPoint Partners has released The KeyPoint Report for Eastern Massachusetts/Greater Boston 2013. The report examines supply, occupancy, absorption and retailer expansion and contraction for virtually every retail property in the region. The 2013 report also includes a ten-year historical perspective that discusses the regional retail economy before, during and since the recession.

CORTE MADERA, Calif. — Restoration Hardware is a company one tends to associate with high-end home furnishings, but the company is expanding into new territory. RH recently launched Hierarchy — an apparel, accessories and footwear brand — and has edited its executive leadership team as a result.

New York -- Martha Stewart has agreed to reduce her annual base salary by $200,000 to $1.8 million.

Stewart, founder and chairwoman of Martha Stewart Living Omnimedia Inc., also gave the green light to allow the company to reduce her annual licensing fee by $300,000 to $1.7 million, according to a regulatory filing Wednesday.

The cuts, according to company executives, are “consistent with their plan to return ... to profitability.”

MSLO reported a net loss of $3.27 million for the first quarter ended March 31.

Naperville, Ill. – OfficeMax has signed a lease agreement to open the first of its business solutions center concept stores in Chicago. The 3,900-sq.-ft. store, located in a currently unoccupied space at 550 St. Clair Street in the Streeterville neighborhood, will open later this summer and cater to the needs of business customers.

Special services for business customers will include enhanced technology support, marketing, document and shipping services, and expert associates.