Corporate Governance

San Francisco -- Gap Inc. reported Thursday that net income for the fourth quarter plummeted 40% on higher costs and aggressive discounting during the holiday selling season.

Net income for the quarter ended Jan. 28 was $218 million, compared with $365 million a year earlier. Sales dipped to $4.28 billion in the quarter, from $4.36 billion, matching Wall Street estimates.

Birmingham, Ala. -- Bayer Properties announced that Jay Wiseman has been named VP of acquisitions for the company.

Wiseman was previously with CBL & Associates Properties, Chattanooga, Tenn., where his responsibilities included acquisition of malls, strip centers and office buildings nationwide. He also sourced international investments and established investment platforms in Brazil and China.
 

Phoenix -- Cole Real Estate Investments announced that it signed leases totaling nearly 640,000 sq. ft. at Cole-related retail properties during 2011.

Cole secured approximately 308,000 sq. ft. of new leases, along with 330,000 sq. ft. of renewals, bringing the occupancy rate for its portfolio of properties to 97.8%.

Mount Laurel, N.J. -- Metro Commercial Real Estate announced that Jonathan Klear has joined its full-service brokerage team.

Klear most recently worked for NAI Mertz.

Boston -- Gordon Brothers Group announced that Mark T. Dufton has been named CEO and Neill J. Kelly has been named president of DJM Realty, Gordon Brothers’ real estate management affiliate.

Dufton has held the role of interim president of DJM Realty since December 2011. He is a former veteran of the company, after having spent nine years with DJM as principal and senior managing director.

Kelly is also a former DJM executive, having served as managing director from 1999 to 2003. He was previously principal at RK Realty Advisors.

Dallas -- Fort Worth, Texas-based Trademark Property Co. announced the opening of Central Market’s first small prototype store at its Preston Oaks center. Located in the Preston Hollow neighborhood in Dallas, the 30,000 sq.-ft. store is the ninth location -- the fifth in Dallas-Fort Worth -- for the specialty grocer.

The agreement with H-E-B Central Market was originally announced by Trademark in May 2011 following strong interest from several potential tenants looking to move into the former Borders bookstore location.

Jacksonville, Fla. -- Regency Centers has announced the installation of the company’s first solar energy system at the Shops at Saugus in Saugus, Mass. The 18,740-sq.-ft. photovoltaic array, built with 1,064 rooftop panels, will generate an estimated 250 KW of renewable energy annually. The zero-emission power source will supply nearly 65% of the power needed by the center’s grocer Trader Joe’s.

Dallas – SRS Real Estate Partners announced that Pierce Mayson has joined the company as a senior associate in the Atlanta office.

Prior to joining SRS, Mayson worked as a retail investment sales broker in Newmark Knight Frank’s southeast capital group.

Covington, La. -- Stirling Properties announced the closing of the land acquisition and development financing for Mid-City Market, a 107,713-sq.-ft. Winn-Dixie anchored shopping center located in New Orleans.

Mid-City Market’s amenities will include terraced outdoor seating and pedestrian plazas, benches, bike racks, trellises, and native landscaping throughout to compliment the proposed Lafitte Greenway pedestrian and bicycle pathway which will border Mid-City Market.

Nashville, Tenn. -- X Team International announced that Nashville-based partner Baker Storey McDonald Properties has acquired two shopping centers located in Kentucky and Ohio.