Real Estate

Beachwood, Ohio -- Developers Diversified Realty Corp. announced a new gift-card partnership with MasterCard Worldwide in Puerto Rico.

The MasterCard program, called the Isla Plus Card, represents an extension of a significant, long-term partnership between the two companies in Puerto Rico. The Isla Plus Card is designed to promote even greater acceptance among merchants and consumers, and provide the flexibility consumers demand in gift-card programs.

Princeton, N.J. -- NAI Global said it has named Art Carll as senior VP for the commercial real estate firm.

Carll previously served as the executive managing director of NAI Las Vegas and regional manager for the Western Region for NAI Global.

Carll will be focused on business development and service delivery with NAI Global’s Special Asset Solutions and Corporate Solutions groups in the West, as well as supporting NAI members throughout the Western region.

New York City -- TF Cornerstone announced that it has inked a 10-year lease for approximately 3,500 sq. ft. with Brother Jimmy’s BBQ.

The company will be headquartered at 521 West Street at 95 Horatio Street, using the space to house the company’s corporate offices, commissary and catering facility.

Dallas -- J.C. Penney on Monday unveiled a restructuring plan, which includes close five department stores and one home store, because they are no longer profitable enough. The retailer named William Ackman to its board after the activist investor became its biggest shareholder

San Jose, Calif. -- Grubb & Ellis Co. announced that Robert Cook has joined the company as senior VP corporate services, based in the company’s San Jose office. 

Las Vegas -- Jacksonville, Fla.-based Regency Centers said it has leased 3,000 sq. ft. of retail space in Las Vegas, at Centennial Crossroads Plaza to Sprint.

The store is slated to open in June.

The 105,414-sq.-ft. shopping center is anchored by a 55,256-sq.-ft. Vons.

New York City -- After filing for Chapter 11 reorganization bankruptcy in September, then winning an extension until Feb. 4 to file its restructuring plan to emerge from bankruptcy, Blockbuster now has until March 21 to file the plan and until May 20 to round up enough votes among its creditors for approval.  

Judge Burton R. Lifland of U.S. Bankruptcy Court in Manhattan granted the extension Wednesday.

New York City -- Real estate firm The Feil Organization announced Friday that Tommy Bahama has signed a groundbreaking lease for the opening of its first Manhattan store at 551 First Avenue at 45th Street.

The Seattle-based chain signed a 12-year lease agreement and will occupy 8,500 sq. ft. on the ground, mezzanine and basement levels of the renowned art deco Fred F. French building that is owned and managed by The Feil Organization.