Microsoft

Acquisition-minded Inventrust Properties has announced the purchase of two adjoining centers in Pembroke Pines, Florida, for a total of $163 million. Following completion of an expansion project later this year, the two will total 389,000 sq. ft.   The dominant Westfork Plaza is anchored by Costco and Regal Cinemas and includes Ross Dress for Less, T.J. Maxx, and Petco. The adjoining Paraiso Parc is a Publix- anchored center with restaurants including Firehouse Subs and necessity-based retail.  

Vestar announced the close of a deal to acquire the Twin Creeks Marketplace in Allen, Texas, north of Dallas.   Opened in 2016, the 43,134-sq.-ft. center sits on five acres at the intersection of W. Exchange Parkway and Alma Drive. Tenants include Sprouts Farmers Market, Verizon, Starbucks, Advancial Credit Union, Luxe Nails, Studio Smiles, and ATI Physical Therapy.  

CBL has worked out sales-leaseback deals with Sears Holdings to take ownership of five Sears department stores and two Auto Centers located at company malls in the Southeast. The deal was consummated for $72.5 million.  

Eighty retail real estate executives from CBRE recently gained the distinction of being the first class to graduate from a course designed to give field professionals a deeper knowledge of rapidly evolving retail business models and how they influence site selection.  

Kristin Grove, most recently director of leasing for GGP, has joined JLL as VP of National Retail Leasing. Grove will be based in Los Angeles and oversee leasing efforts and merchandising strategy for retail space on the West Coast.  

Alan Young has been named senior VP of Property Management in Minnesota by Mid-America Real Estate. He joined the company’s third-party management operation in 2011.   Young spent nearly six years at GGP earlier in his career, managing a portfolio of 10 regional shopping centers generating more than $100 million in net income. He rose to VP and group director at the company before joining Mid-America as a senior property manager.   Young was named a partner in Mid-America last year.

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Phillips Edison, a major player in grocery-anchored centers with more than 270 properties across the U.S., has announced three key senior management promotions. 

Eric Richte

Every year, 30,000 retail industry professionals descend on Manhattan for the National Retail Federation’s “Big Show.    It’s a once-a-year opportunity to take the pulse of one of our most familiar industries. Amazon conspicuously abstains from the event, but it is nonetheless the focus of many conversations, distracting some retailers from the real opportunity: innovations in customer experience. Thankfully, this year a healthy shift seems to have begun.  

PizzaRev, a build-your-own fast-casual pizza concept, began its expansion into Tennessee this week with the opening of a Memphis location. The grand opening at 6450 Poplar Avenue was celebrated with an all-day fundraiser for Le Bonheur Children’s Research Hospital.   Two additional locations are under construction in Memphis, and another is underway in Nashville. PizzaRev currently franchises and operates 47 stores and has more than 200 others under development in 17 states, Washington, D.C., and Mexico.  

Starbucks posted disappointing sales growth for its first quarter, citing “a challenging environment for restaurant retailers overall.”   The coffee giant reported that its consolidated net revenues increased 7% in the quarter, ended January 1, 2017, to $5.73 billion, less than analysts had expected.