PetSmart LLC

Beachwood, Ohio — DDR Corp. and an affiliate of Blackstone Real Estate Partners VII have announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc.

The joint venture will acquire the portfolio in a transaction valued at $1.975 billion, including assumed debt of $461 million and approximately $800 million of new financings.  

Oakbrook Terrace, Ill. — Mid-America Asset Management Inc. has secured four new retail leases on behalf of three lifestyle shopping centers in the Chicago metropolitan area. Mid-America represented the landlord in each transaction.

In Algonquin, Ill., Pure Mountain Company has taken 8,824 sq. ft. at Algonquin Commons in Algonquin, Ill. Premier Commercial Realty represented the tenant. Dick’s Sporting Goods, DSW, Old Navy, PetSmart and Trader Joe’s anchor the 578,825-sq.-ft. Algonquin Commons lifestyle center.

Phoenix -- PetSmart has named Phil Bowman to the position of executive VP of customer experience effective June 30. He will report directly to David Lenhardt, president and chief executive officer of PetSmart.

Bowman has extensive experience in brand-building, digital marketing, ecommerce and customer data analytics, as well as the creation of an integrated customer experience. Most recently, he served as chief marketing officer at TD Ameritrade, one of the world’s largest online securities brokerage companies.

PetSmart has named Phil Bowman as EVP of customer experience, effective June 30. He will report directly to president and CEO David Lenhardt.

Bowman has extensive experience in brand building, digital marketing, e-commerce and customer data analytics, as well as the creation of an integrated customer experience. Most recently, he served as chief marketing officer at TD Ameritrade, one of the world’s largest online securities brokerage companies.

Phoenix – PetSmart Inc. posted a 1.3% increase in net income during the first quarter of fiscal 2014, rising to $104 million from $102 million in the first quarter of the prior year. Net sales increased 1.1% to $1.7 billion, but same-store sales missed Wall Street expectations by falling 0.6%.

PetSmart cited a challenging and volatile consumer environment and a competitive market as contributing to its weaker-than-anticipated same-store sales results.

Despite posting a net sales increase for the first quarter of fiscal 2014, PetSmart’s comparable-store sales missed expectations thanks in part, according to president and CEO David Lenhardt, to a challenging and volatile consumer environment and a competitive market. The company has updated its guidance for the full year as a result.

Phoenix -- PetSmart has partnered with the City of Detroit and the non-profit community organization Detroit Dog Park to open a portable, pop-up dog park to a vacant lot in Detroit.

Retailers are really taking notice of how valuable pop-up shops are as a marketing tool, including PetSmart, which has partnered with the City of Detroit and the nonprofit community organization Detroit Dog Park to set up a portable, pop-up dog park in a vacant lot in Detroit.

PetSmart is hitting the road for its first-ever Inspiration Waggin’ six-city tour in the United States and Canada, and is leveraging social media to promote it.

As the truck makes its way across the country, dogs, puppies and cats will visit retirement centers, university campuses and local spots so people can benefit from a wagging tail and some unconditional love. The Inspiration Waggin’ will make stops in:

Oak Brook, Ill. — Retail Properties of America has announced an agreement to acquire six multi-tenant retail assets through the dissolution of its MS Inland joint venture. The joint venture owns the portfolio, with 20% owned by RPAI and 80% owned by RPAI’s partner. RPAI will acquire its partner’s 80% interest in the six properties.