REAL ESTATE

CBL completes sale of majority interest in North Carolina property
Chattanooga, Tenn. -- CBL & Associates Properties announced that it closed on a new 10/90 joint venture for Triangle Town Center and Commons in Raleigh, North Carolina, with DRA Advisors. The new joint venture acquired the property from the existing 50/50 joint venture between CBL and The Richard E. Jacobs Group for a total consideration of $174.0 million, including assumption of a $171.1 million loan secured by the property. CBL now holds a 10% ownership position in the asset and is responsible for leasing and managing, earning customary fees.
Westwood Financial appoints 20-year veteran as CFO
Los Angeles -- Westwood Financial Corp. appointed Jeanne Lazar as CFO. Lazar joins the company with more than 20 years of diverse commercial real estate finance experience. As CFO, Lazar will oversee all finance and accounting functions, including portfolio performance review and the development of financial and operational strategies.

“I’m honored to join Westwood Financial Corp. and look forward to working with the team to further the company’s goals to grow and expand in the grocery-anchored retail space,” said Lazar.

CBL announces new to portfolio retailer and newly created position

Chattanooga, Tenn. -- CBL & Associates Properties announced plans to add home retailer West Elm at Friendly Center in Greensboro, North Carolina, as part of a 12,700-sq.-ft. expansion project for the center. West Elm will occupy approximately 9,000 sq. ft. of the total expansion, which also includes Pieology Pizzeria and an additional soon-to-be-named retailer.

The new development will be located between Anthropologie and Whole Foods. Construction on the space is currently underway, and both West Elm and Pieology are scheduled to open fall 2016.
Now Trending: Closing Time

“Now Trending” is an exclusive online series to chainstoreage.com, featuring trending topics that impact the retail real estate landscape.

When Walmart announced in January that it planned to close 269 stores this year (154 locations in the U.S.), there was a good deal of chatter out there comparing the planned closures to a Macy’s announcement just over a week earlier revealing the upcoming closure of 40 stores and a restructuring plan that would eliminate more than 4,500 jobs.
Rural lifestyle retailer on fast track for expansion

Tractor Supply Company continues its rapid expansion, with the grand opening of its 1,500th store, on Feb. 13, in Odessa, Texas.

The retailer opened a total of 114 stores in 2015, and expects to open between 115 and 120 locations in 2016. Tractor Supply stores are located primarily in towns outlying major metropolitan markets and in rural communities.
Saks Off 5th adds a little Gilt to its first NYC store

Sak Off 5th's first location in New York City will feature a pop-up shop that appeals to the retailer's target market.

Saks announced that Gilt will open its first ever in-store shop at the Saks Off 5th store in New York. The pairing of these two brands in a physical space marks Gilt's entry into brick-and-mortar retail and demonstrates the company's plans to bring an all-channel shopping experience to Gilt customers.
Mid-America Real Estate arranges five leases totaling over 23,000 sq. ft.

Minneapolis -- Mid-America Real Estate announced five new retail leases recently signed on behalf of retailers. Mid-America Tenant Representation team represented the tenants in the following transactions, listed below in order of transaction size.

St. Louis Park, Minnesota (Hennepin County) – J. Crew Factory signed a 6,500 sq. ft. lease at Shoppes at Knollwood located in St. Louis Park, Minnesota. The 456,554-sq.-ft. center is anchored by Kohl’s and Nordstrom Rack.
CEO, CFO and two others resign following audit committee review

New York -- Brixmor Property Group announced today that it has named Daniel Hurwitz, former CEO of DDR Corp. and the founder and CEO of Raider Hill Advisors as Interim CEO, effective immediately. Hurwitz will also be appointed to serve on the company's board of directors.

The company also announced that CEO Michael Carroll, president and CFO Michael Pappagallo, and chief accounting officer Steven Splain, along with an accounting employee, have resigned, effective immediately. Carroll has also stepped down from the company's board of directors.
CBRE hires head of retail research

Los Angeles -- CBRE Group announced that Melina Cordero, a retail analyst, consultant and researcher has joined the company as head of retail research, the Americas. Cordero will work closely with CBRE Retail business-line leaders and professionals to generate innovative, in-depth research and analysis to inform CBRE clients about the ever-changing retail and shopping center industries.
One to Watch: Sally Beauty becomes a real looker as it ups expansion

Sally Beauty Holdings observed a major milestone recently with the opening of its 5,000th location, but the $3.8 billion Texas-based retailer has even bigger ambitions for more stores and new services as it vies for market share with mass and specialty players.