Alliance Data signs multi-year renewal agreement with Arhaus Furniture
Dallas — Alliance Data Systems Corporation, provider of loyalty and marketing solutions derived from transaction-rich data, announced it has signed a multi-year renewal agreement with Arhaus Furniture — a high-end retailer of quality, customizable home furnishings and accessories — to continue providing turnkey private label credit-card services for Arhaus’ retail locations.
Under terms of the agreement, Alliance Data will continue providing private label credit-card services, including account acquisition and activation, receivables funding, card authorization, private label credit-card issuance, statement generation, remittance processing, marketing services and customer service functions as part of the "Archarge" credit-card program. Program benefits include flexible financing options and online account management for Arhaus cardholders, as well as customized messaging in monthly billing statements.
"We look forward to continuing our 18-year partnership with Alliance Data, and truly value the private label credit-card services the company has provided to Arhaus through the Archarge credit-card program," said John Reed, CEO of Arhaus Furniture, which has 35 stores in 14 states, with plans for four additional locations in 2011. "With Alliance Data’s approach to customer service aligning nicely with our customer care philosophy, we’re able to deliver meaningful value to our customers through this card program. The Archarge program is an important extension of our brand — one that helps to ensure we’ll continue to be our customers’ retailer of choice when it comes to fine furniture and accessories."
George Smith Partners completes construction financing on retail center development
Los Angeles — Commercial real estate investment banking firm George Smith Partners, has completed a $17.2 million, two-phase, construction loan transaction in Oxnard, Calif., for Upside Investments.
“The construction loan will be used to pay off a land loan, demolish existing buildings, build and renovate retail buildings and complete horizontal construction for a pad to be occupied by Lowe’s Store,” according to Steve Bram, principal and managing director of George Smith Partners. Bram was assisted in the financing by David Pascale, senior VP.
Upside Investments purchased this mostly vacant and functionally obsolete property in 2007. Since then, it has been getting entitlements and negotiating leases, lease extensions and tenant relocations. The 16-acre Carriage Square retail center will now be partially demolished and redeveloped to contain 170,000 square feet of retail space.
The cornerstone of the newly renovated center will be the 138,000-sq.-ft. Lowes Home Improvement store, which will occupy subject to a 20-year ground lease. The remaining tenants are a mix of national chain restaurants and local tenants, including IHOP, 7-11, KFC and Kragen, which will be located on outparcels around Lowes.
Sudberry breaks ground on mixed-use development in Mission Valley, Ca.
San Diego — Sudberry Properties has broken ground on the first phase of Civita, the 230-acre mixed-use development that will turn a 70 year-old quarry in Mission Valley, Ca., into a walkable community with attainable housing options, village shops, businesses, access to San Diego’s Light Rail System and abundant acres of park space all within a 15 minute walk of one another.
The Civita community is planned in four phases over a 12 to 15 year time frame with each phase taking approximately three to four years to complete. The first phase includes apartments and townhomes. Additionally, there will be almost 1 million sq. ft. of office and retail space for shops and restaurants in subsequent phases, providing the opportunity to live, work and play in Civita.
More than one-third of Civita will be devoted to open space and public areas that will include public parks, landscaped public parkways, private open space and a Civic Center with a plaza, amphitheater for public events and Heritage Museum.
The final master plan was developed by Elkus Manfredi Architects, of Boston.