REAL ESTATE

A&P teams with Esri for real estate solution

BY Katherine Boccaccio

Redlands, Calif. — Esri announced Wednesday that the Great Atlantic and Pacific Tea Co. has licensed Esri GIS technology and data to provide localized shopping trends data toward supporting the grocer’s commitment to growing its market presence across the Northeast.

"Partnering with Esri allows us to enhance our real estate strategy in the neighborhoods that we currently serve by enabling us to meet the specific needs of our customers," said Nrup Krishnamurthy, A&P chief information officer. "In addition, this technology will serve as an essential business tool to help us make well-informed decisions about where and how we go to market in the future."

Esri’s location analytics provide A&P staff with valuable data on store locations, including key demographics and shopping trends in local communities. By analyzing geodemographic data, part of the Business Analyst solution, A&P can continue to grow and develop its stores, according to the grocer.

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REAL ESTATE

CBRE names president and CEO

BY Katherine Boccaccio

Los Angeles — CBRE Group announced that Robert E. Sulentic assumed the position of president and CEO, effective Dec. 1.

Sulentic succeeds Brett White, who, as previously announced, retired on Nov. 30.

Sulentic, most recently the company’s president, also joined CBRE’s board of directors, which has expanded to 11 members. White also remains a member of the board.

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REAL ESTATE

Trademark JV acquires Watters Creek

BY Katherine Boccaccio

Fort Worth, Texas — Trademark Property Group announced that together with Coventry Real Estate Advisors, Southern Land Co. and PCCP, it has recapitalized the Watters Creek at Montgomery Farm mixed-use project near Dallas in a joint-venture arrangement.

The Joint Venture acquired the note on the property from a multi-bank syndicate led by PNC Bank. PCCP provided the capital for the transaction from its opportunistic fund, PCCP Equity VI, L.P.

According to the group, the restructuring provides them time and flexibility to shore up the property, including implementing plans to execute more than 25,000 sq. ft. of new leases and a range of property improvements.

Watters Creek is a 706,000-sq.-ft. project composed of 100,000 sq. ft. of office, 365,000 sq. ft. of retail and 233 multi-family apartments.

Trademark also announced new leases with Z Gallerie (8,500 sq. ft.), Texas Health Resources (6,000 sq. ft.), as well as over 10,000 sq. ft. of additional tenants to be announced shortly, with plans to aggressively seek other quality tenants.

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