Beachwood, Ohiobased Developers Diversified Realty has completed its acquisition of Inland Retail Real Estate Trust. The $6.2 billion transaction, completed on Feb. 27, represents the second-largest retail REIT-acquisition closed to date, according to the National Association of Real Estate Investment Trusts and Thomson Financial. The Inland portfolio totals 44.2 million sq. ft. of space.
Washington, D.C.-based Madison Marquette has united its tenant representation and specialty leasing capabilities under one national brand name, Madison Retail Group. The team includes New York City-based Madison HGCD and Washington, D.C.-based Madison Retail Group.
CBL & Associates Properties, Chattanooga, Tenn., has promoted Deborah Gibb to VP, corporate relations, and Stuart Smith to VP, planning/redevelopment. The company also promoted Gus Stephas to COO/senior VP. … Beachwood, Ohio-based Developers Diversified Realty has announced that David Jacobstein will be stepping down from his position as president and COO effective May 8. Daniel Hurwitz, currently senior executive VP and chief investment officer, will assume the role of president and COO at that time. … Excess Space Retail Services, Lake Success, N.Y., has promoted Howard Goldfarb to COO and Leo Greco to senior managing director. … Montgomery, Ala.- based Jim Wilson & Associates has named Jim Wilson III to the position of chairman of the board/CEO, and Will Wilson as president.
Finish Line 4Q Profit Narrows
Indianapolis, Finish Line said Thursday the company earned $21.1 million in its fourth quarter, compared with profit of $28.1 million during the same period a year prior. Revenue rose to $429 million from $399.2 million.
Expenses for the quarter rose to $93.9 million from $85.1 million. The company also saw an asset impairment charge of $7.5 million compared with $2.5 million a year ago. Comp-store sales fell 5.4% during the quarter.
For the full year, the company earned $32.4 million.
Sharper Image, OfficeMax Partner
San Francisco, Sharper Image has announced a multi-year licensing agreement with OfficeMax. The agreement with OfficeMax is the first to be announced by Sharper Image’s newly created brand licensing division.
Under the agreement, OfficeMax will offer Sharper Image branded office furniture and accessories made exclusively for OfficeMax under the Sharper Image Office brand. Products will include desks, chairs, shredders, desk sets, accessories and related items. The first product collection is currently rolling out into OfficeMax stores, with additional collections to debut throughout and beyond 2007.