REAL ESTATE

Brixmor appoints new chief investment officer

BY Melonie Messina

New York — Brixmor Property Group named Michael Hyun as its new chief investment officer and as a member of the Company's Management Committee, effective Dec. 14. Hyun will be responsible for the strategic and day-to-day oversight of business development, portfolio management and capital recycling for Brixmor.

"Michael's capital markets and finance capabilities, coupled with his broad understanding of real estate dynamics, make him well-suited to oversee our portfolio management and acquisition teams. His proven transaction and diversified investment experience enhances our ability to source and evaluate strategic opportunities,” said Michael Carroll, CEO for Brixmor.

Prior to joining Brixmor, Hyun served as an executive director at Morgan Stanley in its Real Estate Investing group and at Greenstreet Capital Partners. Over the past 10 years at Morgan Stanley, he has been involved in more than $4 billion of transactions, both as a principal investor and investment banker. As an investor, Hyun evaluated and executed on a wide range of transaction types including equity and debt investments in individual assets, portfolios and public REITs. As a banker, his transaction experience includes M&A, asset sales, strategic advisory and issuance of debt, common and preferred equity.

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DayBreaker

First Look: Nike’s new Michael Jordan showplace

BY Marianne Wilson
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Anyone who thinks Michael Jordan’s star may have dimmed in the 10-plus years since he retired from professional basketball, should think again.

Nike on Saturday, Oct. 24, in Chicago, debuts its first-ever store dedicated entirely to its Jordan Brand, and fans of the sports legend, along with sneaker enthusiasts, lined up for days in anticipation of the opening. Nike also plans to open Jordan Brand stores in additional locations, including New York, Los Angeles and Toronto.

The Chicago store is named after its address, 32 South State, in the city’s Loop district. But the main exterior signage is the brand’s signature “Jumpman” silhouette logo.

“We are privileged to not only lease space in our building to Nike’s first-ever dedicated Jordan Brand retail location, but also have the store be named after the property’s address,” said Melissa Gliatta, executive VP of Thor Equities, which also owns a number of additional properties in Chicago.

Jordan gave his Twitter followers a preview of the store, including the video above in his tweet: “No place like home. A look inside 32 South State, a retail experience with ‪@Footaction‬.

The spirit of Jordan is evident throughout the store, which feature products in all four of the brand’s categories: basketball, training, sportswear, and kids. The space has an urban industrial look and is accented with images of the athlete, including an oversized stylized mural. Shoes he wore on the court are displayed. A floor drawing features a six-finger hand, reflecting Jordan's six championship rings.

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OPERATIONS

Staples founder Tom Stemberg dies

BY Mike Troy

One of the retail industry’s true innovators, Staples co-founder Tom Stemberg, passed away on Friday at the age of 66.


Stemberg, who died at home after a two-year battle with gastric cancer, was considered the father of the office superstore format. With the backing of Bain Capital and its co-founder, Mitt Romney, he co-founded Staples in 1986, and went on to lead the company through a period of rapid growth to dominate the office products industry.

“Stemberg was “an extraordinarily creative and dynamic visionary,” Romney told the Boston Globe. “Tom is one of the great business leaders of our state and our nation. He was not only the founder, but someone who grew the company to a multibillion-dollar enterprise. He built an industry that employs thousands and thousands of people.”

After leaving Staples, Stemberg joined the venture capital firm of Highland Capital Partners in 2005, where he served as a general partner. According to his Highland profile, he was serving on the boards of CarMax, CitySports, DavidsTea, Guiltar Center, lululemon athletica and Pharmcac among others.

Staples chairman and CEO Ron Sargent issued the following statement:

“Tom was a visionary who invented the office products superstore and turned it into a global industry. He had great energy, determination, and an incredible passion for our business. His entrepreneurial spirit and legacy will live on through the many people he inspired and the company he created. On a personal note, I’ll remember Tom for his great sense of humor, and most of all, his caring nature.”

Stemberg began his retail career with the Jewel Company’s Star Markets, where he served as a VP of sales and merchandising.

Stemberg was born in Newark, New Jersey, the only child of Austrian immigrants Erika and Oscar Stemberg. He received an academic scholarship to Harvard College in 1967 to study organic chemistry.

After graduating in 1971, Stemberg attended Harvard Business School, where he received a master’s in business administration. Throughout his life, he was a devoted fan of the university’s basketball team, and established an endowment to fund the position of basketball coach Tommy Amaker.

“While he will be rightfully remembered as a brilliant leader and adviser to a number of wildly successful organizations that employ so many, to me he will always be the man who was there for Harvard basketball, supporting the dreams of young athletes who are better people for his generous devotion to the school and to the game,” Massachusetts Governor Charlie Baker, who played basketball at Harvard, said in a statement.

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