Devonshire REIT acquires five Ohio properties
Whitehouse, Ohio — Devonshire REIT has acquired five retail properties in Ohio for $31 million. The properties include:
• Monroe Street Square Shopping, a 124,904-sq.-ft. center in Toledo, Ohio, anchored by Hobby Lobby. Tenants include Sally Beauty Supply, Gamestop, Play It Again Sports and Sprint PCS.
• Bed Bath & Beyond Plaza, a 100% leased, 55,139-sq.-ft. center in Toledo, anchored by Bed Bath & Beyond. Tenants include SalonCentric and Edward D. Jones.
• Office Depot Plaza, a 100% leased, 45,594-sq.-ft. center in Toledo, anchored by Office Depot.
• Pier 1 Imports, a 9,860-sq.-ft. single-tenant triple-net leased property in Toledo.
• Villages at Waterville Landing in Waterville, Ohio, a 350-acre mixed-use development with 125 acres zoned for retail development. Devonshire has acquired the retail portion of the project, which currently includes a new 80,000-sq.-ft. Kroger, a Farmers & Merchants State Bank branch and a Speedway fuel center that is under construction. Plans for the undeveloped retail space remain confidential.
The properties were purchased from local real estate developers and investors.
HH Gregg searches for new CFO
Consumer electronics retailer HH Gregg is looking for a new chief financial officer after Jeremy Aguilar resigned from the company to accept a similar role elsewhere.
Aguilar spent eight years with the Indianapolis-based operator of 228 stores. His resignation is effective as of January 31 at which time SVP of finance Andrew Giesler will assume CFO responsibilities on an interim basis.
“I would like to thank Jeremy for his leadership and many contributions to HH Gregg over the past eight years,” said HH Gregg president and CEO Dannis May. “Jeremy has been an instrumental member of our leadership team and helped support the growth of the company’s store base as we work toward becoming a national retailer. We are fortunate to be making this transition with a deep and experienced finance team in place.”
Interim CFO Gieseler joined HH Gregg in 2007 and has held several finance roles at the company. In addition to his current position, Giseler served as vp of finance, controller and director of finance and investor relations.
According to May, “Andy Giesler is a talented and experienced finance executive and I am confident he will lead the transition effectively. The company continues to pursue its key business strategies and Andy has been and will continue to be an important part of my team.”
Weather Trends: January 2014
January 2014 is projected to be the coldest in three years for the U.S. as a whole. The storm track, which will favor the milder and wetter Pacific, will be driven inland across the West with storms moving into the Plains and then heading into the Great Lakes or re-developing off the New England coast. This pattern will produce colder trends across the East Coast, but there will be short warm-ups ahead of the storms that will help to keep average temperatures near normal. Snow and ice will be much more likely across the East, northern Plains and higher elevations of the West compared to last year. Cooler weather trends across much of the East will help to drive winter apparel and hard line categories up compared to last year. Snow categories will be stronger in all the typical markets, especially around Chicago. A stormier pattern will lead to reduced store traffic, but TV viewership and online sales will increase as consumers opt to stay indoors during inclement weather.
Weather Trends International offers year-ahead business weather forecasts and intelligence to hundreds of major retailers, suppliers, and we also support many commodity/energy traders. We offer an unparalleled competitive advantage by helping our clients proactively plan for the weather up to a year in advance. For more information on what we can do for you, please contact Jack Grum [email protected] or call 610-807-0118.