Equity One team named to lead DDR
Equity One CEO David Lukes has accepted the chief executive’s position at DDR Corp., it has been announced in a press release from DDR. Equity One was acquired by Regency Centers in November to form the largest REIT focused on shopping center development.
Two of Lukes' lieutenants at Equity One will join him in leading the Beachwood, Ohio-based company. COO Michael Makinen and CFO Matthew Ostrower will perform the same roles at DDR.
Outgoing DDR CEO Tom August, another former Equity One chief executive, had served as a placeholder since the termination DDR CEO David Oakes last July.
This makes the fourth CEO job held by Lukes since 2010, having led Mall Properties and Seritage Realty Trust before taking the helm at Equity One. He previously spent eight years at Kimco Realty Corp., exiting there as executive VP and COO.
"One of DDR's key objectives over the past year has been to ensure long-term management succession,” commented Terrence R. Ahern, chairman of the DDR Board of Directors. The board and Tom were in agreement and very pleased when the opportunity arose to have David, Mike and Matt join DDR.”
Tru by Hilton destined for Streets of St. Charles
Hilton Hotels will break ground later this month on a new Tru by Hilton location at Streets of St. Charles, a Cullinan-owned, mixed-use property in the historic Mississippi River town north of St. Louis.
“Since its inception, Streets of St. Charles has been envisioned and developed around the idea of creating a community where there is something for everyone and all would feel welcome to gather and share experiences,” said Cullinan VP and Director of Leasing Kathleen Brill.
Tru, Hilton’s hospitality entry for millennials, fits neatly into the live-work-play environment of a mixed-use development. The Tru blueprint features a four-zone lobby with alcove work spaces, build-your-own-breakfast bars, and table games surrounding the registration area.
”Guests will have a travel experience rather than just a place to sleep,” said Hilton Executive VP Bruce Kinseth, who added that the company was eager to introduce the concept to the St. Louis market.
Cullinan also announced the signing of First Watch The Daytime Café to a lease at Street of St. Charles, whose other tenants include P.F.Chang’s, AMC Theatres, SuperCuts, Bar Louie, and Orangetheory Fitness.
New joint venture promises better data analysis for retail real estate managers
The asset disposition company A&G Realty has entered into a joint venture with a supermarket real estate veteran with the business proposition that better data analysis will help retailers be more proactive in managing real estate portfolios.
A&G has joined forces with former Supervalu executive Joe McKeska to form Elkhorn Real Estate Partners, a venture pledged to help retailers identify opportunities for new or replacement stores, re-invest assets to improve performance, and restructure their assets in line with broader, data-driven market strategies.
“We want to help retailers get more granular with their real estate strategies,” said Andy Graiser, co-president of A&G. “Sometimes the best decision is to exit a market. Other times the best decision might be to upgrade a store or replace it with a different brand.”
A&G joined forces with McKeska, Graiser said, because of his extensive background in supermarket real estate development along with a “demonstrated ability to analyze third-party data and marketplace trends to ensure that those developement decisions were accretive to his companies.”
In grocery-anchored centers, especially, the landscape is rapidly evolving. Events such as the German grocery chain Lidl entering the U.S. with 100 locations in the coming year challenge retailers to become more studied and nimble with their real estate strategies.
Elkhorn uses third-party data and analysis, including location-based modeling and geospatial data, to inform real estate decisions. “Elkhorn merges leading-edge research with Joe’s decades of experience in retail strategy and analysis to create unique deliverables for our clients,” said A&G Co-President Emilio Amendola.
During his 25-year career, McKeska attests to having developed, acquired, disposed of, and managed more than 130 million square feet of real estate and helped lead mergers and acquisitions valued in excess of $12 billion. At Supervalu, he oversaw the real estate operations of more than 5,000 stores in 42 states that were either company-operated, licensed, or serviced by the company’s wholesale unit.