REAL ESTATE

Goodwill opens at Freedom Square

BY Staff Writer

Naples, Fla. — Brixmor Property Group announced that a 10,000-sq.-ft. Goodwill recently opened at Freedom Square, located in Naples, Fla.

Brixmor, based in New York City, is the owner of Freedom Square.

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REAL ESTATE

X Team names new president, board members

BY Staff Writer

San Francisco — X Team International, an international alliance of retail real estate advisors, announced the election of John Cumbelich as its new president and Clay Mote and David Larson as new board members.

Exiting president is Nelson Wheeler of Strategic Retail Advisors-California.

Cumbelich, principal of San Francisco-based John Cumbelich & Associates, has been an X Team International partner since 2001. Larson, founding partner of Denver-based Legend Retail Group, and Mote, partner of Dallas-Fort Worth-based Venture Commercial, have been active in X Team International since 2002 and 2005, respectively. They join existing board members Treasurer Jonathan Lapat, principal of Boston-based Strategic Retail Advisors, and Secretary Chris Simmons, senior VP of Minneapolis-based Welsh Cos.

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REAL ESTATE

Lowe’s scales back openings, closing 20 underperforming stores

BY Marianne Wilson

Mooresville, N.C. — Lowe’s Cos. announced Monday it will open 10 to 15 stores annually in North America from 2012 forward, down from its prior target of 30 stores, and will close 20 underperforming locations. The chain is on track to open 25 stores as planned in 2011.

The stores scheduled to be closed are in 15 states, ranging from California to Maine. The closings will impact some 1,950 employees.

“Closing stores is never easy, given the impact on hard-working employees and local communities,” said Robert A. Niblock, chairman, president and CEO. “However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position.

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