Hutensky Capital Partners acquires City Place Mall
Hartford, Conn. Hutensky Capital Partners said it has acquired City Place Mall, a 350,000-sq.-ft. shopping center in Silver Spring, Md., from an affiliate of Petrie Ross Ventures for $22.8 million in a three-party deal that included a discounted payoff of 100% of the property’s outstanding debt.
An affiliate of the seller will manage and lease the property and lead the redevelopment process.
“We were attracted by the property’s location in the central business district of Silver Spring, a vibrant urban area with proven retail performance,” said Brad Hutensky, HCP’s general partner. “However, like many properties today, the asset was overleveraged. By providing a big chunk of fresh capital, we were able to find a middle ground for settlement that the lender and borrower could agree to. The result is that we now own a debt-free property that can be redeveloped to meet its full potential.”
JCPenney home office earns LEED award
PLANO, Texas JCPenney announced that it has been awarded a Leadership in Energy and Environmental Design (LEED) for Existing Buildings Gold certification by the U.S. Green Building Council (USGBC) for its home office campus located in Plano, Texas. The 1.9 million square-foot building serves as a workplace for more than 5,500 associates and is the third largest campus facility in the nation to receive this designation, the company reported.
Over the last five years, JCPenney said it has addressed areas related to energy and water savings, indoor environmental quality and recycling waste by implementing nearly 40 sustainable improvements at its home office.
“As an environmentally-conscious retailer, JCPenney made a concerted effort to take a hands-on approach to making the improvements needed to achieve these LEED certifications,” said Mike Theilmann, chief human resources and administration officer for JCPenney. “While purchasing renewable energy credits is an easier way to go ‘green,’ we chose to examine our operations and institute meaningful changes that will advance the Company’s goal to reduce energy usage 20% by 2015.”
Hip Hop legends featured on Def Jam game soundtrack
NEW YORK and EL SEGUNDO, Calif. 4mm Games, Terminal Reality and Def Jam Interactive have announced additional tracks from such artist as Public Enemy, Nas and DJ Khaled available in Def Jam Rapstar, the first true interactive Hip Hop music game experience coming Oct. 5 to the Xbox 360 video game and entertainment system from Microsoft, PlayStation3 computer entertainment system and Wii.
Co-published by Konami Digital Entertainment Inc. and Autumn Games, Def Jam Rapstar will offer a software only version of the game that will retail for $59.99 for the Xbox 360 and PlayStation3 and $49.99 on Wii, as well as a bundled version that will include software and one wired microphone for $69.99 for the Xbox 360 and PlayStation3 and for $59.99 on Wii.