Ingenuity and NYSE REIT to combine on JVs
Virginia Beach, Va. — Ingenuity Development has entered into a strategic alliance with a New York Stock Exchange-traded Real Estate Investment Trust (REIT) to combine forces on joint venture opportunities for retail and mixed-use projects in the Mid-Atlantic and the Southeast. Ingenuity will also see opportunities to work with its affiliate, Divaris Real Estate, to lease and manage completed projects.
The REIT will provide financing, project management, asset management and construction services. The alliance reinforces and formalizes an existing working relationship that has existed since 2000, while expanding its geographical scope.
The alliance will seek projects over 100,000 sq. ft., considering vacant development sites, partially developed projects and centers that would benefit from redevelopment.
Ingenuity Development’s DRE affiliate, a full-service real estate firm known for commercial real estate expertise, particularly in retail and mixed-use leasing and development, will be responsible for most of the pre-development work.
Divaris Real Estate (is a member of Realty Resources a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S.
Duke not done yet, sustainability and WSJ beckon
Former Wal-Mart Stores, Inc., president and CEO Mike Duke is among an impressive roster of top business executives slated to participate in a Wall Street Journal executive conference called ECO:nomics — Creating Environmental Capital.
The event, scheduled for April 2-4 at the Bacara Resort in Santa Barbara, Calif., is billed as a day of no holds barred interviews in an interactive format that offers unparalleled networking.
In addition to Duke, other notable participants included energy company executives such as Nicholas Akins, president and CEO of American Electric Power, Theodore Craver Jr., chairman, president and CEO of Edison International and Helge Lund, president and CEO of Statoil ASA. Participants from top CPG companies include Irene Rosenfeld, chairman and CEO of Mondelez International and Donnie Smith, president and CEO of Tyson Foods.
“Nothing is as it was,” according to promotion materials for the event. “New countries are taking the lead, new technologies are ascending and old players are getting hit hard. Which raises the question: what’s next at the intersection of business and the environment?”
Duke’s perspective on that topic is of keen interest to those in the CPG world since he was a forceful proponent of broadening and accelerating an ambitious sustainability agenda that had been laid out by his predecessor, former Walmart CEO Lee Scott, in 2005. Duke stepped down from his role as Walmart’s CEO on January 31 and now serves as chairman of the executive committee and remains a member of the board of directors.
In that capacity, Duke and others are expected to offer, “straight talk from global CEOs, industry experts, policymakers and leading thinkers about the tough questions — questions that dig into the ups and downs of a massive economic fields that’s too often shrouded in hype,” according to promotional materials.
Walmart west expands digital footprint
The San Jose Mercury News is reporting that Walmart has expanded and already sizable footprint in the San Francisco bay area.
Walmart opened a new office in Sunnyvale, about 30 miles south of its Global eCommerce and @Walmart Labs headquarter in San Bruno, that employs 500 people, according to the San Jose Mercury News. Details are still a bit sketchy, but click here for more from Walmart.com’s hometown newspaper visit.