JV acquires parcel for supermarket warehouse and DC
Irvine, Calif. Birtcher Development & Investments and Cornerstone Real Estate Advisers purchased a 21.6-acre land parcel in Anaheim, Calif., on which the joint-venture partners will develop a build-to-suit warehouse/distribution center for Northgate Gonzalez Markets.
The family-owned grocery store chain has signed a 15-year lease to occupy the 375,000-sq.-ft. support center, which will consist of a state-of-the-art warehouse and DC. According the companies, the facility will be built to LEED standards.
Development is expected to begin in fourth quarter 2009 with an estimated completion in 2010.
“Our ability to secure financing for the acquisition and development of a build-to-suit property in this economy speaks to the strength of our relationships, flexibility in transactions and reputation in the marketplace,” said Shannon Hondl, senior VP development/acquisitions, Birtcher Development & Investments. “After pursuing this exceptional site for six years and winning a rigorous bidding process that was supervised by the Bankruptcy Court, we’ve proven our ability to close a deal, even in the toughest market, when others couldn’t.”
Cornerstone, on behalf of one of its clients, provided the construction financing and the equity for the deal.
Wal-Mart helps CARE for women
WASHINGTON Wal-Mart’s philanthropic arm, The Wal-Mart Foundation, announced a $1 million grant to CARE, a leading humanitarian organization fighting global poverty. Projects funded by this grant will focus on empowering impoverished young women around the world through education, job-training and entrepreneurial support programs.
According to Margaret McKenna, Wal-Mart Foundation president, “CARE is at the forefront of a global effort to create better lives for millions of young women around the world. For many of these women, education, training and entrepreneurship are critical to breaking the vicious cycle of poverty – and with CARE, women around the world will benefit from the Wal-Mart Foundation’s commitment to creating opportunities so people can live better.”
The Wal-Mart Foundation awards grants that seek to address the educational needs of underserved young people ages 12 to 25. This year on International Women’s Day, Wal-Mart donated $25,000 to CARE’s “Power Within” program. This program focuses on girls’ education and leadership, helping more than 10 million girls complete primary school and develop leadership skills in 20 countries around the world.
Staples selects agency for back-to-school campaign
BOCA RATON, Fla. Staples has selected Tilson Communications, a full-service public relations firm, to lead its 2009 back-to-school public relations program following its completion of a successful 2008 program.
The agency will execute a national multi-layered campaign combining strategic communications, community outreach and media relations. Financial terms of the agreement were not disclosed.
“Tilson Communications exceeded our expectations, producing a back-to-school campaign that definitely hit the target,” said Paul Capelli, VP public relations for Staples. “We look forward to a 2009 campaign that’s creative, original and effective, all hallmarks of Tilson’s work in the more than five years we’ve collaborated.”