Levin names Roy D. Vice VP of construction and development
North Plainfield, N.J. — Roy D. Vice has joined Levin Management as VP of construction and development. In his new role, Vice will work closely with Levin’s property management and leasing teams to oversee all construction and development activities in the firm’s retail portfolio of more than 13 million square feet.
An industry veteran, Vice brings more than 25 years of industry experience to his new position. He comes to Levin from O’Neill Properties Group in King of Prussia, Pa., where he served as senior VP and director of retail development.
Levin’s construction-related services range from fitting out individual tenant spaces to renovating, redeveloping and expanding a wide variety of retail and other commercial properties.
Phillips Edison buys Bethany Village in Alpharetta, Ga.
Cincinnati — Phillips Edison-ARC Grocery Center REIT II has acquired its first grocery-anchored shopping center — the 81,674-sq.-ft. Bethany Village in Alpharetta, Ga., an affluent suburb of Atlanta.
A 51,674-sq.-ft. Publix anchors the center. Publix is the number one grocer by market share in the Atlanta metropolitan statistical area. Other national tenants at Bethany Village include Marco’s Pizza, Subway and Workout Anytime.
Phillips Edison-ARC Grocery Center REIT II is a public non-traded REIT that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. The company is co-sponsored by two industry leaders: Phillips Edison & Co., which has acquired over $3.25 billion in shopping centers throughout the United States, and AR Capital, a real estate investment program sponsor dedicated to governance best practices.
PacSun increases net loss in Q4
Anaheim, Calif. – Pacific Sunwear of California Inc. reported a net loss of $22.5 million during the fourth quarter of fiscal 2013, up from a net loss of $19.8 million in the same period a year earlier. Net sales dropped 2% to $218.6 million $222.8 million, while same-store sales rose 2%.
Pacific Sunwear cited the 53rd week in fiscal 2012 as negatively affecting its comparative fiscal 2013 results. Looking ahead, the retailer expects a same-store sales increase of 1 to 4% and revenues of $169 million to $174 million during fiscal 2014.
During the full fiscal year 2013, Pacific Sunwear reported a net loss of $48.7 million, down from a net loss of about $52.1 million in the prior fiscal year. Net sales were $797.8 million, up 2% from $784.7 million. Same-store sales increased 2%.
"We continue to be encouraged by our positive momentum within a challenging retail environment throughout the year, marked by eight straight quarters of positive comparable store sales, sustained gross margins, and reduced operating costs, all contributing to a significant improvement in our operating performance compared to fiscal 2012," said Gary H. Schoenfeld, president and CEO. "Looking ahead to fiscal 2014, our key priorities include showcasing our premium brand portfolio through curated assortments, managing inventory with on-trend fashion and speed to market, and continuing to elevate both our in-store and digital experience. Through our Golden State of Mind brand identity, we continually strive to deliver the creativity, diversity and optimism that is quintessentially California and unique to PacSun across all facets of our business."