OPERATIONS

Lululemon exec out after pants recall

BY Marianne Wilson

Vancouver, British Columbia — Lululemon Athletica Inc. said that chief product officer Sheree Waterson will be leaving Lululemon effective April 15, in what it described as a “leadership change in the product organization.”

The news comes just weeks after the specialty retailer had to recall its signature Luon-fabric yoga pants from store shelves for being too sheer. The company warned that the move could lead to shortages and dent its profit by up to $40 million this fiscal year.

Waterson joined Lululemon in 2008 and has over 25 years of consumer and retail industry experience.

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REAL ESTATE

Jamestown acquires San Luis Obispo retail, office portfolio

BY Katherine Boccaccio

San Francisco — Jamestown said Wednesday it has acquired a real estate portfolio in downtown San Luis Obispo, Calif., comprised of 86% retail and 14% office space in open-air, multi-story settings.

The retail component, purchased from Copeland Properties, consists of seven assets, the most notable being Court Street Centre and Downtown Centre, and totals approximately 195,000 sq. ft. The portfolio also includes 28,000 sq. ft. of office space in three separate properties.

“This acquisition is part of Jamestown’s strategy to acquire street-level retail in vibrant markets with a strong sense of community,” said Jamestown COO Michael Phillips. “Downtown San Luis Obispo is a pedestrian friendly, desirable shopping and recreational destination with a unique small-town feel.”

The portfolio is occupied by Barnes & Noble, Urban Outfitters, Pottery Barn, Abercrombie & Fitch, Express, Gap, Banana Republic, Victoria’ Secret and Apple. Currently, there is 25,000 sq. ft. of space available for lease.

Jamestown acquired the properties in exchange for a $50.5 million investment in its Premier Property Fund, which includes New York’s Chelsea Market, 22 Fourth in San Francisco and 733 10th Street in Washington, D.C. Copeland will continue to be engaged in ongoing management of the properties.

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REAL ESTATE

RMC Property names leasing exec

BY Katherine Boccaccio

Tampa, Fla. — RMC Property Group said Wednesday it has named Jannie DelRio as a leasing executive, specializing in tenant representation.

DelRio previously worked with a Tampa-based brokerage firm representing tenants such as Great Clips for Hair, Smoothie King, It’s a Grind Coffee House, Dunkin Brands, Quizno’s, Stride Ride and Papa John’s Pizza.

At RMC, DelRio’s tenant representation assignments in Southwest Florida include Bull Chicks, a Texas-based fast casual concept, and Firehouse Subs.

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