REAL ESTATE

NAI Global forms JV to facilitate restructurings

BY CSA STAFF

New York City NAI Global and Chesterfield Faring Ltd. announced a joint venture to assist clients in need of financial restructurings.

The group, NAI Chesterfield Capital Advisors LLC, organized to provide financial restructuring advisory services for REO and distressed property sales for bank owners, investors and corporate space users.

AI is actively working with distressed real estate assets, representing both lenders and borrowers seeking to restructure their debt,” said Jeffrey M. Finn, president and CEO of NAI Global. “In partnership with NAI Chesterfield, we’ll be able to further enhance our Special Asset Solutions service offering for both sides of the sector as the market continues to strengthen.”

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REAL ESTATE

Chipotle makes London debut

BY CSA STAFF

Denver Chipotle Mexican Grill said Monday it has opened its first restaurant in London. The site also is its first European location.

The company, which operates roughly 1,000 quick-casual Mexican restaurants in the United States, said it is exploring other potential sites in London and in other European markets such as Paris and Germany.

Chipotle said it sees strong potential for its business in Europe.

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Nordstrom set to open NYC Rack store

BY CSA STAFF

Seattle Nordstrom is set to open a discount Rack store in Manhattan Tuesday, the company’s first-ever outlet in Manhattan.

The company said last summer it planned to open the Manhattan location in Union Square at the site of a former Virgin Megastore.

Nordstrom has been using discount Rack stores to help it drive sales in the tough economy.

Nordstrom Rack same-store sales grew 2.5% in 2009, while Nordstrom full-line stores saw sales decline 7.2%.

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