REAL ESTATE

New general manager for Somerville, Mass., Assembly Row

BY Michael Fickes

Rockville, Md. — Federal Realty Investment Trust has announced that Russ Joyner has joined the company as VP-general manager of Assembly Row. Joyner’s responsibilities will include management and operations at the mixed-use development project in Somerville, Mass. Currently under construction, Assembly Row will open in mid-2014.

With 26 years of retail real estate management and operations experience, Joyner comes to Federal Realty from Miracle Mile Shops in Las Vegas where he served as President and General Manager. He has also served as VP and General Manager at Fashion Show Mall in Las Vegas and Hollywood & Highland, home to the Academy Awards.

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REAL ESTATE

Global Baristas acquires Tully’s Coffee Shops

BY Michael Fickes

Seattle — TC Global (dba Tully’s Coffee Shops) has announced the completion of the sale of substantially all of its assets to Global Baristas, an investment group led by Patrick Dempsey. Global Baristas bought the assets in an auction in bankruptcy court last January. The company plans to continue to operate Tully’s Coffee Shops and to retain all of the employees.

Tully’s filed for protection under Chapter 11 of the U.S. Bankruptcy Code in October of last year, closing 19 unprofitable locations while relocating almost all of the employees affected by closures to other stores. Since the filing and store closures, same store sales have increased and profitability has improved.

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REAL ESTATE

CBL acquires two Sears anchor locations

BY Michael Fickes

Chattanooga, Tenn. — CBL & Associates Properties has announced the acquisition of two Sears locations, one at CBL’s Fayette Mall in Lexington, Ky., and the other at CoolSprings Galleria in Nashville. Sears will continue to operate in both locations until closing dates have been finalized.

“We have plans to redevelop and expand both buildings to create space for new high-end specialty stores and restaurants,” said Stephen Lebovitz, CBL’s president and CEO.

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