REAL ESTATE

Nordstrom opens Rack store in Back Bay area

BY Staff Writer

Boston — CBRE/Grossman Retail Advisors said that Nordstrom will open a new Nordstrom Rack at The Newbry in Boston’s Back Bay neighborhood, further expanding its presence in the Boston market to four full-line stores and four Nordstrom Racks.

The approximately 38,000-sq.-ft., two-level store is scheduled to open spring 2013.

The Newbry is an urban project on Boylston Street; the new Nordstrom Rack will be located in the former Filene’s Basement space and joins co-tenants Boston Sports Club, Citigroup, H&M and Victoria’s Secret.

The Newbry is owned by TIAA-CREF and managed by CBRE/New England Partners.

“We want to be a part of the very best retail locations and The Newbry is a terrific center that serves the residents of downtown Boston, commuters and tourists,” said Geevy Thomas, president of Nordstrom Rack.

This newest Boston Rack also reflects the retailer’s strategy to increase speed and convenience to improve the customer experience. Nordstrom Rack plans to further its use of technology with the recent introduction of mobile check-out devices in all of its existing Boston locations and will open with these new capabilities in Bay Back as well.

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REAL ESTATE

Divaris completes eight retail leases in central Virginia

BY Staff Writer

Virginia Beach, Va. — Divaris Real Estate said that the company completed eight lease transactions totaling more than 81,000 sq. ft. of retail space in central Virginia.

Children’s Museum of Richmond leased 26,060 sq. ft. of retail space in the Divaris-leased Winterpock Crossing Shopping Center, located in Midlothian, Va.

K&G Menswear signed a lease for 22,888 sq. ft. of retail space in White Oak Village, located in Richmond and owned by Forest City Commercial Group.

Ulta Beauty signed a lease for 12,858 sq. ft. of retail space in Valley View Mall, located in Roanoke, Va., and anchored by J.C. Penney, Macy’s, Barnes & Noble, Old Navy and Belk.

CareMore Medical Enterprises leased 10,000 sq. ft. in the Divaris-leased Parkway Shopping Center, located in Richmond; Luxottica renewed its lease for 3,288 sq. ft. at Parc Place in Richmond; Stavna Dance Academy leased 2,986 sq. ft. at The Shoppes at Belvedere, located in Richmond; and Glenn J. Weaver leased 1,920 sq. ft. at Victorian Square, in Midlothian.

Creative Touch Interiors leased 1,750 sq. ft. of retail space at Parkside Marketplace, located in Glen Allen, Va., and owned by PNK, LLC. Creative Touch Interiors, a flooring design center, joins Starbucks, Smoothie King, Five Guys, Moe’s Southwest Grill, West Marine and Benjamin Moore Paints in Parkside Marketplace.

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News

Newell Rubbermaid names new CFO

BY CSA STAFF

ATLANTA — Newell Rubbermaid has appointed Doug Martin as CFO, succeeding Juan Figuereo.

A 25-year veteran of the company, Martin most recently served as deputy CFO, where he is credited with designing a roadmap for streamlining the cost structure of the company and the global finance function. Prior to that, he held a number of key financial leadership positions, including VP finance – Newell Consumer, with financial responsibility for the company’s largest operating group; VP finance – office products, where he helped drive a significant turnaround in the group’s operating performance; and corporate VP – treasurer.

“We are making good early progress in the execution of our Growth Game Plan by taking an aggressive stance toward reducing structural costs and working capital, and increasing brand investment,” said Michael Polk, Newell Rubbermaid’s president and CEO. “Doug’s strategic leadership, financial expertise and deep company and industry knowledge will be instrumental to helping us realize our growth ambition.”

Juan Figuereo joined Newell Rubbermaid as its CFO in 2009, with a primary focus on strengthening the company’s balance sheet and operating cash flow. With the balance sheet metrics nearly in line with targeted leverage metrics and the company now focused on growth, Figuereo made the decision to step down. He will remain with the company for the next few months in order to ensure a seamless transition.

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