News

Q1 results paint pretty picture for Sherwin-Williams

BY CSA STAFF

Cleveland-based Sherwin-Williams Co. reported a sales increase of 1.4% in the first quarter ended March 31, thanks to higher volume in the Paint Stores Group.

Net income increased 16% to $116.2 million.

The company’s consolidated net sales increased 1.4% to $2.17 billion. The Paint Stores Group saw sales increase 4.0% to $1.17 billion in the quarter. The company pointed to higher architectural paint sales volume across all end-market segments. Comp-store sales for paint stores increased 3.2%.

Paint Stores Group segment profit increased $17.0 million to $129.7 million in the quarter from $112.7 million last year.

"We continued to invest in our business by opening nine net new locations in the Paint Stores Group," said Christopher Connor, chairman and CEO.

The company expects to open 70 to 80 new paint stores in 2013.

Sherwin-Williams operates more than 4,100 company-owned stores and manufactures paint brands such as Sherwin-Williams, Dutch Boy, Krylon, Minwax and Thompson’s Water Seal.

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REAL ESTATE

Jones Lang LaSalle adds veteran team to brokerage group

BY Katherine Boccaccio

Dallas — Jones Lang LaSalle announced it has added the veteran team of Robin Smith and Lance W. Taylor to its retail brokerage team, both as senior VPs and both charged with assisting the firm’s growing client base of both retailers and landlords throughout the Southwest.

The Smith-Taylor team brings with them a two million sq.-ft. portfolio of retail assets that they currently lease on behalf of multiple owners.

Geno Coradini leads Jones Lang LaSalle Retail for the Dallas/Southwest region.

Earlier this year, JLL Retail added Clay Smith and Mark Newman as part of ongoing efforts to enhance the retail services it offers in local markets across the country. Clay Smith is leading the Dallas/Southwest retail brokerage business for the firm.

Before joining JLL, Smith and Taylor founded Stream Realty Partners Dallas retail practice and prior to that both worked at The Archon Group, a Goldman Sachs company.

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REAL ESTATE

Howard Hughes Corp. taps RKF to lease South Street Seaport

BY Katherine Boccaccio

New York — Following unanimous approval in March by the New York City Council for the redevelopment of Pier 17, The Howard Hughes Corp. said it has named RKF as the exclusive consultant and leasing agent for the South Street Seaport.

With over 365,000 sq. ft. of retail, dining and entertainment space located along the East River in Lower Manhattan, the South Street Seaport is comprised of the historic Uplands and Pier 17, south of the Brooklyn Bridge. The redevelopment plan features the complete transformation of the Pier 17 building, including enhanced and increased open space on the pier and a new exterior façade.

"Our vision for a revitalized and reenergized Seaport will create an unrivaled New York experience that is compelling for the ever-growing population of residents, local workers and visitors," said David R. Weinreb, CEO, Howard Hughes Corp. "Working with RKF will ensure we bring best-in-class offerings, including acclaimed national and international retailers, local shops and destination restaurants."

Construction for the redevelopment is slated to begin this fall, and the project will be completed in 2015.

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