News

Regency Centers breaks ground at Juanita Tate Marketplace

BY Michael Fickes

Los Angeles — Regency Centers Corp. has broken ground on Juanita Tate Marketplace, a $21 million grocery-anchored shopping center in underserved South Central Los Angeles.

Anchors include a 42,500-sq.-ft. Northgate Gonzalez Market and a 14,576-sq.-ft. CVS/pharmacy. The remaining space will include small shops, quick-service restaurants and a 1050-sq.-ft. educational community center operated by Concerned Citizens of South Central Los Angeles, a community revitalization group once led by Juanita Tate, who died in 2004.

The property is a remediated brownfield formerly used as a metal scrap yard, an automobile oil filter recycling facility and an abandoned railroad right-of-way.

Regency Centers is developing the 77,096-sq.-ft. project in partnership with CCSCLA. The Community Redevelopment Agency of Los Angeles, which was shut down last year, helped move the project forward at a key moment.

CRA/LA commissioned CBRE, then known as CB Richard Ellis, to conduct market studies, which discovered sales leakage of more than $400 million.

Demographic studies favored the development, too. A dense population of 450,000 resides in an estimated 110,388 households within three miles of the proposed site. Average household income is $42,223 per year. Traffic studies showed that 53,000 vehicles pass the site daily.


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News

Big changes for Skullcandy as it restructures, relocates

BY CSA STAFF

PARK CITY, Utah — Skullcandy is relocating certain departments, making changes to its executive team and searching for a new CFO so it can better align its product, marketing and sales functions.

As such, the company is relocating its marketing, creative, business development and legal departments, as well as certain sales and international personnel to its headquarters in Park City, Utah, and will close the office in San Clemente, Calif., which has historically housed significant portions of these functions.

"Bringing together our teams in Park City will allow us to better focus our go to market process and ensure that our products, messaging and distribution are aligned with our target consumer,” said president and CEO Hoby Darling. “It will be fantastic to have these three critical functions collaborating under one roof and represents an important step toward executing our overall long-term strategic plan. It will also enhance our ability to attract top talent and build an even stronger culture, as we look to be one of the most desirable employers in the audio and youth culture segment. With three world-class mountain resorts, hundreds of miles of trails and significant technology and creative influences, Park City provides us a fantastic base that is rooted in our authenticity as an active and creative brand born on the mountains and in skate parks."

The company expects to record an associated pre-tax, restructuring charge ranging from $3 to $3.8 million, of which $500 thousand to $1 million is estimated to be incurred in the second quarter of 2013. The company has approximately 30 employees in San Clemente, the majority of whom will be given the opportunity to relocate with the company’s assistance and continue working in the Park City office. The company plans to begin implementing the proposed changes this summer and expects the moves to be complete by early fall to minimize any business disruption.

The company also announced that Sam Paschel, currently EVP of product development and merchandising, has been promoted to the newly created position of chief commercial officer. He will oversee the operations of both the product and demand creation teams.

"Since joining Skullcandy last September, Sam has had a very positive impact on improving our product development strategy and spearheading changes in merchandising so we can better excite and serve our consumer. As we bring our product, marketing and sales teams together in Park City, I’m confident Sam is the right person to oversee further alignment of our product, merchandising and demand creation efforts," added Darling.

CFO Kyle Wescoat will not be following the company to Utah, and has resigned his position to pursue opportunities closer to his home in Southern Calif. Wescoat will remain with the company through approximately Sept. 2013 while it searches for his successor.

"I want to thank Kyle for his efforts during this period in the company’s history," said Darling. "He has been a trusted asset during my first few months on the job and I’ll continue to rely on his financial acumen and leadership to ensure a smooth transition and help improve upon our recent performance."

Skullcandy is a leading global designer, marketer and distributor of audio and gaming headphones and other accessory related products under the Skullcandy, Astro Gaming and 2XL by Skullcandy brands. Skullcandy was launched in 2003.

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REAL ESTATE

Shenandoah Plaza Shopping Center sold in Newnan, Ga.

BY Michael Fickes

Atlanta — Shenandoah Plaza, a 146,121-sq.-ft. neighborhood center in Newnan, Ga., has been sold to the Georgia Capital Group by RCG-Newnan. Big Lots, Goodwill and Dollar General anchor the center.

The Atlanta office of SRS Real Estate Partners represented RCG-Newnan in the transaction.

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