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Rent-A-Center on hunt for a new CEO

BY Marianne Wilson

The founder of Rent-A-Center has returned to lead the company while it looks for a new CEO.

The nation's largest rent-to-own operator said that Robert D. Davis has resigned as CEO and director, effective immediately. A 23-year company veteran, Davis was named CEO in February 2014 after holding a variety of management positions.

Board chairman Mark E. Speese, the company’s founder and former chief executive officer, will serve as interim CEO until a permanent successor has been named. Speese has served as Rent-A-Center’s chairman of the board since October 2001 and as a board director since 1990. He served as the CEO from October 2001 until January 2014.

Rent-A-Center struggled in 2016 amid falling sales, which Davis largely blamed on the implementation of a new point-of-sale system.

Rent-A- Center owns and operates approximately 2,600 namesake stores in the United States, Mexico, Canada and Puerto Rico, and approximately 1,870 Acceptance Now locations in the United States and Puerto Rico.

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Dakota REIT adds its largest center

BY Al Urbanski

Dakota REIT has acquired what instantly became the largest shopping center in its portfolio — the 114,102-sq.-ft. Pinehurst Square East in Bismarck, North Dakota.

The Fargo-based REIT’s retail holdings consist primarily of neighborhood centers under 60,000-sq.-ft. in the Dakotas and Minnesota. Its largest center prior to the Pinehurst acquisition was the 103,860-sq.-ft. First Center South in Fargo.

Mid-America Real Estate and Dumelauds Commercial Real Estate brokered the sale of Pinehurst, which shares the site with a Kohl’s location and whose tenants include TJ Maxx and Old Navy.


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Developer seeks re-zoning for Winston-Salem center

BY Al Urbanski

Houston-based developer Levcor Inc. has asked a North Carolina town to rezone an 11-acre parcel to accommodate a shopping center of up to 100,000 sq. ft.

The site resides just south of CBL’s Hanes Mall and a power strip consisting of Home Depot, Lowe’s, Costco, and Sam’s Club in Winston-Salem. Levcor is asking that the property, assembled from multiple lots, be rezoned from residential, single family use to general business special use.

“We’re recommending approval of that if they add some office and/or multifamily to it and dress up the appearance of the side of the building at the corner of Griffith and Burke Mill,” Winston-Salem planner Gary Roberts told the Winston-Salem Journal.

Levcor’s plan calls for a 91,000-sq.-ft center plus two out-parcels in a parking lot.


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