Retail Power in Oregon
Like much of the West Coast, Oregon is, by and large, not feeling the impact of the nation’s economic downturn as much as other areas, such as the Midwest. According to retail researcher Marcus & Millichap, for example, Portland’s retail market is expected to record healthy performance this year. Retail developers are predicted to stay active, targeting mostly lifestyle and power centers.
In Keizer, Ore., the sister city to the state capital Salem, is a power center that by virtue of its location and its powerful anchors is positioned for short- and long-term success. Keizer Station Village Center (see project profile below), developed by Costa Mesa, Calif.-based Donahue Schriber, has managed to see its way to completion where others have failed due to ultra-strict development regulations.
Anchors include Target and Lowe’s, both part of what is being described as the premier shopping center development to the entire Keizer/Salem market.
The state of Oregon has very strict development regulations, such as the urban growth boundary, which makes large-scale developments such as Keizer Station very difficult to put together. Due to these regulations there is simply no other center of this caliber in the area.
Featuring anchors Target, Lowe’s, Bed Bath & Beyond, Cost Plus, Michaels, Petco and Staples, Keizer Station Village Center is a power center in a vibrant trade area. The population numbers 70,288 within a 3-mile radius; 129,933 within 5 miles; and 257,001 within a 10-mile radius of the center. Traffic counts at Interstate 5 and Chemawa Road are 83,900 per day.
Former Delhaize cfo joins Campbell
CAMDEN, N.J. Former Delhaize Group cfo, Craig Owens, has been named senior vp, cfo and chief administrative officer at Campbell Soup Company, effective Oct. 6.
Owens served as evp and cfo of Delhaize since 2001. Prior to Delhaize, Owens held several general management and senior financial positions with The Coca-Cola Company and various Coca-Cola bottlers from 1981 to 2001.
Owens said, “I am thrilled to be joining Campbell. I was attracted to the company by its portfolio of leading brands, excellent management team and strong culture of employee engagement. I look forward to working with a team of dedicated professionals and contributing to Campbell’s continued success.”
Sears Holdings renews Bank of America credit agreement
NEW YORK Sears Holdings has renewed a credit agreement with Bank of America for $5 million, according to a Reuters report. Bank of America had previously told Sears Holdings it would not renew the $1 billion pact under existing terms.
In an SEC filing Sears Holdings said that as of Aug. 2, $2 million in letters of credit were outstanding under the facility.
In the same filing the company said it also has a $4 billion credit agreement that expires in March 2010.