REAL ESTATE

Shops at Library Court sells for $6.95 million

BY Katherine Boccaccio

Los Angeles — Hanley Investment Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, announced the sale of The Shops at Library Court located at 630 W. 6th Street in Los Angeles.

The purchase price was $6.95 million.

The Shops at Library Court is situated in the heart of the Financial District in Downtown Los Angeles. The property sale consists of 9,903 sq. ft. of retail units beneath 90 luxury loft condominiums. The property was 100% occupied at the close of escrow and includes Ocho Mexican Grill, Loose Leaf, Subway, Mitaki, Library Bar and Sixth Street Tavern.

The buyer was a private investor from Arcadia, California. The seller was a private investor from San Francisco.

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Christopher & Banks continues making changes to leadership

BY CSA STAFF

Christopher & Banks has promoted Peter G. Michielutti to EVP, COO and CFO, just a day after the company named former National Stores executive Lynn C. Derry as SVP and general merchandise manager.

The move is part of the company’s growth strategy.

Michielutti will be responsible for the company’s finance, accounting, internal audit, investor relations, real estate, tax, risk management, information technology and supply chain and logistics functions. He joined the company in April 2012 as SVP and CFO.

“Pete is a talented executive with a strong finance, operational and retail background, and has been an integral part of the company’s financial turnaround,” president and CEO LuAnn Via said. “His promotion is a reflection of the leadership and valuable contributions he has made since joining the company in April 2012 as SVP and CFO. I look forward to working with Pete in his expanded role, as we continue to execute on our three-year growth plan.”

Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women’s clothing. As of August 1, 2014, the Company operates 542 stores in 43 states consisting of 250 Christopher & Banks stores, 118 stores in its women’s plus size clothing division CJ Banks, 135 MPW stores and 39 outlet stores. The Company also operates the www.ChristopherandBanks.com and www.CJBanks.com e-commerce websites.

Keywords: Christopher & Banks, CJ Banks, Women’s Clothing, Plus Size Clothing, Petites, Extended Sizes, Outfits.

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NRF names Chicago retailer first Champion of the Year

BY CSA STAFF

This year, the National Retail Federation has chosen Chicago’s Art Potash, owner of Potash Markets, as its first Retail Champion of the Year. Potash was recognized at NRF’s annual Retail Advocates summit on Capitol Hill.

“We are committed to advancing the retail industry’s public policy priorities on Capitol Hill and beyond,” NRF president and CEO Matthew Shay said. “As we gather retailers from across the nation in Washington this week, it is only fitting to recognize one of our industry’s most-engaged retail advocates. On behalf of the entire retail industry, I want to thank Art for his commitment to advancing the retail agenda. Art exemplifies what it means to be an active and effective grassroots advocate, and has demonstrated time and time again an unabashed willingness to step-up, raise his voice and lead in the sincere hope of making a difference.”

NRF established the America’s Retail Champions program this year to honor retailers who make their mark on public policy debates and decisions. A total of 44 retailers ranging from midsize store owners to online sellers were nominated for the national recognition based on their willingness to speak up on the retail industry’s priorities, be it online sales tax collection, credit and debit card swipe fees or patent reform.

Potash was chosen from among five finalists who included Wogan Badcock III of Badcock Home Furniture & More in Mulberry, Florida; Ruthena Fink of Grand Jeté in St. Paul, Minnesota; Teresa Miller of Treats Unleashed in Chesterfield, Missouri; and Ann Wingrove of Completely Kentucky in Frankfort, Kentucky.

“While Art is focused day-to-day on his family grocery stores, he is passionate about the broader retail industry,” Illinois Retail Merchants Association president and CEO Rob Karr said. “As generously as Art gives of his time and resources to those in need, he does the same for his fellow retailers. It doesn’t matter if the issue is in the city of Chicago or Springfield, Illinois or Washington, D.C.; Art is a passionate advocate on any issue confronting retail.”

To recognize Art and his fellow Illinois retailers, NRF will add the state as a stop on its “Retail Across America” road trip, as part of the organization’s This is Retail industry perception campaign. NRF will partner with the Illinois Retail Merchants Association in early October to produce a content-filled campaign designed to drive awareness of the retail industry’s positive impact on careers, communities and innovation. Additional states featured in the series include North Carolina, South Dakota, Washington State, Ohio and California.

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