REAL ESTATE

Target opens 24 stores in Western Canada in May

BY Marianne Wilson

Mississauga, Ontario — Target announced the soft opening dates for 24 locations in Western Canada, with 22 stores opening on May 7 and two opening on May 14.

The openings, which include stores in British Columbia, Alberta and Manitoba, follow the opening of 24 stores across Ontario. As previously announced, Target plans to open 124 stores across Canada throughout 2013.

"Target is thrilled to be opening stores in Western Canada, providing a one-stop shopping destination that meets the wants and needs of our guests," said Tony Fisher, president, Target Canada. "It was exciting to see the response to our Ontario store openings, which have produced valuable insights that along with our soft openings in Western Canada will help us to continue to deliver on Target’s “Expect More. Pay Less.” brand promise for guests across Canada."

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L.Jandayan says:
May-11-2013 01:49 am

Opening for a lot of branches is a good option. However, you also need to make sure that the place will really be a great boom. - Brenda Lee Reed

L.Jandayan says:
May-11-2013 01:49 am

Opening for a lot of branches is a good option. However, you also need to make sure that the place will really be a great boom. - Brenda Lee Reed

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REAL ESTATE

Passco Cos. names new president

BY Katherine Boccaccio

Irvine, Calif. — Passco Cos. announced that Larry Sullivan has been named president, effective May 30.

Sullivan, who currently serves as CFO and CFO of Passco, succeeds William Winn, who recently resigned.

William Passo, founder, will remain in his current position as CEO.

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Midtown Shopping Center acquires 14.5 acres in Mid-City Los Angeles

BY Katherine Boccaccio

Los Angeles — Midtown Shopping Center Associates said it has acquired the land under Midtown Shopping Center plus two adjacent properties totaling 14.56 acres for $42.5 million from Catellus Development Corp., based in Denver.

The 185,000-sq.-ft. center at 4725 W. Venice Boulevard is bounded by Venice, San Vicente and Pico Boulevards in the heart of Mid-City Los Angeles. Young Management Co. negotiated a ground lease with original owner Southern Pacific for 11 acres of the site and developed the center, attracting tenants such as Ralph’s, CVS, Orchard Supply Hardware and Bank of America.

This transaction gives MTSCA ownership of the land under the buildings they own as well as 3.5 additional acres that are on the eastern and western edges of the site.

MTSCA, the investment group that bought the property, includes Young Management Co. and its partners, James Young and Courtland Young. Young Management will be in charge of property management and leasing as well as redevelopment of the center. Plans call for making the center a more family friendly meeting place with extensive pedestrian walkways, seating areas and outdoor dining.

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