News

Ticketfly appoints former Amazon exec to join ops team

BY CSA STAFF

Ticketfly, a San Francisco-based ticket distribution service founded in 2008, has hired former Amazon chief operating officer Steve Oliver to help develop the startup’s long-term strategy as it prepares to expand internationally, according to a Reuters report.

Oliver spent nine years at Amazon, leading its Canadian operations, the article stated.

"Ticketfly is growing at a remarkable clip and will greatly benefit from Steve’s experience scaling operations at Amazon," Ticketfly cofounder and CEO Andrew Dreskin was quoted as saying.

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REAL ESTATE

RPAI acquires six retail assets in JV dissolution

BY Michael Fickes

Oak Brook, Ill. — Retail Properties of America has announced an agreement to acquire six multi-tenant retail assets through the dissolution of its MS Inland joint venture. The joint venture owns the portfolio, with 20% owned by RPAI and 80% owned by RPAI’s partner. RPAI will acquire its partner’s 80% interest in the six properties.

The properties have an agreed upon value of $292.5 million, with the partner’s 80% interest valued at $234 million. RPAI will also assume the joint venture’s $142.2 million mortgage as of March 31, 2014.

The 1.2-million-sq.-ft. portfolio was 95.5% leased as of March 31, 2014.

Anchors within the portfolio include retailers such as Target, TJ Maxx, Ross Dress for Less, King Kullen, Tom Thumb, PetSmart, The Cheesecake Factory and Bed Bath & Beyond.

Properties to be acquired include:

• Lincoln Park in the Dallas metropolitan area
• Huebner Oaks Center in the San Antonio metropolitan area
• Gardiner Manor Mall in the New York City metropolitan area
• Oswego Commons in the Chicago metropolitan area
• John’s Creek Village in the Atlanta metropolitan area
• Commons at Royal Palm in the Miami metropolitan area

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REAL ESTATE

Berkadia arranges financing for Santa Monica center

BY Michael Fickes

New York — The New York office of Berkadia Commercial Mortgage recently arranged $17.5 million in financing for 631 Wilshire Boulevard, a mixed-use property in Santa Monica, California. The borrowers are Pacshore Partners and GreenOak Real Estate.

The two-year loan came through Berkadia’s proprietary bridge lending program. It features two extension options for one year, a 65% loan-to-value ratio and a 75% loan-to-cost ratio.

Built in 1958, the four-story building comprises more than 40,000 sq. ft. of office and retail space. Tenants include J.P. Morgan Chase Bank and Mendocino farms.

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