FINANCE

Vestar and UBS Global Asset Management acquire Riverside Plaza

BY Staff Writer

Riverside, Calif. — Vestar, in a joint venture with a fund advised by UBS Global Asset Management, announced that it has acquired Riverside Plaza, a 475,211-sq.-ft. retail center located on 35 acres in Riverside, Calif., for $84,844,000 in an all cash transaction. The acquisition marks one of the largest investment sales transactions in Southern California’s Inland Empire region in the past 10 years. Vestar currently manages more than 22 million sq. ft. of retail properties in the West.

“Riverside Plaza provides us with a value-added investment opportunity in a premier region of Southern California,” said Rick Kuhle, president of Vestar. “Our goal is to significantly upgrade the center with new landscape and amenities while bringing in new retailers."

Located adjacent to the heavily traveled I-91 Freeway, Riverside Plaza is 92% leased and anchored by Vons Supermarket, Trader Joe’s, CVS Pharmacy and Regal Cinemas Stadium 16. The premier retail center also features other nationally-recognized tenants including Forever 21, Chico’s, JoS. A. Bank, El Torito, California Pizza Kitchen, Islands Burgers, Chase Bank, Panera Bread, Chipotle, Wendy’s, and El Pollo Loco.

The HFF team of Bryan Ley, Ryan Gallagher, John Crump and CJ Osbrink represented the seller, Westminster Funds, in the transaction. Vestar represented itself in the transaction.

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OPERATIONS

SoloHealth Stations to roll out in Sam’s Club locations nationwide

BY Allison Cerra

Atlanta — Sam’s Club has become the first warehouse club retailer to install SoloHealth’s comprehensive health-and-wellness screening kiosks, SoloHealth announced Wednesday.

SoloHealth said it will begin the rollout of its SoloHealth Station to more than 500 Sam’s Club locations nationwide. The kiosks, currently available in select U.S. retail locations, is expected to be in more than 2,500 retail locations by mid-2013.

"Providing innovative, preventative products and wellness services to our members is a major priority for Sam’s Club," Sam’s Club SVP health and wellness Jill Turner-Mitchael said. "As the first warehouse club retailer to install the SoloHealth Station for our members, Sam’s Club continues to deliver on that priority, providing support of preventive health to our communities and enabling our members to take charge of their health."

The SoloHealth Station provides health screenings for vision, blood pressure, weight, and body mass index, a symptom checker as well as an overall health assessment free of charge. The kiosk received the Food and Drug Administration’s stamp of approval this past June and also was recently honored with Intel’s coveted IT healthcare award, the "Intel Innovation Award."

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FINANCE

Wet Seal says proxy advisors oppose Clinton Group proposal

BY Staff Writer

Foothill Ranch, Calif. — The Wet Seal said that two independent proxy advisors, Institutional Shareholder Services and Egan-Jones Proxy Services, recommended that the chain’s shareholders reject efforts by Clinton Group to replace six members of the company’s board of directors.

The Clinton Group, which has a 7% stake in the chain, previously urged the chain’s board to sell the company. Last week, it disclosed in a filing with the Securities and Exchange Commission that it would nominate a slate of six directors to replace all but one of Wet Seal’s board. Wet Seal has asked shareholders to retain all five continuing directors and two new members.

On Wednesday, a firm that evaluates proxy filings, Egan-Jones Proxy Services, also recommended shareholders give thumbs down to the nominees.

A second proxy firm, Institutional Shareholder Services, recommended shareholders elect two of the Clinton Group’s slate to replace Wet Seal’s independent directors, but reject the others.

Wet Seal chairman Hal Kahn commented: “We are pleased that both Egan-Jones and ISS have recommended that our shareholders reject Clinton Group’s consent solicitation to make wholesale changes to the current experienced Board. With the recent addition of Kathy Bronstein and John Goodman, the Board has added two new strong Directors with relevant teen retailing experience who complement the continuing Board’s strong mix of skills and experience across all aspects of the business and who will assist us as we implement our fast fashion strategy.”

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