REAL ESTATE

Net lease brokers reach the pinnacle at CBRE

BY Al Urbanski

Chris Bosworth and Will Pike, who together lead the Net Lease Properties business at CBRE, have both been named vice chairmen. It is the highest-ranking title available to brokers at the global real estate services firm.

“Our Net Lease Properties practice, formed and run by Will and Chris, is incredibly successful and stands out in the industry as the leading single-tenant net lease brokerage team in the United States,” said Chris Ludeman, Global president, Capital Markets, CBRE.

Bosworth, who joined CBRE in 1999, is also a founding member of the firm’s Corporate Capital Markets practice. He is the first retail-focused capital markets professional in the firm’s history to be named vice chairman.

Pike, who joined the company in 2004, is a founding member of Corporate Capital Markets, head of Retail-Occupier Capital Markets, and currently serves on the board for CBRE’s Investment Properties and Americas Brokerage divisions.

In their careers, Pike and Bosworth have executed more than $16 billion worth of assignments spanning more than 2,600 properties. Since 2016, the team has been responsible for the disposition of 720 properties with a value of over $8.2 billion.

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REAL ESTATE

Love Culture introduced at four PREIT malls

BY Al Urbanski

The value fashion retailer Love Culture has tripled its presence in Pennsylvania in one fell swoop.

The fast-fashion chain has signed flexible leases to enter four PREIT malls: Woodland Mall in Grand Rapids, Mich.; Patrick Henry Mall in Newport News, Va.; Willow Grove Park in Willow Grove, Pa., and Viewmont Mall in Scranton, Pa.

Prior to this deal, Love Culture’s only Pennsylvania location was at Lehigh Valley Mall in Whitehall.

Founded in 2007 as a pure-play e-commerce business offering a fast-changing selection of trendy women’s clothing, Love Culture was acquired by United LC Capital in 2014. The new owner immediately got busy expanding the brand into malls.

To date, Love Culture has opened more than 60 stores in the United States, with 11 in California, six in Florida, five in Texas, and three in New Jersey. It has a presence in 24 states, which also include Indiana, Louisiana, Washington, Nevada, and Wisconsin.

“Our remerchandising strategy is focused on identifying and attracting coveted retail brands to our portfolio – concepts that will not only appeal to consumers, but differentiate our properties within their markets,” said Joseph F. Coradino, CEO of PREIT.

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B.Johnson says:
Oct-03-2018 11:45 am

That's only somewhat true. It was founded in 2007 by a former Forever 21 executive who wanted to branch out on his own. That's why the 2 stores shared so many similarities at the time. They didn't even have E-commerce until 2010. By 2012 they had opened 80 stores across America. Unfortunately, they grew too quickly which contributed to their downfall. They filed for bankruptcy later that year. Eventually, they were purchased a couple years later in 2014 as stated above, but they have less than 60 stores in the US. Total current store count is 58. Many of the original 80 stores were closed after the financial troubles.

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Fields Foods opens at [email protected]

BY Jennifer Setteducato

An urban grocer is setting up shop in St. Louis’ Central West End.

Fields Foods – a grocery store focused on fresh, healthy food at affordable prices – will take up the remaining 8,186 sq. ft. of commercial space on the ground floor of Cullinan Properties’ [email protected], located at 625 N. Euclid.

Construction will begin mid-October, with a store opening planned for this winter.

“We are excited to be the corner store where residents can literally take the elevator down and shop in their pajamas,” said Chris Goodson, owner of Fields Foods.

The [email protected] features 87 luxury residential loft apartments in the historic Langan & Taylor Company building, which was built in 1910. Many of the original architectural features have been maintained.

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