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Real Estate Professionals Making the News
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Real Estate Professionals Making the News RioCan Real Estate Investment Trust (416-866-3018) and Kimco Realty Corporation (516-869-9000) announced a letter of intent providing for three initiatives and arrangements. First both companies will commit to invest $50 million (Can.) on a joint venture basis in direct property acquisitions and development projects in Canada. The acquisitions and development projects are to be resourced and managed by RioCan and are subject to review and approval by a joint oversight committee consisting of RioCan and Kimco management personnel. Second Kimco will be making an equity investment in RioCan through the purchase of 2 500 000 units by way of private placement at a price of $10.50 per unit. Third RioCan and Kimco will be forming a strategic alliance to undertake various initiatives which will be aimed at bringing a North American scale solution to tenants’ location needs whether such tenants’ currently carry on business in the US Canada or elsewhere in the world and working together to benefit from ancillary revenue opportunities which can be applied to a combined portfolio which currently consists of almost 650 shopping centers comprising almost 90 000 000 sq.ft. of retail space. R.O.I. Commercial Real Estate (702-363-3100) named Julie Quisenberry as a broker and salesperson. Quisenberry specializes in entertainment properties as well as neighborhood commercial property.Divaris Real Estate Inc. (757-497-2113) hired Robert P. Fetterolf as a sales and leasing broker in the company’s Charlotte NC office. Fetterolf will represent tenants in their search for new sites throughout the Carolinas in addition to developing retail centers throughout the southeast.Alliance Commercial Realty Services LLC (734-769-8520) entered into an agreement with Agree Realty Corporation to assist in finding key locations for Kroger Wendy’s Tim Hortons and Walgreens.M. Robert Goldman & Co. of NJ Inc. (201-996-9222) appointed David T. Kra as vice-president. Kra will originate place close and service large commercial loans. He will also handle income and expense analysis and evaluation modeling and evaluate market conditions project economics capital requirements and lender financial criteria. Gadzooks Inc. (972-307-5555) promoted William S. "Steve" Kotch III to senior vice president of real estate and construction. Kotch joined the company as vice president of real estate in August 1995 and has added 300 new store locations since. Prior to joining Gadzooks he was the director of real estate for County Seat Stores Inc. and also served as manager of corporate real estate for Zale Corporation.Jennifer Gray Commercial Realty LLC (817-498-6002) hired Amy Pitman as a leasing and sales agent. Pitman will be specializing in leasing retail restaurant office and medical properties. She will handle Colleyville Town Square in Colleyville TX; Sagebrush West Office Park in Flower Mound TX; The Pavilion Office/Retail Center in Fort Worth TX and Hulen Fashion Center in Fort Worth TX. Fameco (610-834-1793) is the new name for Ripco Real Estate of the Delaware Valley. The retail real estate brokerage has until now shared its name with Ripco Real Estate from New York. The Macerich Company (732-290-0121) promoted senior leasing manager Hunter Lawrence to the newly created position of regional vice president of leasing for the company’s eastern region. Lawrence will oversee activity of Chesterfield Town Center in Richmond VA; the Centre at Salisbury in MD; Green Tree Mall in metro Louisville; and Queens Center in New York City.Tedeschi Realty Corporation (781-871-6900) promoted John W. Whalen Jr. to the position of vice president. Whalen will assume the responsibility for all leasing and property management activities for the company’s twenty-seven shopping centers. |