Salt Lake City — Commercial Asset Preservation, LLC (CAP), a nationwide provider of maintenance, repair and inspection services for operating and vacant retail, restaurant, medical, office and industrial real estate, has hired Samuel Cerminaro, Jr. as a national sales executive. Cerminaro was recently the national accounts manager at CTS Flooring in Limerick, Pa., where he was responsible for business development and account management. “Sam brings many years of experience in the facility maintenance industry,” says Marc Insul, president and COO of Commercial Asset Preservation. “His experience, analytical approach and creative …
property management
Indianapolis — Simon Property Group has terminated its Feb. 9 merger agreement with Taubman Centers Inc. Simon also filed an action on June 10 in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80% interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared with other …
Bal Harbour, Fla. — With carefully considered planning, following CDC guidelines and in alignment with state and local officials, Bal Harbour Shops opened on May 18 with increased safety precautions to protect customers, retailers and employees. In keeping with Miami-Dade County and Bal Harbour Village ordinances, retail stores and indoor restaurant seating occupancy will be limited to 50% and salons will limit occupancy to 25%. “For over 55 years, Bal Harbour Shops has maintained an emotional connection with our customer and our community by enhancing the shopping experience. Making our …
Fremont, Calif. — In observance of Governor Newsom’s new directive, Pacific Commons, a regional lifestyle center in Fremont, Calif., is now offering retail-to-go services with curbside pickup options available to shoppers. While the center itself is open, individual retailers will each determine when they will begin offering sales and curbside services, and their hours will vary. Shoppers taking advantage of retail-to-go services are asked to make their purchases from each retailer or restaurant online or over the phone; payment must be made electronically. When shoppers arrive at Pacific Commons, they …
Fairfax, Va. — As various states begin to open back up, Peterson Companies, known throughout the Washington, D.C., region as one of the largest shopping/lifestyle center owners and managers, has developed a plan to safely welcome back its tenants and their customers, once permitted to do so. Elements of this plan will be implemented at several of its signature properties throughout the DMV including National Harbor, Downtown Silver Spring, Rio in Gaithersburg, Fairfax Corner and Fair Lakes. To better understand changing consumer preferences, the company recently surveyed its customers and …
New York — ShopOne Centers REIT Inc., a leading owner, operator and manager of high-quality grocery-anchored shopping centers, has promoted Bob Dake to chief operating officer and Tom Shine to senior vice president, property management. Dake previously served as ShopOne’s executive vice president of leasing, while Shine was the company’s vice president, property management. “The promotions of Bob and Tom are well deserved, as they have played critical roles in advancing the growth of our business and strengthening our relationships with flagship national and local retailers,” says John Roche, chief …
Indianapolis — Simon Property Group has released plans for reopening several of its malls in the first half of May. The openings are based on current state and/or local stay-at-home orders put in place as a result of the COVID-19 pandemic. Previously scheduled to open May 1, some properties in Georgia and Indiana have been delayed to a May 4 opening. View the reopening schedule here. Indianapolis-based Simon says its protocols have been reviewed and approved by experts in epidemiology and environmental health and safety. The protocols are in effort …
— By Matt Dailey — Creating efficiency in property management through technology. It’s no secret that technology is changing the way we live, work and shop now more than it ever has. Tech has disrupted nearly every industry, and although a little slower to the game, it has finally made its way to commercial real estate. On one end, we know that tech is enabling retailers to customize shopping experiences with an added-level of convenience, resulting in increased foot traffic and ultimately higher profits. But tech implementation can …
Raleigh, N.C. — Pacific Retail Capital Partners (PRCP) has been hired to take over the management and leasing of the popular 1.3 million-square-foot Crabtree Valley Mall in Raleigh, N.C. In the midst of the national coronavirus pandemic that caused shopping centers to shut down all over the country, Pacific Retail Capital Partners has well prepared and helped its clients, like Crabtree Valley Mall, to not only endure but also to thrive. “Amidst this unprecedented time when shopping centers across the country are closed due to COVID-19, we are adapting, leading …
Newark, N.J. — The addition of Springfield Avenue Marketplace in Newark, N.J., punctuates Levin Management Corporation’s (LMC’s) established position as a go-to services provider for grocery-anchored shopping centers. In April, the North Plainfield, N.J.-based commercial real estate services firm took on the role of leasing and managing agent — at a time of significant, COVID-19 related business disruption. The 112,000-square-foot Springfield Avenue Marketplace, located in Newark’s desirable University Heights neighborhood, is anchored by a 67,000-square-foot ShopRite supermarket. The assignment represents LMC’s first with the property’s ownership. “Making a management transition …