Philips Edison buys Pottstown shopping center

The Airport Village Shopping Center in Pottstown, Pa., has been sold for an undisclosed price, new owner Phillips Edison & Co. said Friday.

Retail real estate owner, manager and developer Phillips Edison of Baltimore said the 70,730 square-foot, Rite Aid-anchored center has "upside potential through the redevelopment and leasing of the vacant units."

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source: bizjournals.com

EwingCole to design U.S. Military Academy Preparatory School

Architecture and engineering firm EwingCole said Friday that it won the contract to design a campus for the U.S. Military Academy Preparatory School near the U.S. Military Academy.

EwingCole said the school, a one-year program to prepare candidates for the U.S. Military Academy, is being moved from Fort Monmouth, N.J., to the New York state site.

The Philadelphia-based firm, which has also worked on the expansion of Keller Army Community Hospital at West Point, said the total square footage of the $142.7 million project is 250,000 square feet. EwingCole did not disclose the value of its contract. The new campus is scheduled to open in 2011.

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source: bizjournals.com

Alliance Title shuts its doors

Alliance Title Co. has closed all its offices in California. The offices closed for good at 5 p.m. Thursday.

The move came without warning. The company had six offices in Placer County and three in Sacramento, according to its Web site.

The state's insurance regulator said Alliance's closing and escrow accounts were being handled by Financial Title Co. offices in many areas and also at First American Title Co.

Campbell-based Alliance Title was a fast-growing player during the real estate boom of the last decade, when it grew from five branches to nearly 200. At its peak it had more than 2,000 employees. The company started consolidating some offices in late October. For example, it closed its midtown Sacramento branch and consolidated operations at another office.

Title companies are facing tough times because of the real estate downturn. The number of home sales is declining and with it the number of deals that close. Title companies only get paid when an escrow closes, so when deals fall through, the title company doesn't get paid for the time it spent.

In addition, the sales market is getting swamped by banks selling foreclosed properties. Those sellers often don't use a local title company.

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source: bizjournals.com

Sears submits draft of deal to buy Restoration Hardware

Sears has made good on its presumed bid for Restoration Hardware.

Today, Sears Holdings Corp. submitted a draft acquisition agreement to the SEC to acquire the Corte Madera-based furniture retailer (NASDAQ: RSTO) for $6.75 per share, 5 cents more than rival Catterton Partners bid.

Sears had until yesterday to submit a draft merger agreement to be able to continue its negotiations; it had made a tentative offer for the company on Nov. 23 and last week signed a confidentiality agreement with Restoration Hardware to be able to conduct due diligence on the retailer

Sears Holdings Corp., led by hedge fund manager Edward Lampert, already owns close to 14 percent of restoration Hardware.

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source: bizjournals.com

Schwab plans to move jobs out of costly S.F. as business prospers

Charles Schwab Corp. said Friday that daily average trades rose in November as customers brought more assets to the San Francisco brokerage. But the firm also disclosed this week that it plans to move jobs out of San Francisco over the next few years.

In the latest signs of Schwab's success, clients' daily average trades reached 344,400 in November, up 36 percent from a year ago and up 8 percent from October. Net new assets brought to the firm by new and existing clients in November totaled $12.1 billion.

Total client assets stood at $1.446 trillion at the end of November, up 18 percent from a year ago and down 3 percent from October.

Despite the momentum in its operations, Schwab plans to reduce its commercial real estate and jobs in its hometown of San Francisco.

Schwab (NASDAQ: SCHW) plans to eliminate about 30 percent, or 1,400, of its "seats" in San Francisco by allowing more employees to telecommute and by moving work -- and jobs -- to less expensive areas of the country as well as through attrition. Those seats are filled by full- and part-time employees as well as contractors.

The San Francisco brokerage does not anticipate layoffs as it shifts jobs outside the city, where it employs 4,600 people -- making it the company's largest employment center. But further growth in the city where Schwab has been based since its founding in 1974 is apparently off the table, even as its headcount rises nationally.

"We're not looking to grow our presence in San Francisco," said Schwab spokeswoman Sarah Bulgatz.

Instead, the firm is looking to boost jobs at its other major employment centers: Phoenix, Denver, Indianapolis and Richfield, Ohio, outside Cleveland.

"The decision to do this was based on multiple factors that make it more difficult and costly to do business in San Francisco, including commercial real estate costs, the high cost of living and the difficulty in recruiting talent," Bulgatz said.

CEO Charles Schwab did not respond to requests for comment.

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source: bizjournals.com