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Centro Organizes Malls, Lifestyle

As part of Centro Properties Group continued reorganization in the wake of its acquisition of New Plan Excel, the firm has launched a dedicated team to oversee its malls and lifestyle centers. The group will run management, leasing, marketing and redevelopment programs at a group of nine properties within Centro's 650-center portfolio. Leonard Brumberg, Centro executive vice president, will lead management of the group, which will include six other company officials. Centro's portfolio overwhelmingly consists of grocery-anchored neighborhood and community centers. But the move to create a management team to oversee assets (rather than selling them so it can focus on its core business) raises the intriguing possibility that Centro has its sights set on growing that portfolio in the near future. (For more on Centro, see the Expert Q&A with CEO Andrew Scott on p.128.)

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