Lennar and Starwood complete strategic deal
Miami-based home builder Lennar announced it has completed a strategic deal with Bradenton, Fla.-based Starwood Land Ventures to purchase or option more than 2,700 home sites in 38 communities across Florida.
The home sites, which are first-time homebuyer, master planned, active adult and premier golf course communities in Tampa, Orlando, Jacksonville and Southeast Florida, were formerly part of Tousa Inc., which Starwood acquired at auction in January.
Lennar said it plans to build single-family homes, townhomes and garden villas at the low $100,000 price range.
“We are very pleased to work with Starwood on this transaction, and we view this deal as a major step forward for Lennar’s growth in the State of Florida,” said Fred Rothman, regional president for Lennar. “These new communities will complement our existing operations.”
“Starwood chose Lennar as its preferred Florida home builder because of Lennar’s proven track record for performance and quality,” said Mike Moser, east region president of Starwood.
Home centers rank high in gift card survey
Lowe’s ranked seventh and Home Depot tied for 10th in the recent Gift Card Performance Index released by the Global Prepaid Exchange.
Seventy-five retailers were evaluated in the study based on 2,300 American adults for gift cards received in the past holiday season.
The top 10 on the survey are:
1. Bath & Body Works 2. Red Lobster 3. iTunes 4. Amazon 5. Nordstrom 6. TGI Fridays 7. Lowe’s 8. Walgreens 9. Olive Garden 10. (tie) Home Depot 10. (tie) Outback Steak House
“If a gift card giver really thinks about the kind of store that a recipient likes, they will certainly make the experience more rewarding,” said Professor Dan Horne of Providence College in Rhode Island, who led the study. “Gift cards tend to be effective gifts because they show thought about the type of stores that recipients like, while still promoting a sense of autonomy and choice.”
Robert Mellor joins board of Stock Building Supply
Stock Building Supply has announced the appointment of Robert Mellor to its board of directors, where he will “provide expertise on expanding Stock’s business opportunities and help position the company for anticipated future growth,” according to the company.
Until recently, Mellor, 67, served as chairman and CEO of Building Materials Holding Corp. (BMHC), one of Stock’s chief rivals. He led the company in that position since 1997. BMHC emerged from Chapter 11 on Jan. 4 as BMC Select with a new executive team, with Paul Street, its former general counsel, named as the CEO.
“Our focus this year is to strengthen and extend our market footprint,” said Joe Appelmann, Stock’s president and CEO. “Rob Mellor brings extensive management experience and knowledge of the real estate, building supply and home-building industries to the company. His addition will be beneficial in many ways, including helping to identify and better understand the needs of Stock’s current and future customers. We are very fortunate to have him as part of our team.”
Mellor also serves on the board of directors of the Ryland Group, one of the nation’s largest home builders. He is a board member and lead director of Coeur d’Alene Mines Corp., a New York Stock Exchange company with headquarters in Coeur d’Alene, Idaho. Mellor has also served as counsel at Gibson, Dunn & Crutcher in San Francisco.
Headquartered in Raleigh, N.C., Stock Building Supply, affiliated with The Gores Group private equity firm, operates in 19 markets nationwide.