Longtime New York City retail broker Faith Hope Consolo passed away Sunday, December 23 in her Upper East Side home. Consolo, the Chairman of Retail at Douglas Elliman Real Estate, was 73. Consolo, New York’s self-appointed “Queen of Retail,” was a powerhouse in the New York real estate community. She was well known for her larger-than-life personality and for her “You Need Faith” motto. In a companywide memo, Douglas Elliman’s President and CEO Steven James wrote: “Faith was a legend in New York commercial real estate, especially the New York City retail stores and businesses. Many of her clients were long term ones. They believed in her to get the job done! And she did! She was a high-voltage character but deep down there was a heart that just wanted to be loved.” Prior to joining Douglas Elliman in 2005, Consolo was a vice chairman at Garrick-Aug Worldwide for 20 years. Her clients included Cartier, Versace, Zara and Louis Vuitton. Consolo was a frequent contributor to several France Media publications, including Shopping Center Business and Northeast Real Estate Business.
It’s too early to tell the impact of the new federal tax law on retail here in New Jersey, or how things might change now that we have a new governor. But one can place a sizable bet, literally, on the fact that medical marijuana dispensaries now given the go-ahead here will lead to recreational use, and that sports betting in New Jersey is going to also be a hit. Betting on Jersey’s retail sector is a great wager too. North Jersey’s top markets — Paramus, Wayne, Woodbridge, Bridgewater and Princeton — are all in great shape. Vacancy rates are low and rents are stable. Although the area was hit hard dur- ing the financial crisis and onetime retail juggernauts such as A&P and Sports Authority had to shutter their doors, much of that space was redeveloped. The space vacated by retailers due to the big impact of the Internet — Toys ‘R Us was stung badly by e-commerce, for example — has quickly been absorbed. Opportunity is at such a premium, it’s tough to find a steal at any of the area’s major regional malls or power centers, or the other desirable retail corridors for that matter. North Jersey retail is that …
If we had to sum up the 2018 Atlanta retail environment with a single word, it would be “change.” Atlanta’s builders have turned away from the traditional suburban models in favor of modern mixed-use developments featuring high-end office and residential units on the upper floors, along with street-level retail shops. Many planners see such projects as a means of creating more walkable, safe and vibrant neighborhoods. Retailers are drawn to intown opportunities such as Modera by Mill Creek’s mixed-use apartment communities (existing locations in Midtown, Sandy Springs and Vinings, with Reynoldstown coming soon), or Revel, a planned $900 million, 118-acre mixed-use and entertainment destination being developed by North American Properties in Duluth in Gwinnett County. With a limited supply of real estate inventory for shops and restaurants and the continued demand from new concepts entering or growing in the Atlanta metro market, the competition for space has grown fierce. For example, Franklin Street’s client City Barbeque waited 18 months for a premier location to become available for its new eatery in Johns Creek. The restaurant group made a lease agreement offer within three days of the prior tenant going dark to secure the spot before other bidders could jump in. …
HOUSTON — Houston-based retail firm Baker Katz has purchased PlazAmericas Mall, an 850,000-square-foot shopping destination in Houston. Formerly known as Sharpstown Mall, the property was built in 1961 and has undergone several renovations over the years. PlazAmericas Mall is situated on 37 acres and is the oldest enclosed mall in Houston. Matt Berry and Robbie Kilcrease of CBRE brokered the deal on behalf of the seller, Philadelphia-based RAIT Financial Trust. The tenant roster at the mall, which was approximately 70 percent occupied at the time of sale, includes Champs Sports, TX America Cinemas and Banana Bay Restaurant & Bar. The Harris County Appraisal District values the property at $12.2 million, according to The Houston Chronicle.
MESQUITE, TEXAS — Dallas-based SevenSeas Holdings VI LLC has acquired Oates Creek Apartments, a 280-unit multifamily community in Mesquite, an eastern suburb of Dallas. The property features one- and two-bedroom units and amenities such as a pool, business center, outdoor grilling area and a resident clubhouse. Minneapolis-based Dougherty Mortgage LLC arranged an undisclosed amount of Fannie Mae financing for the acquisition on behalf of SevenSeas Holdings. The loan carried a 12-year term and a 30-year amortization schedule.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Sandshell at Fossil Creek, a 252-unit multifamily property in Fort Worth. Units at the property, which was built in 1986, range in size from 575 square feet for a one-bedroom apartment to 1,235 square feet for a two-bedroom residence. Amenities include a pool, fitness center and onsite laundry facilities. The buyer was Houston-based Ilan Investments. The seller was not disclosed.
BLUM, TEXAS — MYCON General Contractors has completed a 57,000-square-foot manufacturing facility in Blum, about 50 miles south of Fort Worth, for DynaEnergetics, which services the oil and gas industry. The facility includes a second story with office and administrative space, as well as employee and customer training areas, a commercial kitchen and dining spaces and employee locker rooms. Arch11 served as design architect, and BWG Architecture is the architect of record for the project.
EL PASO, TEXAS — Hunt Capital Partners has provided $13.4 million in equity financing for the development of Medano Heights, a 141-unit affordable housing project in El Paso. Construction of the property is expected to be complete by December 2019. Hunt Capital Partners provided the equity in collaboration with the Housing Authority of the City of El Paso and Versa Development LLC, which is leading the development effort.
SARASOTA, FLA. — Benderson Development has acquired a portfolio of 15 retail properties throughout the country that were formerly leased to Toys ‘R’ Us and Babies ‘R’ Us. The sales price was not disclosed for the 600,000-square-foot portfolio. Locations in the Southeast include five stores in Florida — Miami, Palm Beach Gardens, Naples, Fort Lauderdale and North Miami Beach — and one asset in Cary, N.C. In March, Toys ‘R’ Us announced it was closing all 735 of its stores in the United States and Puerto Rico. Founded in 1949, Benderson Development owns a real estate portfolio comprising more than 40 million square feet of retail, office, medical, industrial, lodging and residential properties in 39 states.
COLD SPRING, KY. — Institutional Property Advisors (IPA) has brokered the $26 million sale of Cold Spring Crossing, a 325,383-square-foot retail center in Cold Spring, a Kentucky town about eight miles southeast of Cincinnati. The center was built in 2004 and is anchored by Kroger, Home Depot and Kohl’s. Craig Fuller and Erin Patton of IPA represented the seller, a private Cincinnati based-developer, in the transaction. Ashish Vakhariya of Marcus & Millichap’s Detroit office represented the buyer, a private investor, in a 1031 exchange. Cold Spring Crossing was 99 percent leased at the time of the sale.