REAL ESTATE

Consolo & Aquino to remake The Shops at St. Pete

BY Katherine Boccaccio

St. Petersburg, Fla. — The Prudential Douglas Elliman retail team of Faith Hope Consolo and Joseph Aquino said Wednesday they will serve as consultants to the redevelopment of Baywalk Midcore Shopping Center into The Shops at St. Pete, a mixed-use property in St. Petersburg, Fla.

The 100,000-sq.-ft. complex will offer a combination of distinctive retail shops, restaurants and entertainment facilities when it opens in July 2013. The remodel and re-conception of Baywalk Midcore will consist of two levels of shops, dining and entertainment venues, as well as plazas, water features and design elements.

It also will fill a true void in what is an astonishingly unsung market, said Consolo. "St. Petersburg may be one of the most under-retailed markets in the United States,” she said. “We’ve worked in markets around the world, and I’ve never seen greater opportunity than in St. Petersburg."

In recent years, St. Petersburg has created a dynamic downtown scene with new hotels, restaurants, museums and nightlife. In addition, nearby Tampa Bay’s selection to host the 2012 Republican National Convention will shine a global light on the growth of the region. Yet something was missing, pointed out project developer Bill Edwards, chairman of The Edwards Group.

"St. Petersburg has rapidly gained a national reputation as a premier entertainment and cultural destination, yet still requires a true downtown core project," Edwards said. "And no team has a greater worldwide reputation for rejuvenating downtown shopping districts than Faith Hope Consolo, Joseph Aquino and their colleagues at Prudential Douglas Elliman’s Retail Group. I’m excited to see them work the same magic they wielded on Madison Avenue and Rodeo Drive in downtown St. Petersburg."

The 61,288-sq.-ft. Plaza Level will be topped by 37,788 sq. ft. on the Terrace Level. The design will feature covered walkways to protect shoppers from inclement weather, while emulating European shopping streets in lighting, signage and scale. Grand stairways, elevators and escalators will connect the Plaza level to the Terrace, which will feature al fresco dining under shades, rotating art displays, and concierge services as well as lifestyle-oriented tenants. More than 30,000 sq. ft. of retail tenants have already committed to The Shops at St. Petersburg.

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P.Lopez says:
Apr-01-2013 01:52 pm

The remodel and re-conception of Baywalk Midcore will consist of two levels of shops, dining and entertainment venues, as well as plazas. Chatrandom.com

P.Lopez says:
Apr-01-2013 01:52 pm

The remodel and re-conception of Baywalk Midcore will consist of two levels of shops, dining and entertainment venues, as well as plazas. Chatrandom.com

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REAL ESTATE

RED Legacy and DRA Advisors acquire The Streets of Brentwood

BY Staff Writer

Brentwood, Calif. — RED Legacy and a fund managed by DRA Advisors have acquired The Streets of Brentwood, a 350,000-sq.-ft. lifestyle center on 60 acres in the Greater San Francisco Bay Area.

Tenants include a 14-screen Rave Imax Brentwood 14+ImaxTheater, DSW, REI, Loft, Banana Republic, Victoria’s Secret, BJ’s Restaurant & Brewhouse, Ulta and more. In addition, Charming Charlie will open a 7,500-sq.-ft. store in November.

RED Legacy is responsible for the day-to-day leasing and onsite management at the center. In addition, RED Legacy will be leading the development and construction activities for the second phase of the project which will include the addition of more than 150,000 sq. ft. of leasable area.

The ownership group will execute a variety of near-term enhancements including lighting upgrades, more convenient parking, enhanced signage, improved public spaces, and more efficient traffic flow. RED Legacy is working closely with existing tenants and is actively marketing the center to potential new tenants.

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Inland Diversified Real Estate Trust acquires $71.4 million in grocery properties

BY Staff Writer

Oak Brook, Ill. — Inland Diversified Real Estate Trust announced the acquisition of six triple-net leased grocery properties in two separate portfolio acquisitions, with a total combined purchase price of approximately $71.4 million.

The acquisitions include three grocery stores in Missouri that are fully leased to Schnuck Markets, purchased for approximately $22.6 million in a sale-leaseback transaction. Additionally, three Pathmark grocery stores located in Delaware, Pennsylvania and New York were acquired for approximately $48.8 million.

“These acquisitions further strengthen our portfolio of necessity-based grocery properties, which as an asset class have traditionally performed very well across all economic cycles,” said Barry Lazarus, president and COO of Inland Diversified.

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