REAL ESTATE

Paul Morelli to open jewelry store on Madison Avenue

BY Michael Fickes

New YorkFaith Hope Consolo, chairman, and Joseph Aquino, executive VP of Douglas Elliman’s Retail Group are bringing Philadelphia-based, international Society jeweler, Paul Morelli, to 895 Madison Avenue, at the intersection of 72nd Street.

The jeweler has been a presence at Bergdorf Goodman since 1981. The multi-level first New York store will offer 40 feet of double frontage and face two Ralph Lauren mansions.

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REAL ESTATE

CBRE promotes Horne to president, Los Angeles region

BY Michael Fickes

Los Angeles — CBRE Group has promoted Lewis Horne to president, greater Los Angeles-Orange County region. Horne has led the CBRE region since 2007. His elevation to the President title reflects outstanding performance across a broad range of leadership attributes, including new business development, business and sales management, market and industry leadership, client relationships and people management, said CBRE in a prepared statement.

As leader of CBRE’s Great Los Angeles-Orange County Region, Horne manages eight offices and more than 1,200 employees in the firm’s 15 primary business lines and specialty practice groups. CBRE professionals in the region annually complete more than 12,000 property sale and lease transactions and CBRE manages approximately 87 million sq. ft. of commercial property in the region.

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REAL ESTATE

River Bay Plaza in Riverview, Fla., sells for $5.8 million

BY Michael Fickes

New York —River Bay Plaza in Riverview, Fla., has sold for $5.8 million. Cohen Real Estate represented the buyer and seller, both private investment firms.

Located in Hillsborough County, the 79,288-sq.-ft. neighborhood shopping center is anchored by Winn Dixie, which recently exercised a lease option. Other recent developments include a new 10-year lease for Aaron’s and an option exercised by Dollar Tree.

About 163,000 people live within a five-mile radius of the center. Average annual household income is $70,000.

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