REAL ESTATE

RKF arranges three NYC leases for Carlo Pazolini

BY Michael Fickes

New York — RKF has arranged three long-term leases, totaling 13,055 sq. ft., in Manhattan for Carlo Pazolini, the European shoe and accessories brand. RKF represented Carlo Pazolini in each transaction.

The first store is in the Meatpacking District at 410 West 14th Street and spans 5,000 sq. ft., with 2,500 sq. ft. on the ground floor and another 2,500 sq. ft. in the basement. The location has opened for business. RKF represented the landlord Amcojor Realty Corp.

The second store, at 555 Madison Avenue, is in the Plaza District. It consists of 4,895 sq. ft. with 3,056 sq. ft. on the ground floor and the balance in the basement. Cushman & Wakefield represented the landlord, Rodney Corporation in the transaction.

The third store at 1131 Third Avenue on the Upper East Side is 3,160 sq. ft. of ground floor space. Vornado Realty Trust, the landlord, represented itself.

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REAL ESTATE

The Forum in Wilmington, N.C., sells for $24.7 million

BY Michael Fickes

Wilmington, N.C. — Marcus & Millichap Real Estate Investment Services has arranged the sale of The Forum, a 105,000-sq.-ft boutique retail center in Wilmington, N.C. The $24,680,000 sales price equates to $233 per square foot.

Marcus & Millichap’s Fort Lauderdale office represented the seller, the developer of the property, Swain & Associates, as well as the buyer, L&B Realty Advisors LLP, a pension fund. Swain & Associates will maintain its offices at The Forum and continue to handle leasing responsibilities.

The property serves an affluent neighborhood with an average annual household income of $115,000.

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News

Del Monte Foods streamlines so it can focus on pet products

BY CSA STAFF

Del Monte Foods has announced plans to sell its consumer products business to Del Monte Pacific Limited for $1.675 billion so the company can focus on the pet products market.

Del Monte Pacific Limited, or DMPL, owns the Del Monte brand in the Philippines and is the exclusive licensee on the Indian subcontinent for processed products. The company, which is publicly traded in Singapore and the Philippines, also owns the S&W brand outside the Americas for both processed food products and fresh produce and is a long-term supplier of processed pineapple for Del Monte Foods.

Del Monte Foods said that given the distinct operations and markets of Del Monte Foods’ two segments — pet products and consumer products — the sale of the consumer products segment will ensure that both are positioned for growth. Upon closing of the deal, Del Monte Foods will change its name to reflect its focus on the $20 billion pet products market, emphasizing pet snacks and pet specialty products. Del Monte’s pet products include such pet food brands as Meow Mix, Kibbles ‘n Bits, Milk-Bone, 9Lives and others.

"Over the last two years, we have made significant investments — operationally, strategically and organizationally — to build the consumer products and pet products segment into businesses capable of capturing the significant opportunity available to each," Del Monte Foods CEO Dave West said. "We believe DMPL is the right company to build on the consumer products segment’s recent success and achieve its next phase of growth, and we look forward to focusing on expanding our pet products business, which operates in one of the most attractive categories across the U.S. consumer packaged goods industry."

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