Baltimore-based Continental Realty Corporation (CRC) is expanding into New York City with plan to scoop up distressed retail property.
David Donato, senior vice president of Continental Realty Corporation, said the coronavirus pandemic has created “uncertainty” in the market that will “provide generational risk-adjusted buying opportunities. .
The privately-owned firm which owns and manages a $2 billion portfolio of retail centers as well as nearly 10,000 apartment homes, has tapped industry veteran Josh Dinstein to lead the push into New York.
As senior vice president of acquisitions, Dinstein will lead all activities of the CRC retail acquisition team in the sourcing and acquisition of retail properties, while growing the firm’s geographic presence with a New York office. Dinstein will identify and execute investment opportunities and interact with investors, research companies and other market participants to promote the CRC brand.
“Josh assumes a critical position on our acquisition team as we continue our strategic approach in the identification and purchase of retail assets that bring long-term value to our investor groups,” stated JM Schapiro, CEO of Continental Realty Corporation. “We were particularly impressed with his varied background, originating and structuring transactions for companies with national platforms, combined with his perspective and experience in the debt and equity arenas.
Prior to joining CRC, Dinstein served as managing director at Garrison Investment Group, where he oversaw retail property investment, strategy, development, leasing, management and disposition. Earlier, he was a portfolio manager in the special situations group at Kimco Realty Corporation.
Dinstein earned a Bachelor of Science degree from Boston University and a Master of Business Administration from Columbia University. He is a member of the International Council of Shopping Centers, the Urban Land Institute and the Turnaround Management Association.
“The combination of CRC’s vertically integrated organization and long-term view has created an ideal platform with which to invest in retail real estate today,” said Dinstein. “The opportunity to grow the brand at such a critical time in the industry is exciting to me and the company is ripe for it. I am thrilled to join such an established and respected firm.”
The sale of investment-grade Manhattan retail properties dropped 41 percent in the second quarter, according to Avison Young, as the coronavirus decimated the market. Retail landlords have seen rents dry up as most stores were closed and shoppers stayed home and companies, including Brookfield and Simon Property Group, have gone to court to try to force rents out of their retail tenants.
According to Datex Property Solutions, national retailers paid 68 percent of the rent in June, up from 58 percent in May. Gyms and beauty salons have been particularly hard hit while supermarkets and drugstores have enjoyed a pandemic payday as often the only stores open in a neighborhood.