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.
