Previously a senior investment analyst with Grosvenor, Colacino is now an Investment Manager charged with sourcing retail and multi-family acquisitions in the San Francisco Bay Area and value-added retail opportunities in the Los Angeles metropolitan area. She replaces Alan Chamorro, who has moved into a development role as a senior vice president with the company.
Grosvenor has heretofore invested approximately $100 million in retail and residential on the West Coast.Active projects include the redevelopment of Prada's former home at 185 Post St. in San Francisco and a 100,000-sf ground-up retail development in Novato, CA, at Hwy 101 at Nave Drive. In Southern California, the company recently completed redevelopment of 308-310 North Rodeo Dr. in Beverly Hills, a 15,160-sf, three-level building anchored by Harry Winston and bebe.
Recent acquisitions include the 235,766-sf Westgate West Shopping Center in San Jose, CA, which is slated for renovation and possible expansion; 1944 Union St. in San Francisco, a 4,442-sf building anchored by Perry's restaurant; and Cascade Pines, a 140-unit apartment community in Kirkland, WA.
Looking forward, Colacino tells GlobeSt.com she is actively seeking additional urban infill retail locations, including street-front opportunities and strong suburban locations. In the multifamily sector, Colacino is scouting for attractive suburban locations for ground-up development and existing apartment communities.
Colacino says Grosvenor's sweet spot for deal sizes is $15-million to $60 million for apartment properties and $20-million to $60-million for retail properties, though the ranges can be expanded for the right opportunity.
Attractive retail property types include grocery anchored centers, power centers, lifestyle centers, strip centers, mixed-use and street retail. In the multifamily arena, Colacino says Grosvenor is interested in apartment complexes of at least 100 units in the Greater Seattle area as well as San Francisco.
Grosvenor undertakes real estate development and investment on its own behalf and on behalf of partners and investors through its international regional operating companies and fund management. Its $17.3-billion owned and/or managed real estate portfolio is spread among 17 countries.
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