Sam Latone, co-CEO and president, The Shopping Center Group
ATLANTA, GA–The Shopping Center Group has acquired Connecticut-based real estate investment management firm Hart Realty Advisers to expand its Real Estate Advisory Services platform. This comes in response to an industry-wide trend of real estate pension fund plan sponsors to align with a vertically integrated platform in deploying significant capital in separate accounts.
“The Shopping Center Group's acquisition of Hart leverages the knowledge base of two of the most respected retail real estate teams to offer investors a single-source for asset optimization with proven proficiencies,” says Sam Latone, co-CEO and president, The Shopping Center Group. “Not only do we deliver a more streamlined operational structure, our investment team is now equipped with a distinct competitive advantage to achieving client investment objectives.” Since its formation, Hart has acquired more than $2 billion of real estate.
“The intent here is to establish a more expansive and informed decision-making process that ultimately improves the returns for our clients,” says David Hart, CEO, Hart Realty Advisers. Since the early 1990s, Hart has provided separate account real estate investment management services to corporate and public pension plans, foundations and endowment funds. As one of the industry's leading firms, Hart has consistently demonstrated its ability to identify, structure and manage real estate investments that maximize returns and control risk for institutional clients.
“Investors now benefit from the unique market knowledge, research and predictive analytics The Shopping Center Group is known for, combined with the long track record of the Hart organization in exceeding industry benchmark returns in all market cycles,” says Latone. Hart seeks to deploy capital ranging from $50 to $200 million per client in joint-venture endeavors, redevelopment/repositioning opportunities as well as core/core+ assets within the commercial real estate sector with expectations of growing the portfolio to $1 billion by 2021. Hart is a registered investment advisor with the SEC.
“We are now even better equipped to add value at all stages of the asset life cycle,” says Hart. The combination of The Shopping Center Group and Hart offers a keen understanding of the national commercial real estate landscape with a precise, street-level focus that establishes a competitive advantage for investors during all phases of an asset's lifecycle.
The acquisition of Hart Realty Advisers broadens and expands The Shopping Center Group's expertise to include investment management, adding another level to its vertically integrated landlord services platform that currently includes leasing, property management, asset management, project and construction management and capital markets. The Shopping Center Group currently oversees 60 million square feet of retail from coast to coast. This is in addition to the company's tenant representation division that exclusively represents over 430 retailers and/or restaurants.
“Along with The Shopping Center Group's strategic partners in the office, industrial and multifamily sectors, there is not a property or market in the US that we won't be able to obtain unique market knowledge and intelligence,” Latone says.
“Together, we are confident that greater value for our clients will be the result of this union,” says Hart. “We are creating a more comprehensive and effective platform for deploying capital in the commercial real estate marketplace.”
The CenterCap Group, a New York-based boutique investment bank, facilitated the transaction.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
