Profile
Stoltz provides sound investment strategies and opportunities for retailers nationwide
by Joe Dyton
Stoltz is a real estate investment, development and management company that specializes in retail, mixed-use, office, flex, industrial and multi-family real estate. Founded in the 1950s as a regional real estate services business, Stoltz has grown into a national investor and operator of more than 70 properties totaling 11 million sq.ft. throughout 12 states.
Stoltz has made diversified real estate equity investments and served as an operational partner to institutional and high net worth investors for decades. Stoltz prides itself on its thoughtful risk adjusted return investment strategy, maintaining the highest fiduciary standards and providing focused investment partner service to all of its constituents, including investors, tenants, lenders and the real estate community. A cornerstone of the Stoltz strategy is to maximize alignment with its investment partners by investing Stoltz partner capital in every transaction.
Stoltz is organized in three companies that reflect its diversity and resources. Stoltz Real Estate Partners is the company’s acquisition and investment products group, focusing on both institutional co-investment and high net worth partner relationships. Stoltz Real Estate Services provides real estate financing and disposition services and Stoltz Management Company provides property management, leasing, construction management and asset management services. Since 2000, Stoltz has completed more than $2.5 billion in transactions.
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University Mall in Carbondale |
The Outlets at Vero Beach |
The Stoltz key management team includes Keith D. Stoltz, chief executive officer and president of Stoltz Real Estate Partners and its affiliates. Keith’s 25 years of experience in the real estate industry include extensive investment and management of development projects, construction, acquisitions, joint ventures, dispositions, financing and leasing. Andrew M. Silberstein, chief operating officer and chief investment officer, joined Stoltz in 2004 from Morgan Stanley when Stoltz made the decision to expand the platform with the formation of Stoltz Real Estate Fund I. SREF I has acquired a diversified value-added portfolio of 14 assets over the past 24 months totaling approximately $700 million. Mark Curcio, senior vice president of retail, is responsible for the Stoltz retail portfolio, including asset management, leasing and development. The Stoltz retail property team also includes longstanding industry operations and leasing veterans John Crouse, Joseph Soussana and Bill Reddinger.
Poised for continued growth and success, Stoltz employs development, redevelopment and value-added leasing strategies at its major holdings, including regional malls, outlet centers, community power centers and mixed-use properties. In Carbondale, IL, home to the second largest university in the state, an ongoing renovation at University Mall, a 676,000 sq.ft. center, has prompted interest from retailers not represented in that market, including recently signed Steve & Barry’s University Sportswear. This leasing momentum and the addition of an open air center on adjacent property will change the retail landscape at University Mall. The 89,000 sq.ft. University Square is slated to open in early 2007. At another Stoltz asset, McKinley Mall in Buffalo, NY, a new master plan and redesign is underway to bring cosmetic common area enhancements and a vibrant retail mix to expand the customer base at the 800,000 sq.ft. center. Merchandising upgrades include big box power retailers such as Bed, Bath & Beyond and in-line tenants Hollister, Hot Topic and Zumiez. In the greater Philadelphia market, Coventry Mall in Pottstown, PA, acquired by Stoltz in 2004, completed a multi-million renovation last year, adding new anchors Dick’s Sporting Goods and Kohl’s, and an extensive interior program including a remodeled food court. The team also continues to freshen the tenant mix with retailers including Pier 1, which is under construction.
Stoltz also owns, manages and leases outlet centers in two of the country’s fastest growing markets. Stoltz completed development of The Shops at Las Americas in San Diego, CA by expanding the property to 560,000 sq.ft. last year. The center is home to more than 125 major retailers including California’s only Neiman Marcus Last Call, Ralph Lauren Factory Store, Coach Factory, bebe and Kenneth Cole Outlet Store. In Florida, The Outlets at Vero Beach, recently added strong national retailers like Banana Republic, Borders Books and Calvin Klein as it continues its remerchandising process. Tenant sales have increased an impressive 24% during the three years of Stoltz ownership.
Stoltz has also been building its portfolio of upscale mixed-use retail, office and food “village” concepts. The 133,000 sq.ft. Greenville Center in Greenville, DE offers all of the Talbot’s concepts, White House/Black Market, Food Source and Yves Delorme. The 62,000 sq. ft. Powder Mill Square in Wilmington, DE serves the state’s wealthiest community.
The Stoltz community shopping center portfolio includes three centers in Florida, Indrio Crossing, Ft. Pierce; Shoppes at South Semoran, Orlando; and Townview Square Shopping Center, Zephyrhills; four in Pennsylvania including Berwyn Shopping Center, East Norriton Shopping Center, Springhouse Village Center and Ardmore West; and other centers throughout GA, NJ, OH, MD and VA.
The company also boasts an extensive industrial/office resume, totaling in excess of three million sq.ft. concentrated primarily in Las Vegas, Nevada and the greater Philadelphia metro region as well as assets in several other states across the country.
For more information, contact Andrew Silberstein or Mark Curcio, Stoltz Real Estate Partners, 725 Conshohocken State Road, Bala Cynwyd, PA 19004; 610-667-5800, Fax 610-664-1976; Web site: www.stoltzusa.com.