Union Traders Corp. wants to turn recently acquired New York broker Garrick-Aug Worldwide into a truly global company with one-stop shopping for all a client's leasing and financing needs.
Toward that end, it has beefed up its staff, adding an investment banker, architect, director of development services and director of business development to its roster, formed a strategic partnership with a U.K. property firm and signed a letter of intent to buy a portfolio of 11 malls from Brookhill Group.
The partnership, with Kitchen La Francais de Morgan, known a KLM Properties, will bring European designers to Manhattan and give Garrick-Aug clients opportunities abroad.
It's also buying the New York, Florida and Alabama portfolio of New York-based Brookhill, along with a management team of eight. Garrick-Aug will use the managers to assist its clients and Union Traders could redevelop the properties.
“We want to develop a new retail services model,” says Larry Selevan (above), Garrick-Aug chairman and CEO. “Our goal is to create the highest value for our clients and assist in brand-building.”
That includes finding the most profitable uses for retail property and advising on and obtaining financing
Garrick-Aug made news in January when lead retail broker Faith Hope Consolo took her partner and some of her team to Prudential Douglas Elliman. “Garrick-Aug has survived the departure of other single brokers,” says Selevan. He says the firm now has 23 brokers and 40 employees.
Selevan, whose eclectic background includes expertise in structuring financing for property deals (the grandson of a broker, he started out as an antiques dealer) has ambitious plans, including starting a residential division for high-end residences via an acquisition and becoming a public company by merging with an unnamed shell company.