Acquisition is expected to add 74 properties, 6.5 million SF, to JLL’s retail properties under management
SAN FRANCISCO, July 16, 2015 –In response to an increased demand for retail property management services, JLL (NYSE:JLL) today announced it has agreed to acquire Shelter Bay Retail Group, a retail property management firm based in Mill Valley, California. The addition of Shelter Bay’s 74 urban and suburban, open-air shopping centers is expected to increase JLL’s industry-leading third-party retail property management portfolio in the United States by 6.5 million square feet to a total of 83.5 million square feet. The properties are located in the San Francisco Bay Area, San Jose/South Bay, Central and Southern California and Arizona. The acquisition is expected to close later this month, subject to customary closing conditions.
“Owners and investors of open-air retail real estate properties and portfolios are increasingly outsourcing property management to third-party experts as a cost-effective alternative to in-house management. Combining the retail strength of our two firms under one roof allows our current and prospective clients to tap into our national network of experts and expanded service offerings on the West Coast,” said Greg Maloney, CEO of JLL Americas Retail.
Elizabeth Hearle, Markets West Market Director for JLL, added, “The addition of Shelter Bay accelerates the growth of our open-air property management and retail brokerage business on the West Coast. The company’s deep bench of retail management and accounting experts, coupled with the relationship with 800 retailers in its properties, will allow us to serve the needs of owners and investors. This transaction will move JLL’s retail management platform into a market-leading position on the West Coast, a position already held by our office practice.”
Shelter Bay’s entire team of 30 experts is expected to join JLL at closing. Stephen Robertson, Chairman of Shelter Bay, joins as Director of Retail Business Development, West Coast. Sondra Van Metre, President and CEO, joins as Director of Retail Property Management, West Coast. Together, they will lead the combined organization’s West Coast retail property management operations.
“To sustain long-term growth for our business and our employees, we’ve been looking for the right organization to join, but finding the right cultural fit for our boutique-service model was paramount. JLL’s corporate culture thrives on collaboration, ethics and integrity, and puts clients’ needs first. The same environment has long been our operating philosophy at Shelter Bay and will continue to guide us in our new home,” said Van Metre.
“JLL’s global services platform, legacy of property management excellence and award-winning best practices spanning operations, leasing, marketing and accounting, will tremendously benefit our existing clients and, in combination with the growing JLL portfolio, allows us to provide an even higher level of service,” added Robertson.
The management teams for the properties will remain intact to ensure a seamless transition when the transaction closes.
JLL’s retail business serves as an industry leader in retail real estate services. The firm’s more than 800 dedicated retail experts in the Americas partner with investors and occupiers around the globe to support and shape investment and site selection strategies. Its retail specialists provide independent and expert advice to clients, backed by industry-leading research that delivers maximum value throughout the entire lifecycle of an asset or lease. The firm has more than 125 retail brokerage experts spanning more than 30 major markets, representing more than 670 retail clients. As the largest third party retail property manager in the United States, JLL’s retail portfolio has more than 620 centers, totaling 77 million square feet under management in regional malls, lifestyle centers, grocery-anchored centers, power centers, central business districts, transportation facilities and mixed-use projects. For more news, videos and research from JLL’s retail business, please visit: www.jllretail.com.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.