{"id":1004123458,"date":"2015-07-17T06:07:18","date_gmt":"2015-07-17T14:07:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004123458"},"modified":"2022-12-06T13:46:55","modified_gmt":"2022-12-06T21:46:55","slug":"jll-kicks-retail-into-high-gear","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-kicks-retail-into-high-gear\/","title":{"rendered":"JLL Kicks Retail into High Gear"},"content":{"rendered":"

\u00a0<\/em>By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Greg<\/a>

Greg Maloney, JLL<\/p><\/div>\n

Jones Lang LaSalle is acquiring Shelter Bay Retail Group, a retail property management firm based in Mill Valley, Calif., which will add 74 urban and suburban, open-air shopping centers to its portfolio.<\/p>\n

Once the deal closes later this month, the acquisition will increase JLL\u2019s industry-leading third-party retail property management portfolio in the U.S. by 6.5 million square feet to a total of 83.5 million square feet.<\/p>\n

\u201cWe\u2019ve been trying to grow our local business\u2014whether it\u2019s brokerage, property management or investment sales\u2014really since right after the recession; it started in 2007, slowed down a little bit, but we really kicked it into high gear again and started looking again in late 2012. We\u2019ve talked to Shelter Bay several times and we\u2019ve been chasing them for some time and finally got the deal done,\u201d Greg Maloney, JLL Americas Retail\u2019s CEO, told Commercial Property Executive<\/em>. \u201cThe West Coast is a prime area for us to grow, so this deal gives us an opportunity to grow not only in the Bay Area, but in Southern California, Seattle, San Diego, Arizona and other Western cities.\u201d<\/p>\n

The properties are located in the San Francisco Bay Area, San Jose\/South Bay, Central and Southern California, and Arizona.<\/p>\n

According to Maloney, 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, so combining the retail strength of the two firms under one roof allows both current and prospective clients to tap into its national network of experts and expanded service offerings on the West Coast.<\/p>\n

Stephen Robertson, chairman of Shelter Bay, will be transitioning to director of retail business development, West Coast, while Sondra Van Metre, Shelter Bay\u2019s president and CEO, will become director of retail property management, West Coast. Together they will lead the combined organization\u2019s West Coast retail property management operations. In fact, Shelter Bay\u2019s entire team of 30 experts is expected to join JLL.<\/p>\n

\u201cEvery acquisition we look at starts with the cultural fit and the leaders, and Sondra and Steve fit in perfectly with our culture,\u201d Maloney added. \u201cThey are great professionals and really good people. This is a win-win for both of us.\u201d<\/p>\n

Additionally, the management teams for the properties will remain intact to ensure a seamless transition when the transaction closes.<\/p>\n

\u201cJLL\u2019s 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,\u201d Robertson said in a company statement.<\/p>\n

Looking ahead, Maloney noted that JLL has other things in the pipeline as it looks to continue to grow in the major 9-12 markets throughout the U.S.<\/p>\n

\u201cWe want to be No. 1 or No. 2 in brokerage, property management and in investment sales in each of those markets,\u201d he concluded. \u201cThat\u2019s what we continue to march towards.\u201d<\/p>\n

Two years ago, JLL had virtually no property management presence in the Bay Area but between this deal and last year\u2019s acquisition of the Wilson Retail Group<\/a>, it\u2019s now one of the dominant players in the area.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL has been chasing this retail property management firm for quite some time, and has finally caught it.<\/p>\n","protected":false},"author":451,"featured_media":1004108513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,21749],"tags":[],"class_list":["post-1004123458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-retail"],"acf":[],"yoast_head":"\nJLL Kicks Retail into High Gear - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jll-kicks-retail-into-high-gear\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JLL Kicks Retail into High Gear\" \/>\n<meta property=\"og:description\" content=\"JLL has been chasing this retail property management firm for quite some time, and has finally caught it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jll-kicks-retail-into-high-gear\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-17T14:07:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T21:46:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Greg-Maloney-CEO-of-JLLs-Americas-Retail-Group.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"150\" \/>\n\t<meta property=\"og:image:height\" content=\"150\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-kicks-retail-into-high-gear\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jll-kicks-retail-into-high-gear\/\",\"name\":\"JLL Kicks Retail into High Gear - 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