Vision Repositions Montville Corporate Campus

Mountain Lakes, NJ-based Vision Real Estate Partners (VREP) announced that it had launched the repositioning of the Montville Corporate Campus, renovating the twin office buildings at 340-342 Changebridge Road for multi-tenant use. VREP acquired the property last summer from Bayer Pharmaceuticals; according to a NJBIZ report, when it acquired the campus VREP said the the deal was tied to the development of Bayer's East Coast headquarters by Vision Equities, a separate firm that includes VREP's founder as a principal. The new 675,000-square-foot complex in Hanover opened in fall 2013, following Bayer's consolidation from three sites, including Montville.

"We are taking an already institutional-quality office building and bringing it up to today's workplace standards," noted VREP's Sam Morreale, founder and managing partner. "Our goal is to provide a setting that helps tenants win and keep employees; promotes productivity and success; and offers the best in design, efficiency and aesthetics." VREP is also working to re-zone half the 27-acre campus for residential – with high-end multifamily specialist Mill Creek already on board as developer.

For more news and information visit Blumberg Partners.

Altus JV's $80M Baseball District Project

Arlington, VA-based Altus Realty is partnering with EagleBank CEO Ron Paul's private real estate company, Ronald D. Paul Cos., to develop a 220,000 square foot mixed-use complex in DC's Baseball District in the 1300 block of South Capitol Street SW. According to a Bisnow report, Paul purchased the 30,357 square foot parcel for the project for $11 million. The project was facilitated by MAC Realty Advisors, which arrange the sale of the land on behalf of several land owners and then arranged an acquisition and predevelopment loan from a regional bank, as well as helping to structure the JV between Altus Realty and the regional investor.

The project's development costs tally up to $80 million MAC Realty Advisors' Bruce Levin told GlobeSt.com. It will deliver in 2018. The project will have about 250 apartment units plus some retail, Levin also says. "There is a lot of development in the Baseball district, but this project is particularly attractive because it will be directly facing the Washington Nationals Stadium."

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NYL's $507M Financing for 11 Times Square

New York Life Real Estate Investors, a division of NYL Investors under New York Life, provided a $507 million loan against 11 Times Square, a 1.1 million-square-foot office property in midtown Manhattan this week. Building owners Prudential Real Estate Investors, Norges Bank Investment Management and SJP Properties secured the financing through Eastdil Secured; terms of the ten-year loan were not disclosed. According to GlobeSt.com, SJP Properties, the operating partner, will continue to manage and lease the property and will maintain its New York City headquarters in the building.

"New York Life Insurance Company and our co-lender, Northwestern Mutual and New York State Teachers' Retirement System, are very pleased to provide financing for this outstanding asset," said Eric Becher, senior director at New York Life. "The property has an impeccable tenant roster and is conveniently located near numerous subway lines, Port Authority, Grand Central and Penn Station."

The latest loan was provided as part of the 40-story property's recapitalization, in which Norges Bank Investment Management bought a 45% stake for $401.9 million from a partnership of Prudential Real Estate Investors and SJP Properties, according to a Commercial RealEstate Direct report. The loan refinances one of equal size that MetLife and New York Life had provided in 2013.

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The Lab in Denver Sold to JV

The Lab, a new 78,640-square-foot, four-story office building behind Denver Beer Co. in the Central Platte Valley, traded hands this month as Platte Land LLC sold the property to Lab Platte Properties LLC, a partnership between San Francisco-based Soma Capital Partners and Philadelphia-based CenterSquare Investment Management, a BNY Mellon company. Terms of the deal or a sale price were not disclosed; city property records show that the building is valued at $6,726,300, and previously sold in March 2014 for $270,000 when Bellio 17th Street Holdings transfered the building to Platte Land.

WeWork Cos., a New York City-based international co-working firm, also announced this week that it will lease the majority of the Lab, expected to cover about 65% of the building. The developers of the Triangle Building near Union Station confirmed that WeWork will also occupy 72,000 square feet in that soon-to-be-completed office building at nearby 1550 Wewatta St., according to a Denver Post article. The remaining office space at the Lab, about 25,000 square feet, is still available for lease through CBRE, and Urban Legend is handling the retail stalls.

"We began talking to WeWork about Denver in late 2014 because we saw this as a natural fit for their expansion from gateway markets like New York and San Francisco," said Jordan Caspari, partner at Soma Capital. "The average WeWork member is 32 years old with a focus on work-life balance."

The Lab was developed by Denver-based Confluent Development in partnership with Brue Capital. A slideshow of the property is featured on the Denver Business Journal website. For more news and information, visit Blumberg Partners.

Rosemont Realty and HK's Gemini Investments Join Forces

Gemini Investments Limited, a Hong Kong listed company, has acquired a majority stake in Rosemont Realty of Santa Fe, the biggest owner of office properties in Albuquerque, to form a new venture, Gemini Rosemont Realty. The new company combines Gemini Investment's institutional capital with Rosemont's existing portfolio in the U.S., which includes 135 buildings, representing approximately 15.9 million square feet of commercial real estate in 22 states.

"We'd like to add 1 million square feet of space to our portfolio in the Dallas region, but it depends on the opportunities in the market," Michael Mahony, CEO of the newly formed Gemini Rosemont, told the Dallas Business Journal. "We see great opportunities to continue acquiring high-quality real estate in the U.S. market while also harvesting value for our investors, both existing and new. The possibilities for this venture are tremendous."

Gemini Rosemont will launch a multi-year acquisition program utilizing the joint venture's access to capital in the U.S. and throughout the world. The company's investment strategy will build on Rosemont's success targeting Class A properties in gateway, primary, and select secondary U.S. markets.

"Rosemont, with its comprehensive real estate platform and superior performance history, was precisely the investment opportunity Gemini Investments was looking for in order to invest in the U.S. real estate market," said Li Ming, chairman of Sino-Ocean Land Holdings Limited and Gemini Investments. "We look forward to a strong and successful partnership."

For more news and information visit Blumberg Partners.

Stanton Road Buys the Deloitte Building

Stanton Road Capital, a Los Angeles-based investment management firm, has purchased the Deloitte Building in St. Louis at 100 S. 4th Street. Norfolk, Virginia-based Harbour Group International sold the 12-story building on an off-market basis; the sale price was not disclosed, but the St. Louis Business Journal noted that Harbor Group originally purchased the property in 2005 for $26.3 million.

"Our recent purchase of the Deloitte Building is consistent with our investment strategy to acquire value-add office properties in submarkets with improving leasing fundamentals," said Tim Ronan, founder and managing partner of Stanton Road Capital. "We believe the property will continue to retain and attract high-quality tenants due to its efficient floor plates, unobstructed views and nearby amenities including Busch Stadium, Ballpark Village and the CityArchRiver project."

Developed in 1987, the 12-story property was designed by St. Louis-based HOK and originally occupied by MCI WorldCom, according to a GlobeSt report. The property has since been converted to a multi-tenant building and was 100% leased at the time of acquisition by both national and regional tenants including Deloitte, Polsinelli and BMO Harris Bank.

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SL Green Buys 11 Madison for $2.6B in Record Deal

In the largest single-building transaction in New York City history, SL Green Realty Corporation, New York City's largest office landlord, announced this week that it had completed the purchase of 11 Madison Avenue for $2.285 billion, plus approximately $300 million in costs associated with lease stipulated improvements to the property. The building was acquired from Sapir Organization and the minority partner CIM Group, which bought the property in 2003 for $675 million and managed to bring in marquee technology and media tenants.

The Sapir Organization, led by CEO Rotem Rosen and President Alex Sapir, tripled the net operating income of the building to $120 million from $40 million, according to sources. The deal is the biggest for a single building in Manhattan since the 2008 acquisition of the General Motors Building for $2.8 billion, and the second-largest in U.S. history, according to research firm Real Capital Analytics Inc.

SL Green Realty CFO Matthew DiLiberto told REIT.com that the company faced "deep competition both from domestic and international capital" for the property. He noted that the deal's 4.6 percent acquisition capitalization rate is particularly favorable. "Market cap rates for the highest quality assets in the city are going in the" range of 3 percent, according to DiLiberto. SL Green noted that 11 Madison Avenue has rents in place that are substantially below market, offering long-term growth opportunities.

The 29-story, 2.3 million-square-foot Manhattan office tower, formerly known as the Metropolitan Life North Building, was completed in three phases between 1932 and 1950. From 1994-1997, the building, which has served time as Met Life's records warehouse, had its interior redesigned by Haines Lundberg Waehler and the exterior renovated, all at the cost of $300 million.

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Industrial Tampa Distribution Center Sold

In what Cushman & Wakefield Research reports as the largest single-site industrial transaction in the Tampa market since January 2010, High Street Realty has purchased the Tampa Distribution Center, a 955,000-square-foot industrial campus at 1212 N. 50th Street in Tampa, FL, for an undisclosed sum (though an industry source pegged the deal at more than $40 million). The seller, MetLife Real Estate Investors, had owned the property since 1974 according to Hillsborough County property records. Cushman executive director Mike Davis, along with senior directors Rick Brugge and Michael Lerner represented MetLife in the transaction. Cushman & Wakefield will also handle leasing and management of the facility.

"This is a prime infill industrial investment with close proximity to the growing urban core making it highly desirable for tenants from both a distribution and employment perspective," Davis told GlobeSt.com. Last week, Davis, Brugge, and Lerner completed the largest overall industrial transaction in the past six quarters when it closed the $103-million sale of a 1.7-million-square foot industrial portfolio in Pinellas County.

Built in 1973, the Tampa Distribution Center sits on a 54-acre parcel lose to the Lee Roy Selmon Expressway, I-4 and Adamo Drive. Tampa Distribution Center contains six distribution buildings with dock-high, tilt-wall construction. The center was 82% leased at the time of sale with major tenants including Lansing Building Products, Consolidated Container, Motion Industries, Ricoh and Brighton Best.

For more news and information visit Blumberg Partners.

Buchanan Acquires Richardson Office Center I & II

Newport Beach, CA-based rest estate investment management firm Buchanan Street Partners announced this week that it had acquired Richardson Office Center I & II in Richardson, TX. The two-building office campus was purchased in partnership with CarVal Investors from Principal Real Estate Investors. Gary Carr and Robert Hill of CBRE represented the seller in the transaction, and Buchanan Street Partners was self-represented. The acquisition marks the second Dallas market purchase this year for Buchanan; terms of the deal were not disclosed.

"The Far North Dallas submarket has been experiencing strong positive absorption and growth in rental rates causing a wider-than-normal price gap compared to Richardson," said Matt Haugen, assistant vice president at Buchanan Street Partners. "Given that trend, the location was one of the main reasons we were attracted to the property. Companies in search of a better real estate value have moved to Richardson because of its affordability and projected growth."

Built in 1999, Richardson Office Center at 3001 & 3101 E. President George Bush Highway are twin, 120,000 SF first class office buildings located off of President George Bush Turnpike and Renner Road in Richardson, Texas. The property was 90% leased at the time of sale with major tenants including Boeing, Genpact and Avnet. Richardson's average lease rate is $19.26 per sf, which is affordable compared with lease rates in the Far North Dallas submarket with an average lease rate of $22.46 per sf, according to CBRE research. The average lease rate in Dallas is $21.68 per sf.

For more news and information visit Blumberg Partners.

250 Plaza Building Sold, Improvements Planned

Fulcrum Asset Advisors and Millbrook Properties have completed the purchase of the 250 Plaza office building at 250 E. Wisconsin Ave. in Milwaukee, WI for an undisclosed price. Milwaukee brokerage CBRE listed the 20-story building and its 427-space parking structure for auction in July 2014; prior to that, the building was acquired by Lone Star Funds in 2013 for $7.5 million, after the building had gone into receivership in 2009. Its current assessed value is about $7 million, according to city records.

"Fulcrum and our partner Millbrook are looking to invest in assets that require significant repositioning because of low occupancy and the need to complete deferred maintenance and overall updating," said Scott Stahr, principal of Fulcrum Asset Advisors. "This acquisition fits the bill. Though in need of significant TLC, it is located in the heart of Milwaukee's (central business district) and everything that location has to offer."

The 200,044-square-foot 250 Plaza building was constructed in 1973 and has struggled in recent years with a high amount of vacancy. The building will be rebranded as Two Fifty East, and undergo renovations on the main lobby and entrance, the common corridors and restrooms, a comprehensive elevator modernization including new elevator cab interiors, and major work in the parking garage to add lighting.

"Two Fifty East Wisconsin is a terrific opportunity to renovate and add value to a high quality office building and parking garage prominently located in the Milwaukee CBD," said Bruce Hecktman, President, Millbrook Real Estate Company. "Millbrook has successfully undertaken similar renovations to office assets in need of attention, repositioning, and hands on ownership. We look forward to working with our partners at Fulcrum to bring an upgraded and renovated office building to the Milwaukee business community."

For more news and information visit Blumberg Partners.

JV Developing AZ|60 Industrial Project

A joint venture between Conor Commercial Real Estate, a member of The McShane Companies, and Globe Corporation have acquired a 16-acre parcel in Gilbert, Arizona for the development of a new industrial project. Dubbed AZ|60, the two-building, 225,600 square foot property is expected to break ground this October and deliver in April 2016. Steve Larsen and Bill Honsaker of JLL's Phoenix office represented the joint venture in the land acquisition and will serve as exclusive marketing agents for AZ|60. George Haugen with Haugen Commercial represented the property seller, Earnhardt Properties, LP. Terms of the deal were not disclosed.

"We are delighted to be partnering with Globe Corporation in the development of AZ|60," said Sven Tustin, Vice President of Conor Commercial Real Estate, in a statement. "Given the positive market fundamentals in the Gilbert area, we are confident that the development will fulfill the current demand for contemporary industrial space within this established business park, and that users will benefit from its easy access to transportation corridors and numerous retail amenities."

JLL's Larsen added, "Industrial users, and high tech entities in particular, have shown tremendous interest in Gilbert, but they now face a more limited inventory of modern, available space options. This project will help to change that."

AZ|60 is located within Fiesta Tech Center on the northeast corner of Desert Lane and Colorado Street, near the intersection of Arizona Avenue and Baseline Road in the Town of Gilbert, Arizona. The development will be comprised of two Class A industrial facilities – Building 1 offering 104,900 square feet and Building 2 at 120,700 square feet. When completed, the rear-loaded industrial buildings will accommodate tenants ranging from 18,720 square feet up to approximately 225,000 square feet.

For more news and information visit Blumberg Partners.

Dalfen Secures Sale/Leaseback of Lockwood International HQ

Dalfen America Corp., a private equity firm specializing in real estate and real estate-related investments, has acquired the corporate headquarters and distribution facilities of Lockwood International in Houston in a sale-leaseback deal. Joseph Smith of CBRE represented Lockwood International in the sale-leaseback transaction; terms of the deal or a sale price were not disclosed. The three-building portfolio includes two warehouses and one office building totaling over 201,000 square feet.

"In Texas, our current holdings and active development projects total approximately 3.5 million square feet," Dalfen America Corp. president and chief investment officer Sean Dalfen told GlobeSt.com. "We firmly believe in the continued prosperity of the state, from both an economic and population growth standpoint. And thus we intend to dramatically increase our portfolio over the next 36 months. Over the last two months, we have acquired nine buildings totaling close to 1 million square feet of industrial property in Texas. Both people and businesses continue to flock to Texas in droves. Even with the decline in the energy sector, we believe that the state’s economy is sufficiently diverse and will remain one of the nation’s top performing markets for the foreseeable future."

10203 Wallisville Road is a Class "A" corporate head-quarters facility totaling 201,128 square feet of warehouse and office space built in 1998, 2006 and 2007 on 8.11 acres of land. The office/warehouse/industrial complex offers 24'-26' clear ceiling height, 12 oversized loading docks, 8 dock wells, heavy power, 115 parking spaces and covered parking. With quick access to I-10 and I-610, it is located 15 minutes to downtown Houston, and 30 minutes to George Bush International Airport.

For more news and information visit Blumberg Partners.

Are Trophy Buildings Outpacing the Market?

JLL's 2015 Digital Skyline review was released this month, featuring JLL's proprietary market insights regarding office supply, demand, rents, leverage and investment into 47 markets across the United States and Canada, with the ability to compare and contrast individual markets or multiples of markets. According to the 2015 Digital Skyline, trophy buildings throughout Manhattan post below-market vacancy rates despite significant rent premiums.

"New York continues to attract both capital and talent from around the world, and this trend shows no sign of tapering off," said Tristan Ashby, JLL's vice president and director of research in New York, in a statement. "And while in an active phase, construction of new office space in Manhattan is lengthy, expensive and ultimately limited by available sites." According to the findings, although some trophy-quality space will be returning to the market, new product in Manhattan's most in-demand locations remains limited, with some opportunities several years away. High-end space in Midtown, in particular, has become increasingly hard to find. The chasm in vacancy rates is considerable: trophy-quality buildings in Midtown posted a vacancy rate of 8.4 percent in the first quarter of 2015 while the overall vacancy rate for Midtown assets stood at 10.0 percent.

To view the new JLL Digital Skyline interactive site, click here. For more news and information visit Blumberg Partners.

Goldman Picks Up GE Capital's Deposits

GE announced this week that it would be selling GE Capital Bank's U.S. online deposit platform along with all deposits of GE Capital Bank to Goldman Sachs Bank USA, transferring approximately $16 billion of deposits to GS Bank. The transaction is subject to regulatory approval and relates only to the deposit platform and deposits of GE Capital Bank. GE expects to wind down the remaining operations of GE Capital Bank following closing of the transaction, subject to regulatory approval. Scott Roberts, president of GE Capital Bank, is expected to join Goldman's banking unit to oversee the platform, GE said.

"As we work to reduce the size and complexity of GE Capital, this transaction is another key step. It advances GE Capital's new strategic direction by facilitating closure of one of our two U.S. bank charters, which we believe will help us become less systemically important," said Keith Sherin, GE Capital chairman and CEO. "I am confident that under GS Bank our deposit customers will continue to receive the high level of service and commitment they have come to expect," he added. GE announced in June that it would effectively break up its finance arm in order to avoid the added scrutiny that comes with being one of the non-bank firms that regulators oversee as if it were a mega bank.

"This transaction achieves greater funding diversification and strengthens the liquidity profile of GS Bank by providing an additional deposit-gathering channel," Liz Beshel Robinson, Goldman Sachs's treasurer, said in a statement. That funding objective is the establishment of an online consumer lending platform, and follows Goldman's hiring this past spring of Harit Talwar, formerly with Discover Financial Services. "Sluggish markets and new regulations have diminished historically profitable areas like trading, forcing Goldman and other Wall Street companies to hunt for new sources of revenue," the New York Times reported in June.

For more news and information visit Blumberg Partners.

Chinese Developer Buys Office Tower Parcels Near Seaport

Beijing-based investment company China Oceanwide Holdings, founded in 1985 by Mr. Zhiqiang Lu, announced this week that it had purchased two lots adjacent to the South Street Seaport development in New York for $390 million (or HK$3B). The two parcels at 80 South Street and a neighboring site at 163 Front Street were sold by Howard Hughes Corp., the developer behind the new Seaport. Howard Hughes acquired the two sites over the past year, and combined they could be the site of an 820,000-square-foot tower with 440,000 square feet of residential space and 380,000 square feet of commercial space. CBRE brokers Darcy Stacom, Bill Shanahan and Paul Leibowitz handled the sale on behalf of the Howard Hughes.

The site at 80 South St. has long been envisioned as a location for a soaring structure, according to a Crain's report. Construction manager and developer Frank Sciame planned a unique-looking tower there designed by architect Santiago Calatrava, but eventually abandoned the complex project.

For more news and information visit Blumberg Partners.

RPW Picks Up Palm Beach Office Building for $18M

RPW Equity, an affiliate of the Greenwich, CT-based insurance company W.R. Berkley Corp., purchased 324 Royal Palm Way in Palm Beach last week for $18 million, or $681 per square foot, according to a deed recorded by the Palm Beach County Clerk's office. The property traded hands on August 5th as 324 Royal Palm Way LLC sold the 26,430-square-foot building. The seller originally bought the building in 2012 for $12.35 million, according to a CIJ report. Mark Pateman of Cushman & Wakefield's West Palm Beach office represented the buyer's side of the deal and has served for several years as the building's leasing agent.

Originally built in 1960, 324 Royal Palm Way is a multi-story office building was nearly 100% leased at the time of sale, with major tenants including U.S. Bank Private Client Reserve, Tiedemann Wealth Management, the Impala Asset Management hedge fund and a law firm, Pillsbury Winthrop Shaw Pittman LLP. The off-market sale marks the third time within five years that the building has changed hands. Pateman described the transaction as "a classic relationship deal. The interests and the stars aligned." Pateman said he will continue as the building's leasing agent and the buyer will provide its own management services.

For more news and information visit Blumberg Partners.

Vanbarton Closes on 31 Penn Plaza

Vanbarton Group, a privately owned real estate investment and advisory firm launched last month by Gary Tischler and Richard Coles, completed the acquisition of 31 Penn Plaza in New York for $265 million. Savanna sold the 18 story, 450,000 square foot building after paying $130 million for the property in 2011, then adding around $20 million in capital improvements. Douglas Harmon, Adam Spies, Joshua King, Adam Doneger and Michael Saclarides of Eastdil Secured represented Savanna in the sale transaction, according to a citybizlist article. Attorneys Christopher Price and Adam Kopald of Goodwin Procter served as the seller's counsel.

"31 Penn Plaza has been a transformative case study that we are proud of," said Kevin Hoo, Managing Director at Savanna. "Savanna has significantly repositioned the property's infrastructure and tenant profile, and in the process, restored its attraction and reputation in a submarket that has experienced tremendous growth over the past few years. We are grateful to our entire team of partners and service providers who helped us achieve the turnaround."

"Landlords in these buildings are holding out for top dollar and can scrutinize the firms competing for their space more rigorously," said Bill Montana, Savills Studley's senior managing director in a prepared statement. "Class A tenants seeking 10,000 to 40,000 square feet, particularly those who are geographically flexible, have a wealth of options. Informed tenants who do not have a very limited geographical or floor requirement can take a calculated approach to leasing."

For more news and information visit Blumberg Partners.

KBS Realty Advisors Grabs Weston Towers

BlackRock Realty Advisors has sold the lakefront Weston Corporate Center I and II in Weston, Florida to GK Weston Corporate Center, a subsidiary of Newport Beach, California-based KBS Realty Advisors, for a combined $46.75 million. BlackRock originally paid $34.5 million for the properties in 2005 from two partnerships affiliated with L&J Schmier Management and Investment Co. of Boca Raton. The twin buildings, located at 2700 S. Commerce Parkway and 2500 Weston Road, combine for a total of 149,103 square feet and traded for $314 per square foot.

"We believe Weston Corporate Center I & II's central location in the amenity-rich region of Broward County is irreplaceable and is an attractive draw to tenants," said KBS Regional President Marc DeLuca. "The property's desirable location has attracted an elite mix of tenants, including GSA, Wells Fargo, Ricoh, DHL, Raymond James and Boston Scientific."

Built in 1997 and 1998, the two building complex was fully leased at the time of sale. KBS said in a statement that the company has plans to renovate the buildings, including roof replacement, enhancements to the lobbies and bathrooms, new common area ceiling grids and lighting, repainting and updated parking lots.

For more news and information visit Blumberg Partners.

CBRE Acquires Canada's PKF

CBRE Group, Inc. announced this week that it had acquired PKF Consulting Inc. (PKF Canada), a Canada-based advisory, consulting and research firm specializing in the Canadian hospitality and tourism industries. Financial terms of the deal weren't disclosed, but the acquisition follows Los Angeles-based CBRE's purchase in July last year of PKF Consulting USA, which provides similar advisory and consulting services for the U.S. and global hospitality sector. Founded in 1970, PKF was led by David Larone and Brian Stanford, who will remain in leadership roles with CBRE.

"Like CBRE, PKF Canada's professionals greatly value collaboration, integrity and the highest standards of client service excellence," said Thomas McDonnell, president, Americas Valuation & Advisory Services, CBRE. "Combining their deep knowledge and insight into the Canadian hospitality sector with CBRE's valuation and transaction expertise will significantly enhance our service offering and support our ability to create real advantages for hospitality clients worldwide."

"CBRE is energized about the opportunities in the hospitality sector and the addition of PKF Canada adds top talent to our deep bench of sector expertise," added Kevin Mallory, senior managing director and global head for CBRE Hotels, in a statement. PKF Canada's professionals will become part of CBRE's Valuation & Advisory Services business line and will collaborate closely with CBRE Hotels' professionals.

For more news and information visit Blumberg Partners.

JLL Completes Shelter Bay Acquisition

JLL announced this week that it had closed on the acquisition of Mill Valley, CA-based Shelter Bay Retail Group, adding 6.5 million square feet to their retail property management portfolio in the US. The 74 Shelter Bay properties are located in the San Francisco Bay Area, San Jose/South Bay, Central and Southern California, and Arizona. Shelter Bay's entire team of 30 experts has joined JLL, and will continue to manage the portfolio.

"Since we announced our intention to join JLL, the client and retailer reception we've received is proof positive of the expanded potential we now have as part of a global enterprise," said Sondra Van Metre, former President and CEO of Shelter Bay, in a press release. "Adding our team to JLL, plus the recently acquired Wilson Retail Group, now positions our firm to lead retail services in the West Coast." Van Metre will now lead JLL's West Coast retail property management operations as the Director of Retail Property Management, West Coast.

"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 strong 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."

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