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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Jones Lang LaSalle Merges With Pacific Real Estate Partners

Jones Lang LaSalle Inc. announced this month that it has merged operations with real estate services firm Pacific Real Estate Partners Inc. Pacific was founded in 1992, and has offices in Seattle, Bellevue and Portland. Chicago-based Jones Lang LaSalle, which has more than 200 offices around the world, entered the Northwest market in 1995 according to the Seattle Times. Financial terms of the acquisition were not disclosed.

"The merger of Jones Lang LaSalle and Pacific Real Estate Partners was driven by client demand for broader and deeper services, as well as the anticipated growth of the Pacific Northwest," said Elizabeth Hearle, Northwest Market Director, Jones Lang LaSalle. "While this is a mutually beneficial merger for Pacific Real Estate Partners and Jones Lang LaSalle, the real beneficiaries are our clients who will now have access to a broader platform and local market expertise from a firm that is the clear leader in the market."

"By leveraging our strong combined capital markets and leasing capabilities, we will have the opportunity to expand our services, with a focus on property management. This will create a powerful and differentiated firm with growth potential that benefits Jones Lang LaSalle, Pacific Real Estate Partners and both firms' clients," said Hearle, who will continue to serve as the Market Director for the Pacific Northwest Region.

For more news and information visit Blumberg Capital Partners.