Shelter Bay's entire team of 30 experts is expected to join JLL at closing. The management teams for the properties will remain intact to ensure a seamless transition when the transaction closes. 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 has more than 125 retail brokerage experts in 30-plus markets, representing more than 670 retail clients. As the largest third-party US retail property manager, 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.

Hearle added, “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.”