SAN FRANCISCO–In response to an increased demand for retail property management services, JLL has agreed to acquire Shelter Bay Retail Group, a retail property management firm based in Mill Valley, CA. 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.
The addition of Shelter Bay's 74 urban and suburban, open-air shopping centers is expected to increase JLL's third-party US retail property management portfolio by 6.5 million square feet to a total of 83.5 million square feet. The properties are located in the Bay Area, San Jose/South Bay, Central and Southern California, and Arizona.
Elizabeth Hearle, markets west market director for JLL, tells GlobeSt.com: “As a firm, we are continually looking for ways to meet our clients' current needs as well as their future expectations. This merger creates a strong platform to support the growth of our retail clients' businesses on the West Coast.”
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.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
