News
JLL RETAIL TO TARGET SOUTHEAST
July 14, 2010
| Greg Maloney, president of JLL Retail, tells us Atlanta and the Carolinas are about to get plenty of affection from his division. | |
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| We snapped this yesterday of Greg in JLL?s Buckhead office. Yes, JLL is based in Chicago, but its retail division is here. He spoke with us about this week?s announcement that JLL is taking over General Growth?s third-party management business, which operates 18 US malls that General Growth doesn?t own. Greg told us that JLL will be looking for more such deals, especially those with open-air centers and with properties in the Southeast. | |
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| Since 2006, JLL has been focused on open-air centers, which have tenants like Borders, Target, Walmart, Best Buy, Subway, and service tenants. An example is The District at Howell Mill (which we snapped this morning). Open-air centers, unlike malls, don't typically have an on-site dedicated staff. JLL Retail has 91 open-air centers in its portfolio ?and we're looking to expand it,? Greg says. | |
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| Inside The Shops at Georgetown Park in Washington DC, one of the 18 malls where JLL took over management this week. (All the customers were out filibustering something at the moment.) As part of the deal, 230 General Growth employees are now JLL employees. Basically, Greg explains, General Growth and Jones Lang formed a strategic partnership. The idea, Greg says, is eventually JLL will handle a lot of General Growth?s ?real estate needs that are outside of its day-to-day business.? General Growth is expected to exit bankruptcy in the fall. |
