Jones Lang Retail Adds 4M SF

ATLANTA-In a move to bolster the company’s third-party retail management division, Jones Lang LaSalle is expanding its retail portfolio by more than four million sf with six new assignments at properties located in Arkansas, Maryland, Michigan and Minnesota. The properties include ground-up developments, downtown mixed-use projects and super-regional malls.

“This is a continuation of our plans for growth to be a third-party provider in the regional mall and specialty center arena,” Greg Maloney, president and chief executive officer of Jones Lang LaSalle Retail, tells GSR. “Some of the smaller centers we’re partnering with are benefiting from our management expertise.”The six most recent assignments include: Pleasant Crossing and Pleasant Ridge Town Center in Arkansas; Eastpoint Mall in Maryland; Eastland Center in Michigan; and City Center and Gaviidae Common in Minnesota.

Developer Bos Group LLC awarded Jones Lang the consulting assignment for Pleasant Crossing, a 1.2-million-sf ground-up lifestyle and power center development located in Rogers, AR. The project is scheduled to open in spring 2006.

Schickel Development owns the 300,000-sf lifestyle development Pleasant Ridge Town Center located in Little Rock, AR. Jones Lang will assume leasing activity for the project, which will open in October 2006.

In Baltimore, Jones Lang will take over leasing and management for Eastpoint Mall. The 855,000-sf shopping center is anchored by J.C. Penney, Sears, Value City and Steve & Barry’s University Sportswear.

In Harper Woods, MI, Jones Lang will run leasing and management activity for Eastland Center, a 1.3-million-sf mall anchored by Marshall Fields, Sears Roebuck & Co. and Target.

Brookfield Properties Corp. granted Jones Lang leasing responsibilities for City Center and Gaviidae Common, two centers located in downtown Minneapolis. Currently undergoing a $15 million renovation, City Center is a 370,300-sf, three-level mixed-use complex anchored by Marshalls, the Minneapolis Marriott Hotel and Office Depot. Gaviidae Common is a 442,500-sf center anchored by Neiman Marcus and Saks Off Fifth.

In 2005, Jones Lang LaSalle Retail was awarded an additional three million sf of leasing and management assignments including: management and leasing responsibilities of Atlantic Station’s retail district in Atlanta; the retention of the management and leasing assignment of the Mall of Abilene in Abilene, TX; and the development assignments for two of Jones Lang LaSalle’s existing properties, the Crossings at Fox Run, in Newington, NH, and Lincoln Mall, in Matteson, IL.

“We’re at about 60 properties now, and in the next 24 months we plan on being at 100,” Maloney tells GSR. “There’s no question that Jones Lang is becoming more of a brand name for real estate services throughout the world and that has helped us, but when it really comes down to it, it’s about the results we can deliver.”