JLL Acquires Canadian Retail Advisory Firm
- Aug 06, 2018
JLL has acquired Northwest Atlantic (Canada) Inc., an independent Canadian retail tenant representation and advisory firm. This will allow JLL to expand its current retail advisory business and provide a range of real estate and leasing services to retailers looking to operate or expand in the Canadian market. Northwest Atlantic will operate as a boutique practice team within JLL.
NWA currently represents more than 65 retailers in Canada, having transacted more than 75 million square feet of retail real estate in the market. Founded in 1991, the company is privately owned by 11 shareholders including CEO Tim Sanderson and Principals Lawrence Hildebrand, Chris Wood, Dianne Lemm and Scott Lee. The firm specializes in the leasing of power center, enclosed mall and street front retail properties.
A total of 45 employees, including 22 brokers across Toronto, Montreal and Vancouver, will join JLL and integrate within its existing Canada retail team. The new NWA executive team will report to and work closely with Brett Miller, CEO of JLL Canada and Naveen Jaggi, president of retail advisory services for JLL Americas.
“Retail is a global industry and every storefront is a local business. Our command of the Canadian retail market combined with JLL’s global connections makes this the perfect marriage,” Sanderson, now executive vice president at JLL, told Commercial Property Executive. “The Canadian retail market is less competitive than many international markets and our retail square footage per person is about one third less than that in the US so we are not overstored. Demand and supply remain at good levels. The Canadian consumer is sophisticated and multi cultured, making new international brands well accepted here.”
Image courtesy of JLL