JLL Expands in LA Through Acquisition
- May 12, 2015
Expanding its retail business is high on JLL’s to-do list, and the commercial real estate services firm just increased its reach with the acquisition of Wilson Retail Group, a top independent retail brokerage and capital markets firm based in Los Angeles.
It’s the right place and the right fit. “Los Angeles is a unique city because it still has a very diversified and fragmented real estate market that is developer oriented. Wilson Retail Group’s landlord leasing expertise and excellent track record of working on behalf of institutional owners will complement our existing business and allow JLL to grow and capture greater market share in a core gateway market that is being targeted by both investors and retailers,” Naveen Jaggi, president of JLL’s Americas Retail Brokerage business, told Commercial Property Executive.
Across Southern California, WRG has been catering to some of the biggest names in the industry for a quarter-century, offering landlord and tenant representation, as well as investment sales, excess property disposition and consulting services. Presently, its representation portfolio encompasses 9 million square feet of retail space spanning 75 shopping centers in the region. The firm has been quite busy over the years. Since its 1990 inception, WRG has leased and sod more than 10 million square feet of retail space valued at a total of approximately $2 billion. All told, WRG has played a role in half-a-billion-dollars in sales transactions.
A 16-person dream-team that has helped make WRG what JLL describes as the Number 1 retail agency leasing group in the region, will come aboard at JLL. At the top of the list, Chris Wilson, who established WRG, and his founding partner Scott Burns will operate at JLL in the respective positions of executive vice president, Southwest brokerage lead and executive vice president, retail brokerage lead.
“JLL is committed to building a nationally dominant Retail Brokerage platform with quality retail brokers who recognize, grow and create relationships with the very best brands in the business,” Jaggi added.
With Los Angeles ticked off the list, JLL is looking at other urban gateway markets in which to expand its retail presence. The firm is eyeing Chicago, New York, San Francisco and Washington, D.C., as well as cities in Florida and Texas.