JLL Wins 15.4 MSF Industrial Portfolio Management Assignment from IndCor
- Aug 09, 2011
August 9, 2011
By Barbra Murray, Contributing Editor
Jones Lang LaSalle becomes the latest commercial real estate services firm to snag an industrial-portfolio management contract from IndCor Properties, and it looks like the new assignment, which involves 15.4 million square feet, is one of the largest yet.
JLL will manage a group of 46 properties in New Jersey, Pennsylvania, Maryland and Virginia. The facilities run the gamut of sizes, ranging from as small as 24,000 square feet to as large as the 1 million-square-foot property at 257 Prospect Plains Rd. in Cranberry, N.J. While JLL’s responsibilities for the portfolio will encompass only management activities, the list of services the firm can provide its clients is extensive in scope, and includes risk mitigation, sustainability and tax management services. “Industrial properties are unique, requiring specialized services beyond traditional management offerings,” Brenda Crisp, senior vice president with JLL, said.
IndCor, an affiliate of Blackstone Real Estate Advisors, clearly sees the advantage of tapping real estate services firms to handle the intricacies of both management and leasing. The company has been doling out sizeable assignments across the country over the last several weeks. Last month, CB Richard Ellis Inc. secured a contract to provide property management services for a 22 million-square-foot IndCor portfolio spanning 10 states, marking the industrial real estate company’s largest award of late. Also in July, Cassidy Turley signed on to manage a 7.8 million-square-foot portfolio located in cities in the central United States, and Taylor & Mathis of Florida L.L.C. entered a contract to manage and lease a 1.2 million square-foot group of assets in the Tampa area. There may be more deals to come; IndCor’s portfolio encompasses 45 million square feet of industrial space.
Even companies that are not in the real estate industry are turning to real estate services firms for assistance. In July, Union Bank N.A. chose CBRE to provide full-service outsourcing services, and HSBC Holdings PLC tapped the firm to serve as exclusive global strategic-property portfolio manager for the financial company’s 72 million-square-foot international portfolio. Additionally, HSBC renewed its integrated real estate services contract with JLL for an 8 million-square-foot U.S. portfolio and expanded the agreement to include two million square feet in Canada.
*This story was updated August 11, 2011, at 2:05 p.m. EST.