CHICAGO — Jones Lang LaSalle (JLL) has formed a long-term partnership with General Growth Properties (GGP), which is in ongoing efforts to emerge from Chapter 11 bankruptcy. The central act of the partnership ship is JLL acquiring the management and leasing responsibilities of GGP's third-party management division. The division's portfolio comprises 18 shopping centers totaling more than 11 million square feet of space. The properties include:
Burbank Town Center (Burbank, Calif.);
Palladio at Broadstone (Folsom, Calif.);
The Shops at Tanforan (San Bruno, Calif.);
Festival Bay Mall (Orlando, Fla.);
University Mall (Tampa, Fla.);
Queen Ka'ahumanu Center (Kahului, Hawaii);
Windward Mall (Kaneohe, Hawaii).
Kings' Shops (Waikoloa, Hawaii);
Westdale Mall (Cedar Rapids, Iowa);
Alexandria Mall (Alexandria, La.);
Laurel Commons (Laurel, Md.);
Towson Commons (Towson, Md.);
Swansea Mall (Swansea, Mass.);
Branson Landing (Branson, Mo.);
St. Lawrence Centre (Massena, N.Y.);
Cherokee Square Shopping Center (Tullahoma, Tenn.);
Northgate Mall (Tullahoma, Tenn.);
The Shops at Georgetown Park (Washington, D.C.).
In addition, approximately 200 GGP employees comprising the portfolio's management teams along with 30 corporate employees in the management division will become employees of JLL. Three GGP executives will become senior vice presidents at JLL. They include Mark Hunter, formerly senior vice president of third-party management; Donn Fuller, formerly vice president of asset management and development; and John Taylor, formerly vice president of accounting and finance.
“The transaction does two things: it solidifies our position as the largest third-party manager of regional malls in the country, and, secondly, we will be able to work closely with GGP as they emerge from bankruptcy,” says Greg Maloney, president and CEO of Jones Lang LaSalle Americas Retail.
Moving forward, the two firms will work together to pursue new third-party services opportunities for JLL. In addition, JLL will be there to assist with any needs GGP may have with its existing portfolio or with new opportunities it decides to pursue.
“We are not done,” Maloney says. “This is just the start of what I consider to be a very long and great relationship with GGP,” Maloney says.
— Coleman Wood