Jll to manage former Toys ‘R’ Us retail properties
Jll’s retail management portfolio just got a lot bigger.
The firm announced today that it has been tapped by private real estate investment and advisory firm Raider Hill Advisors to manage the Toys “R” Us Propco I Portfolio, which contains former Toys “R” Us and Babies “R” Us retail properties, including building leases, ground leases, and fee simple owned buildings.
Jll will be responsible for the retail management, facility management, tenant coordination, construction, accounting and real estate tax services for the retail properties in the portfolio.
This move adds 13.4 million sq. ft. of retail space at approximately 275 properties across 46 states to JLL’s retail portfolio under management.
“JLL’s depth of experience with portfolio transitions of this scale gives us great confidence in their ability to seamlessly assume the property management responsibilities of Propco I,” said Joseph Tichar, president & COO of Raider Hill Advisors.
Raider Hill Advisors was named exclusive real estate advisor to Propco I in July, where it provided day-to-day operational oversight including leasing, redevelopment, asset management, and disposition activities for the portfolio.
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Net lease brokers reach the pinnacle at CBRE
Chris Bosworth and Will Pike, who together lead the Net Lease Properties business at CBRE, have both been named vice chairmen. It is the highest-ranking title available to brokers at the global real estate services firm.
“Our Net Lease Properties practice, formed and run by Will and Chris, is incredibly successful and stands out in the industry as the leading single-tenant net lease brokerage team in the United States,” said Chris Ludeman, Global president, Capital Markets, CBRE.
Bosworth, who joined CBRE in 1999, is also a founding member of the firm’s Corporate Capital Markets practice. He is the first retail-focused capital markets professional in the firm’s history to be named vice chairman.
Pike, who joined the company in 2004, is a founding member of Corporate Capital Markets, head of Retail-Occupier Capital Markets, and currently serves on the board for CBRE’s Investment Properties and Americas Brokerage divisions.
In their careers, Pike and Bosworth have executed more than $16 billion worth of assignments spanning more than 2,600 properties. Since 2016, the team has been responsible for the disposition of 720 properties with a value of over $8.2 billion.
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Love Culture introduced at four PREIT malls
The value fashion retailer Love Culture has tripled its presence in Pennsylvania in one fell swoop.
The fast-fashion chain has signed flexible leases to enter four PREIT malls: Woodland Mall in Grand Rapids, Mich.; Patrick Henry Mall in Newport News, Va.; Willow Grove Park in Willow Grove, Pa., and Viewmont Mall in Scranton, Pa.
Prior to this deal, Love Culture’s only Pennsylvania location was at Lehigh Valley Mall in Whitehall.
Founded in 2007 as a pure-play e-commerce business offering a fast-changing selection of trendy women’s clothing, Love Culture was acquired by United LC Capital in 2014. The new owner immediately got busy expanding the brand into malls.
To date, Love Culture has opened more than 60 stores in the United States, with 11 in California, six in Florida, five in Texas, and three in New Jersey. It has a presence in 24 states, which also include Indiana, Louisiana, Washington, Nevada, and Wisconsin.
“Our remerchandising strategy is focused on identifying and attracting coveted retail brands to our portfolio – concepts that will not only appeal to consumers, but differentiate our properties within their markets,” said Joseph F. Coradino, CEO of PREIT.
That's only somewhat true. It was founded in 2007 by a former Forever 21 executive who wanted to branch out on his own. That's why the 2 stores shared so many similarities at the time. They didn't even have E-commerce until 2010. By 2012 they had opened 80 stores across America. Unfortunately, they grew too quickly which contributed to their downfall. They filed for bankruptcy later that year. Eventually, they were purchased a couple years later in 2014 as stated above, but they have less than 60 stores in the US. Total current store count is 58. Many of the original 80 stores were closed after the financial troubles.