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Safe Havens

5/1/2009

This year’s fastest-growing managers face unprecedented challenges—but also extraordinary opportunity. The credit collapse that has nearly halted development, slowed retail expansion to a crawl and sent shoppers retreating to the safety of their closets has also resulted in a flight to management quality.

The pros are back in charge, helping to stabilize distressed assets and improve already healthy ones. From top-ranked CB Richard Ellis to newcomer The Sembler Co., all are seeing opportunities to grow despite—and because of—the difficulties posed by the current economy. They’re spending more time marketing, creating new divisions and upping their leasing efforts, all in an effort to maximize the value of assets for ownership and improve their own bottom lines.

No. 1: CB Richard Ellis

Los Angeles-based CB Richard Ellis tops the list with 18.7 million sq. ft. newly under management.

“Certainly, the current economic situation provided us with terrific opportunity to pick up leasing, management and disposition contracts,” said Samuel C. Delisi, a senior managing director overseeing the firm’s asset services.

2008 Fastest-Growing Managers Source: Chain Store Age research and company reports
CB Richard EllisLos Angeles, Calif.18,750,661 sq. ft.
Jones Lang LaSalle RetailAtlanta, Ga.13,748,550 sq. ft.
Fameco Management ServicesConshohocken, Pa.6,533,516 sq. ft.
General Growth PropertiesChicago, Ill.2,722,674 sq. ft.
The Sembler Co.St. Petersburg, Fla.2,058,969 sq. ft.

The integration of more traditional property-management services with investment sales and retail services have helped the company perform for a variety of owners: global banks and insurance companies, which require debt or equity restructuring; community or local banks, which are grappling with their construction loan portfolio; lenders dealing with the commercial mortgage-backed securities market; and pension funds, which also have restructuring needs, explained Anthony Buono, executive managing director of retail services for CBRE.

“The biggest sea change is the boxes being repositioned,” Buono observed. “I’m betting many of these properties have box issues. It’s back to basics, with properties being leased by local and national retailers and a regional grocer.”

CB Richard Ellis
Third-Party Retail Management and Leasing Contracts Awarded in 2008
Van Buren PlazaCoachella, Calif.38,000 sq. ft.
Lake Forest VillageLake Forest, Calif.119,741 sq. ft.
Marina Pacifica Shopping CenterLong Beach, Calif.291,969 sq. ft.
Kohl Center WestwoodLos Angeles, Calif.45,140 sq. ft.
Iris PlazaMoreno Valley, Calif.34,138 sq. ft.
Margarita VilleMurrieta, Calif.60,071 sq. ft.
Hamilton MarketplaceNovato, Calif.90,671 sq. ft.
Etco PlazaTemecula, Calif.63,576 sq. ft.
2930 Faber StreetUnion City, Calif.40,760 sq. ft.
Sushi MoonGreenwood Village, Colo.6,000 sq. ft.
Eagleridge Shopping CenterPueblo, Colo.281,981 sq. ft.
CityLine at TenleyWashington, D.C.87,341 sq. ft.
Promenade at Coconut CreekCoconut Creek, Fla.280,000 sq. ft.
Posner Commons RetailDavenport, Fla.163,937 sq. ft.
Northside CentreMiami, Fla.425,000 sq. ft.
Aloma Bend Crossing - Winn DixieOviedo, Fla.50,580 sq. ft.
The Shops Around LenoxAtlanta, Ga.125,995 sq. ft.
Richmond PlazaAugusta, Ga.177,311 sq. ft.
Loganville Crossing - 4743Loganville, Ga.21,000 sq. ft.
Loganville Crossing - 4753Loganville, Ga.78,849 sq. ft.
Loganville Crossing - 4763Loganville, Ga.21,000 sq. ft.
Merchants FestivalMarietta, Ga.57,000 sq. ft.
1340 Southlake ParkwayMorrow, Ga.29,440 sq. ft.
Wisdom PointePeachtree City, Ga.21,885 sq. ft.
Wisdom Pointe - Bldg. BPeachtree City, Ga.15,000 sq. ft.
Waiakea Shopping CenterHilo, Hawaii231,255 sq. ft.
Safeway at Windward Town & Country PlazaKailua, Hawaii53,503 sq. ft.
Shops at Windward Town & Country PlazaKailua, Hawaii33,639 sq. ft.
Lanihau MarketplaceKailua-Kona, Hawaii88,282 sq. ft.
Kona Crossroads Shopping CenterKailua-Kona, Hawaii74,846 sq. ft.
Kona CommonsKailua-Kona, Hawaii130,000 sq. ft.
Windward City Shopping CenterKaneohe, Hawaii210,188 sq. ft.
Kauai Village Shopping CenterKapaa, Hawaii113,499 sq. ft.
Shops at HalekuaiKapolei, Hawaii56,405 sq. ft.
Ace CenterKapolei, Hawaii13,000 sq. ft.
Kahana Gateway Resort Retail CenterLahaina, Hawaii59,588 sq. ft.
Algonquin GalleriaAlgonquin, Ill.83,339 sq. ft.
Algonquin Galleria Commons OEAAlgonquin, Ill.130,948 sq. ft.
Butterfield Plaza IAurora, Ill.236,079 sq. ft.
Butterfield Plaza IIAurora, Ill.176,098 sq. ft.
Former Wickes FurnitureChicago, Ill.48,000 sq. ft.
Brownsburg StationBrownsburg, Ind.217,800 sq. ft.
EchelonIndianapolis, Ind.29,451 sq. ft.
INTECH Retail OneIndianapolis, Ind.19,040 sq. ft.
Lafayette Pavilions I & IILafayette, Ind.404,000 sq. ft.
MetropolisPlainfield, Ind.476,984 sq. ft.
Plainfield CrossingPlainfield, Ind.91,038 sq. ft.
Plainfield Lot 1Plainfield, Ind.14,026 sq. ft.
Sycamore Terrace I & IITerre Haute, Ind.285,000 sq. ft.
Porter Vale Phase - Phase IValparaiso, Ind.733,107 sq. ft.
119th Street PlazaOlathe, Kan.47,379 sq. ft.
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