Safe Havens
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| CB Richard Ellis | Los Angeles, Calif. | 18,750,661 sq. ft. |
| Jones Lang LaSalle Retail | Atlanta, Ga. | 13,748,550 sq. ft. |
| Fameco Management Services | Conshohocken, Pa. | 6,533,516 sq. ft. |
| General Growth Properties | Chicago, 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 EllisThird-Party Retail Management and Leasing Contracts Awarded in 2008
| Van Buren Plaza | Coachella, Calif. | 38,000 sq. ft. |
| Lake Forest Village | Lake Forest, Calif. | 119,741 sq. ft. |
| Marina Pacifica Shopping Center | Long Beach, Calif. | 291,969 sq. ft. |
| Kohl Center Westwood | Los Angeles, Calif. | 45,140 sq. ft. |
| Iris Plaza | Moreno Valley, Calif. | 34,138 sq. ft. |
| Margarita Ville | Murrieta, Calif. | 60,071 sq. ft. |
| Hamilton Marketplace | Novato, Calif. | 90,671 sq. ft. |
| Etco Plaza | Temecula, Calif. | 63,576 sq. ft. |
| 2930 Faber Street | Union City, Calif. | 40,760 sq. ft. |
| Sushi Moon | Greenwood Village, Colo. | 6,000 sq. ft. |
| Eagleridge Shopping Center | Pueblo, Colo. | 281,981 sq. ft. |
| CityLine at Tenley | Washington, D.C. | 87,341 sq. ft. |
| Promenade at Coconut Creek | Coconut Creek, Fla. | 280,000 sq. ft. |
| Posner Commons Retail | Davenport, Fla. | 163,937 sq. ft. |
| Northside Centre | Miami, Fla. | 425,000 sq. ft. |
| Aloma Bend Crossing - Winn Dixie | Oviedo, Fla. | 50,580 sq. ft. |
| The Shops Around Lenox | Atlanta, Ga. | 125,995 sq. ft. |
| Richmond Plaza | Augusta, Ga. | 177,311 sq. ft. |
| Loganville Crossing - 4743 | Loganville, Ga. | 21,000 sq. ft. |
| Loganville Crossing - 4753 | Loganville, Ga. | 78,849 sq. ft. |
| Loganville Crossing - 4763 | Loganville, Ga. | 21,000 sq. ft. |
| Merchants Festival | Marietta, Ga. | 57,000 sq. ft. |
| 1340 Southlake Parkway | Morrow, Ga. | 29,440 sq. ft. |
| Wisdom Pointe | Peachtree City, Ga. | 21,885 sq. ft. |
| Wisdom Pointe - Bldg. B | Peachtree City, Ga. | 15,000 sq. ft. |
| Waiakea Shopping Center | Hilo, Hawaii | 231,255 sq. ft. |
| Safeway at Windward Town & Country Plaza | Kailua, Hawaii | 53,503 sq. ft. |
| Shops at Windward Town & Country Plaza | Kailua, Hawaii | 33,639 sq. ft. |
| Lanihau Marketplace | Kailua-Kona, Hawaii | 88,282 sq. ft. |
| Kona Crossroads Shopping Center | Kailua-Kona, Hawaii | 74,846 sq. ft. |
| Kona Commons | Kailua-Kona, Hawaii | 130,000 sq. ft. |
| Windward City Shopping Center | Kaneohe, Hawaii | 210,188 sq. ft. |
| Kauai Village Shopping Center | Kapaa, Hawaii | 113,499 sq. ft. |
| Shops at Halekuai | Kapolei, Hawaii | 56,405 sq. ft. |
| Ace Center | Kapolei, Hawaii | 13,000 sq. ft. |
| Kahana Gateway Resort Retail Center | Lahaina, Hawaii | 59,588 sq. ft. |
| Algonquin Galleria | Algonquin, Ill. | 83,339 sq. ft. |
| Algonquin Galleria Commons OEA | Algonquin, Ill. | 130,948 sq. ft. |
| Butterfield Plaza I | Aurora, Ill. | 236,079 sq. ft. |
| Butterfield Plaza II | Aurora, Ill. | 176,098 sq. ft. |
| Former Wickes Furniture | Chicago, Ill. | 48,000 sq. ft. |
| Brownsburg Station | Brownsburg, Ind. | 217,800 sq. ft. |
| Echelon | Indianapolis, Ind. | 29,451 sq. ft. |
| INTECH Retail One | Indianapolis, Ind. | 19,040 sq. ft. |
| Lafayette Pavilions I & II | Lafayette, Ind. | 404,000 sq. ft. |
| Metropolis | Plainfield, Ind. | 476,984 sq. ft. |
| Plainfield Crossing | Plainfield, Ind. | 91,038 sq. ft. |
| Plainfield Lot 1 | Plainfield, Ind. | 14,026 sq. ft. |
| Sycamore Terrace I & II | Terre Haute, Ind. | 285,000 sq. ft. |
| Porter Vale Phase - Phase I | Valparaiso, Ind. | 733,107 sq. ft. |
| 119th Street Plaza | Olathe, Kan. | 47,379 sq. ft. X
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