Spreading Wings
Editor’s Note:Chain Store Age’s 18th annual survey of Fastest-Growing Managers measured domestic and international third-party management contracts obtained or renewed during the preceding calendar year–2006.
Anyone who believed that the consolidation of shopping center ownership would mean the death knell for third-party managers couldn’t have been more wrong.
Retail real estate continues to be a sought-after investment, drawing capital from across the United States and even overseas. Less-experienced owners are continuing to look to third-party management firms to oversee the day-to-day operations of their projects.
For their part, third-party managers are spreading their wings as well, with major companies now operating projects overseas. The result is a varied landscape for this year’s fastest-growing management firms.
No. 1: CB Richard Ellis
CB Richard Ellis (CBRE), Los Angeles, expanded its reach globally in 2006, buying Dallas-based Trammell Crow as well as Belgian retail real estate specialist Immobilière Développement & Gestion (IDG).
“For a long time, the United States dominated in terms of the properties we control,” said Todd Caruso, senior managing director of CBRE Retail Services, Chicago. “We’re an international company, and the world is shrinking.”
That requires a continuing focus on customer service that evolves with each new country—and each new client. “We share our practices,” Caruso said. “There are still unique aspects as to how we conduct our business in other parts of the world.”
Corporate acquisitions, though, form only part of the CBRE expansion, he said. Mostly, its growth has come from individual contracts.
“That’s catapulted our growth. But we’ve tried to drill deeper with our relationships with developers and pension-fund advisers,” Caruso said.
No. 2: Jones Lang LaSalle Retail
Jones Lang LaSalle Retail ( JLL), Atlanta, has grown by stretching beyond its original business, honing a focus on open-air.
2006 Fastest-Growing Managers| CB Richard Ellis | Los Angeles, Calif. | 2,152,832 sq. ft. |
| Jones Lang LaSalle Retail | Atlanta, Ga. | 0,038,900 sq. ft. |
| General Growth Properties | Chicago, Ill. | 9,429,812 sq. ft. |
| Fameco Management Services | Conshohocken, Pa. | 6,309,412 sq. ft. |
| Stirling Properties, Inc. | Covington, La. | 8,286,420 sq. ft. |
| The Macerich Co. | Santa Monica, Calif. | 134,351 sq. ft. |
Retail Management Contracts Awarded and Renewed for 2006
| Fletcher Heights | Peoria, Ariz. | 150,000 sq. ft. |
| Festival Market Place | Phoenix, Ariz. | 130,877 sq. ft. |
| McDowell Mountain Marketplace | Scottsdale, Ariz. | 84,086 sq. ft. |
| Scottsdale Technology Center | Scottsdale, Ariz. | 152,409 sq. ft. |
| Midvale Plaza | Tucson, Ariz. | 88,071 sq. ft. |
| Sierra | Baldwin Park, Calif. | 100,253 sq. ft. |
| Wilshire Rodeo Plaza | Beverly Hills, Calif. | 262,000 sq. ft. |
| Burbank Entertainment Village | Burbank, Calif. | 122,902 sq. ft. |
| Courtyard at the Commons | Calabasas, Calif. | 90,000 sq. ft. |
| Lincoln | Cerritos, Calif. | 86,870 sq. ft. |
| Jackson Square Shopping Center | Coachella, Calif. | 92,572 sq. ft. |
| Encino Courtyard | Encino, Calif. | 99,305 sq. ft. |
| Pacific City | Huntington Beach, Calif. | 120,000 sq. ft. |
| La Habra Marketplace | La Habra, Calif. | 373,359 sq. ft. |
| La Jolla Village Square | La Jolla, Calif. | 414,278 sq. ft. |
| Lake Forest Marketplace | Lake Forest, Calif. | 110,255 sq. ft. |
| Lakewood Square | Lakewood, Calif. | 187,604 sq. ft. |
| Antelope Valley Plaza | Lancaster, Calif. | 100,000 sq. ft. |
| Bixby Land Portfolio | Long Beach, Calif. | 77,546 sq. ft. |
| Von Shopping Center | Long Beach, Calif. | 149,183 sq. ft. |
| Bixby Land Portfolio | Los Alamitos, Calif. | 97,785 sq. ft. |
| Westwood Marketplace | Los Angeles, Calif. | 202,201 sq. ft. |
| Creekside Plaza Shopping Center | Poway, Calif. | 127,285 sq. ft. |
| Shasta Crossroads | Redding, Calif. | 86,345 sq. ft. |
| Rio Linda Plaza | Rio Linda, Calif. | 77,080 sq. ft. |
| Canyon Crossings | Riverside, Calif. | 778,000 sq. ft. |
| The Beacon Retail | San Francisco, Calif. | 84,619 sq. ft. |
| Westgate West Shopping Center | San Jose, Calif. | 350,000 sq. ft. |
| Bristol Center* | Santa Ana, Calif. | 165,537 sq. ft. |
| Meadows Village | Temecula, Calif. | 80,613 sq. ft. |
| Village Del Amo | Torrance, Calif. | 179,521 sq. ft. |
| Montalvo Shopping Center | Ventura, Calif. | 218,963 sq. ft. |
| Lake Arbor Plaza | Arvada, Colo. | 96,224 sq. ft. |
| Highpoint I & II Marketplace | Aurora, Colo. | 99,433 sq. ft. |
| Castle Pines Marketplace | Castle Rock, Colo. | 93,416 sq. ft. |
| Safeway Marketplace East | Colorado Springs, Colo. | 85,794 sq. ft. |
| Arapahoe Ridge Retail Center | Erie, Colo. | 76,884 sq. ft. |
| Lakewood City Commons | Lakewood, Colo. | 281,981 sq. ft. |
| Harvest Junction | Longmont, Colo. | 600,000 sq. ft. |
| Westminster Promenade | Westminster, Colo. | 222,737 sq. ft. |
| Ranch Lake Plaza | Bradenton, Fla. | 78,730 sq. ft. |
| Avenues North Center | Jacksonville, Fla. | 98,749 sq. ft. |
| Weston Commons | Weston, Fla. | 126,922 sq. ft. |
| Keauhou Shopping Center* | Kona, Hawaii | 170,000 sq. ft. |
| The Shops at Mauna Lani | Kapaa, Hawaii | 82,000 sq. ft. |
| Kauai Village Shopping Center* | Kauai, Hawaii | 113,597 sq. ft. |
| Kukui Grove Center* | Kauai, Hawaii | 313,407 sq. ft. |
| Kukui Marketplac X
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