When searching for the right property management firm, there are many factors to consider. For instance, are you looking for someone who will simply maintain your asset, or are you seeking a true partner that will work diligently to proactively add value to your investment?
At JLL Retail, you’ll find a team of dedicated value creators.
In October 2019, JLL Retail Property Management began managing Wyoming Valley Mall established in 1971 in Wilkes-Barre Township, Pennsylvania. By the end of 2020, the team had restructured 20 national tenant leases, many of which were exercising their right to terminate. This critical deal restructuring saved 97,000+ square feet (9,000 square meters) of retail, removed co-tenancy rights, and reduced accounts receivable by $1 million.
In doing so, JLL positively impacted Wyoming Valley’s bottom line by retaining occupancy and substantially reducing outstanding debt owed to the property.
At Killeen Mall, established in 1981 in Killeen, Texas, JLL Retail Property Management negotiated the sale and relocation of Dillard’s Women’s & Home to back-fill the larger, recently vacated, center-owned former Sears anchor. Thanks to JLL Retail’s diligent work and synergistic approach across all departments, the space was vacant for only six months.
The team successfully mitigated co-tenancy with four additional tenants at Killeen Mall, securing the return of popular women’s retailer Charlotte Russe, executing an expansion of Jimmy Jazz streetwear, and adding four new inline tenants for a total of 34,000+ square feet (3,158 square meters) of additional leased space.
Learn more about how JLL Retail creates value by contacting Larry Jensen, Executive Vice President, JLL Retail.