Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/231459
gearing UP fOr grOWtH GLOBAL retAiL reAL eStAte ServiceS FirMS Are GettinG BiGGer And BuSier R By Matt Hudgins eal estate firms serving retailers are in expansion mode again, at long last, following the market's slow climb back from recession. Besides accelerated hiring at most of the major brokerages, several have expanded their ranks by means of merger or acquisition. examples of these include CBre's september merger with fameco, which involved about 40 brokers and 60 support staff in Philadelphia and the mid-atlantic. With this acquisition, CBre added some 250 shopping centers and other retail properties to its leasing portfolio, totaling some 20 million square feet, and 75 retailers to its tenant representation roster. in July Jones lang lasalle acquired surge retail international, in the process bringing in cofounders steve ferris and michael Hirschfeld, who now co-lead Jones lang lasalle's national retail tenant services practice. newmark grubb Knight frank made a similar strategic addition to its retail division last fall when it hired Jennifer Watson as a senior managing director in its Chicago office. most recently from Baum realty group, Watson is a high-profile franchise specialist. a look at recent hiring and expansion at the major brokerages reveals that most of the large players in the retail sector have adjusted their service models since the downturn and are strategically building up key practice groups, either to capture new business or to retain existing clients that are adjusting to changing consumer demands. marcus & millichap's retail group has tapped tremendous deal flow by focusing some of its professionals on serving net-lease investors, a subsector that accounted for about 18 percent of the 6,000 deals the firm closed in 2012, according to Bill rose, director of the company's national retail and net-leased properties groups. that follows a larger theme of specialization at marcus & millichap, which has strengthened its expertise in such niche property types as students' and seniors' housing, and self-storage. "the greatest growth sector is those underserved business lines," rose said. "We prefer to specialize. We feel that addresses clients' needs the most." this year marcus & millichap will be expanding its institutional property-advisers' division, which currently serves institutional apartment investors, to include retail. "it's a very good growth j An uA ry 20 14 / SCT 45