October 21, 2009 – RREEF has announced the selection of Jones Lang LaSalle (NYSE: JLL), United Commercial Realty, Mid-America Asset Management Inc., Crosland and KeyPoint Partners to take over direct property management of retail property portfolio currently managed by RREEF for its clients.
Prior to the selection of these management companies, the majority of the properties had been managed directly by RREEF, which will continue as the asset manager. “As we have with our office, industrial and residential portfolios, we have made the decision to transition out of the property management business and assign these services to these carefully selected, highly-skilled property management companies,” said Timothy K. Gonzalez, Chief Executive Officer of RREEF Americas. “We will work closely with each third-party manager in our continuing role as asset manager for each of the properties, concentrating on the execution of asset business plans, investment strategies and risk management for our clients’ portfolios.”
Jones Lang LaSalle has been assigned 29 retail centers totalling approximately 5.7 million square feet. The properties are primarily concentrated on the West and East coasts in addition to Ohio and Western Pennsylvania.
United Commercial Realty (UCR) has been assigned eight centers totalling approximately 1.7 million square feet concentrated in Texas.
Mid-America Asset Management Inc. has been assigned 12 centers totalling approximately 1.6 million square feet concentrated in the Midwest.
Crosland has been assigned four centers totalling approximately 1.5 million square feet concentrated in the Carolinas and Tennessee.
KeyPoint Partners has been assigned five centers totalling approximately 533,000 square feet concentrated in New England.
The transition of the portfolios is expected to be completed by the end of 2009.
For further information, please call:
John T. Gallagher
United Commercial Realty
Director of Communications
Jones Lang LaSalle
Mid-America Asset Management, Inc.
RREEF Real Estate acquires and manages investments in commercial and residential property, and real estate securities on behalf of its institutional and private clients worldwide. Its product offering is global and comprehensive, including core, value-enhanced and high yield property investments as well as investments in publicly traded real estate securities. RREEF Real Estate has more than $52.3 billion in assets under management worldwide as of 30 June 2009.
RREEF Real Estate is part of RREEF Alternative Investments, the global alternative investment management business of Deutsche Bank’s Asset Management division. RREEF Alternative Investments consists of three businesses: Real Estate, Infrastructure and Private Equity. Headquartered in New York, RREEF Alternative Investments employs more than 1,200 investment professionals in 15 cities around the world to help investors meet a wide range of objectives – from diversification, to preservation of capital, to long-term performance. Named one of the world’s largest alternative investments managers in Watson Wyatt’s Global Alternatives Survey, June 2009, RREEF has $60.2 billion in assets under management worldwide as of 30 June 2009.
DALLAS, Texas, September 23, 2009 – Bill Veatch and Ryan B. Tinch of Dallas-based United Commercial Realty recently represented Madison Partners in the lease of 10,800 square feet in the Greenspace Center where construction will commence first quarter of 2010 at 2001 Greenville Avenue. The space will be anchored by Natural Grocers, a natural food grocery store headquartered in Golden, CO. This will be the company’s second location in Dallas.
The 32,000+/- square foot Greenspace Center is a LEED Certified Development which is scheduled to open in the second quarter of 2010. The center currently has approximately 21,200 square feet of space available including in-line spaces and two end-cap spaces that would be prime locations for restaurants.
DALLAS, Texas, May 21, 2009 – Brandon Harris of Dallas-based United Commercial Realty recently represented Tim McCallum of McCallum Holdings in the lease of 5,810 square feet in Dallas’ Mockingbird Station for the first Texas location of Vapiano Pasta Pizza Bar, a fresh-casual Italian restaurant. McCallum plans to open 10 Vapiano franchise locations in Texas.
“Vapiano is a wholly unique entry into the fast-casual arena,” says Harris. “Customers actually order their food from the chef that prepares it, so they get to watch the fresh ingredients go into their dish, including the fresh pasta made on site daily and herbs picked from the in-store garden. Paired with the hip lounge area serving a complete bar, this concept should be a big hit in Dallas and the rest of Texas.”
McLean, VA-based Vapiano International currently operates over 40 locations worldwide across Europe, with new expansion underway in Hungary, Poland, Sweden, Dubai-United Arab Emirates, Saudi Arabia, England, and the United States. The company expects to open up to 55 additional locations by the end of 2009, and up to 80 in the next four to eight years. Vapiano was named a 2008 “Hot Concept” by Nation’s Restaurant News, was named one of the Top Ten Fastest Growing Concepts (October 2008) by RestaurantChains.net, and was given the 2006 European Hot Concept Award from Food Service Europe & Middle East.
Miller Capital Advisory Awards Contract to UCR Urban to Manage and Lease Jefferson Pointe Shopping Center
DALLAS, Texas, May 18, 2009 – Dallas-based UCR Urban, a division of United Commercial Realty, has been awarded the management, leasing and marketing responsibility for the Jefferson Pointe Shopping Center in Fort Wayne, IN, by Miller Capital Advisory, Inc.
Jefferson Pointe, in Ft. Wayne, Indiana, was conceived, designed and constructed as a classic lifestyle center. The regional lifestyle center includes 545,000-square feet of open air shopping, dining and entertainment. The shopping center has 60 national and local retail tenants including four anchors: Von Maur, Rave Motion Pictures, Bed Bath & Beyond and Barnes and Noble. Other major retailers include Ann Taylor Loft, ULTA, Coldwater Creek, Old Navy, Chico’s, Eddie Bauer, Talbots, and Williams-Sonoma among others. See www.jeffersonshopping.com
Miller Capital Advisory, Inc., is a privately held real estate investment management company based in Skokie, Illinois, This is the first time Miller Capital has engaged UCR to manage, lease and market one of its shopping centers. UCR Asset Services will manage the property. Marketing and leasing will be handled through UCR Urban.
“We are confident that the UCR team will help us make Jefferson Point even more successful,” said Andrew Miller, President & CEO of Miller Capital. “UCR has a tremendous reputation as a manager and leasing agent for lifestyle and regional shopping destinations; they have the expertise and creativity needed to increase asset value and create exciting, successful shopping destinations.”
“We are very excited to have the opportunity to manage and lease Jefferson Pointe and work with the professionals at Miller Capital,” said Mickey Ashmore, President & CEO of United Commercial Realty. “Jefferson Pointe is one of the country’s most exciting lifestyle shopping centers, and we are committed to delivering the highest caliber of service to this asset.”
DALLAS, Texas, April 7, 2009 ─ Dallas-based UCR Urban, a division of United Commercial Realty, has appointed industry veteran James West as executive vice president to enhance the firm’s growing national retailer representative services group. UCR Urban, whose client list includes Gap, Old Navy, Victoria’s Secret, Crate & Barrel and other national companies, is rapidly expanding its national presence and enhancing its service offerings.
West is nationally recognized for revamping the real estate department at Chico’s FAS, Inc. His efforts resulted in approximately 800 store transactions during his tenure and the growth of the company from $90 million to $1.5 billion in sales. He also serves on the board of Everything But Water.
According to Mickey Ashmore, CEO of United Commercial Realty, West’s experience is unmatched in the industry and adds an important differentiator to UCR Urban’s retail real estate offering. “James was instrumental in Chico’s dynamic growth and was recognized by Wall Street for lowering occupancy costs from 13 percent of sales to 6 percent,” said Ashmore. “His consultative expertise is just what the current market conditions call for – he’s been on the inside with a national retail chain and has a deep understanding of all aspects of real estate, from site selection to development to reviewing a lease.” Ashmore added, “It’s probably going to be a year to 18 months before retail growth starts to turn. During this time, retailers will need to be nimble and proactive as they ride out the storm. Having James on board gives UCR Urban an additional resource to help retailers navigate through today’s tough economic climate and position them for growth when the market starts to rebound. It’s a win-win for the retailers and UCR Urban.”
“It’s critically important to understand and deliver the value and expertise that retailers need, especially during this economic downturn,” said West. “Companies are looking to us for a 360-degree perspective and to advise them as they work to maximize efficiencies of both their properties and real estate departments, and as they restructure their portfolios and leases.”
Most recently, UCR Urban has been awarded retailer representation assignments with Kirkland’s, a specialty retailer of home décor, and lululemon athletica, a yoga-inspired athletic apparel company. UCR Urban will be helping both companies with their strategic expansion plans throughout the United States.