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News release

Chicago

Jones Lang LaSalle Awarded 15.4 Million SF Industrial Property Management Portfolio by IndCor Properties

Firm to manage 46 assets across four states as industrial property management outsourcing grows


CHICAGO, August 3, 2011 — Jones Lang LaSalle today announced that it has been awarded a 15.4 million square foot industrial property management assignment by IndCor Properties, a Chicago-based affiliate of Blackstone Real Estate Advisors.

“This win is a true testament of the quality of our people and the leadership experience we have in the industrial property management arena,” said Dan Pufunt, Jones Lang LaSalle’s President of Property Management. “This is a diverse portfolio of industrial assets, and we have the right industrial experts on the ground to manage the assets effectively while maximizing value for IndCor.”

The portfolio’s 46 industrial properties range in size from 24,000 square feet to 1 million square feet, and are located across New Jersey, Pennsylvania, Maryland and Virginia. A few notable assets include 257 Prospects Plains Rd., 1,000,000 square feet in Cranbury, N.J.; 14301 Mattawoman Dr., 393,440 square feet in Brandywine, MD,; Jersey City Distribution Center, 521,881 square feet in Jersey City, N.J.; and 3500 Industrial Rd., 670,908 square feet in Harrisburg, Penn.

“We are looking forward to partnering with Jones Lang LaSalle’s asset management team in our North Eastern portfolio,” said Tim Beaudin, CEO of IndCor Properties. “This selection is consistent with IndCor’s strategy of leveraging local property management professionals to deliver best in class service to our customers.” 

The win is indicative of a wider trend as investors are outsourcing a increasing number of property management services for industrial properties because of the complexities involved with managing these real estate assets, said Brenda Crisp, Senior Vice President and one of the firm’s industrial property management leads.

“From manufacturing plants to round-the-clock distribution centers, industrial real estate is at the backbone of the global economy,” she said. “Industrial properties are unique, requiring specialized services beyond traditional management offerings.”


Faced with challenging obstacles like environmental regulations, hefty operational and maintenance costs, high-energy usage, and immense tax bills, industrial real estate owners are realizing the value a dedicated management team can provide. Common services industrial owners need include:

  • Risk mitigation services that help owners adhere to constantly changing environmental regulations so fines and reputational damage are avoided; as well as to ensure tenants are utilizing properties appropriately and not causing expensive damage.
  • “Boots-on-the-ground” engineering, operations and maintenance services that entail regular inspections, equipment testing and vacant space monitoring (among other things)—thereby combating the depletion of resources on equipment and facilities.
  • Energy and sustainability services that dramatically reduce energy and consumption costs, as well as sustain rental and asset value. In 2010, Energy and Sustainability experts documented $128 million in energy savings across all business lines, reduced 563,000 tons of greenhouse gas emissions, and saved 912,000,000 kWh.
  • Tax management services—like reviewing tax bills for accuracy, ensuring appeals are filed for open tax years, and reviewing assessors’ appraisal records for approximate valuations—to significantly lower costs. In fact, real estate owners and investors can save between 10 and 12 percent in tax costs the first year after electing to manage their taxes more carefully.

Jones Lang LaSalle recognizes the importance of these challenges—offering both the services and the adequate team to address the obstacles. The firm has experts for a multitude of industrial property types, including port, airport and global infrastructure properties. More than 200 Jones Lang LaSalle professionals cover the top 40 industrial markets in the United States, and 330 more are at work in major industrial markets around the globe.

“Our logistics and industrial professionals offer innovative, profitable strategies for the site selection, sales, leasing, acquisition, financing, construction, project management, and facility and property management of industrial properties,” said Craig Meyer, Executive Managing Director and head of Jones Lang LaSalle’s Americas Industrial Services team. “We also specialize in supply chain and logistics—critical elements in the manufacturing world. We don’t underestimate the complexity of industrial real estate.  We specialize in turning challenges into opportunities to maximize the value of an industrial asset from every side of the equation.”

About IndCor Properties
IndCor Properties, an affiliate of Blackstone Real Estate Advisors, is a privately held real estate investment firm that acquires, develops, owns and operates high quality industrial distribution properties throughout North America.  IndCor currently owns 45 million square feet of strategically located industrial assets across 31 markets in 21 states and continues to actively expand its ownership platform through single building and portfolio acquisitions while maintaining best in class service for its 650 customers.  IndCor Properties is headquartered in Chicago, Illinois.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 185 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $43 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.