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Jenel Management purchases 9533 Brighton Way from GLL Real Estate Partners
LOS ANGELES, May 1, 2013 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of 9533 Brighton Way, an 18,205-square-foot retail and office building within the famed Golden Triangle district of Beverly Hills, on behalf of GLL Real Estate Partners. Jenel Management purchased the building, which is fully leased to Giorgio Armani.
Managing Director Michael Zietsman and Vice President Patrick Inglis led the Jones Lang LaSalle team on this transaction.
“This offering provided an outstanding opportunity to purchase a prominent retail and office center located in a prime, high-end retail district,” said Zietsman. “Further, the building possesses significant upside potential through increased rents to a level more in line with today’s market rates. It is also well positioned to return to multi-tenant occupancy, should Armani decide not to renew.”
“Beverly Hills is one of the most desirable retail markets in the world,” added Inglis. “Demand for ground-level retail space in the Golden Triangle far exceeds the limited space available. Combined with its prime location and value add opportunity, investor interest was quite strong for this rare asset.”
Located between Rodeo and Camden Drives, 9533 Brighton Way occupies one of the largest storefronts in Beverly Hills, spanning more than a half-city block. Originally built in 1930, the building underwent renovations in 1991 and 2001. About Jenel Management Corp.
Jenel Management Corp. is a private real estate investment and management organization based in New York City. Jenel Management Corp. owns and manages 70 properties totaling over 3 million square feet. We acquire well-located properties primarily in urban high density areas that have redevelopment, renovation, or re-tenanting potential or other opportunities to increase current value. For over 35 years the team at Jenel Management Corp. has provided optimum results by carefully analyzing each investment and efficiently operating the properties.
About GLL Real Estate PartnersGLL Real Estate Partners GmbH (GLL) is a Munich based real estate funds management group. GLL was formed in 2000 by three senior executives of HypoVereinsbank, Germany’s then largest real estate bank, in a joint venture with Lend Lease Corporation and Italian insurance giant Assicurazioni Generali. Generali has some €420 billion under management and is capitalised at over €25 billion. During 2006 Lend Lease divested and the Group is now majority owned by its management team and the balance remains with Generali.
GLL’s funds under management now exceed €4 billion with investments across Western Europe, Central Eastern Europe and the United States. Investors with the Group include pension funds, insurance companies and sovereign entities.Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSale operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
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