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News release

New York and Miami

L3 Capital Taps JLL Retail to Manage 46,000 Square Feet of Urban Retail Space

JLL to provide management and accounting services for 893 Broadway Ave., in New York and 3800 Miami Court in Miami


NEW YORK and MIAMI, July 7, 2015 — JLL today announced it has been tapped by L3 Capital to provide retail management and accounting services for 893 Broadway Avenue in New York and 3800 Miami Court in Miami.  L3 recently purchased the 46,000 square feet of retail space.

JLL Regional Manager Matt Duthie and General Manager Richard Molfese will lead the management efforts for 893 Broadway Avenue, and JLL Florida Retail Market Lead John Lambert will lead the management efforts for 3800 Miami Court.

Located in Manhattan’s Ladies Mile Historic District, 893 Broadway Avenue is a 22,608-square-foot, four-story mixed-use building that is currently occupied by restaurant, Barn Joo. The property’s ground-level retail benefits from dual-street frontage, plentiful foot traffic and affluent surrounding community and is slated for a re-development with consideration for retail.

“The scarcity of retail space in Manhattan coupled with the increased retailer interest in the market is pushing the demand for quality retail space outward, benefiting emerging submarkets like the Flatiron District,” noted Chicago-based Sylvia Payette, Vice President of Retail Property Management for JLL. “This activity gives 893 Broadway Avenue an opportunity to draw-in new-to-market tenants to enhance its NOI.”

JLL has also been hired to manage a single-tenant, two-story retail asset located at 3800 Miami Court, in Miami’s Design District. The property is comprised of 23,645 square feet, and is currently occupied by home decor showroom Poltrona Frau.   

JLL’s Retail Group serves as the industry’s leader in retail real estate services. The firm’s more than 800 dedicated retail experts in the Americas partner with investors and occupiers around the globe to support and shape investment and site selection strategies. Its retail specialists provide independent and expert advice to clients, backed by industry-leading research that delivers maximum value throughout the entire lifecycle of an asset or lease. The firm has more than 125 retail brokerage experts spanning more than 30 major markets, representing more than 670 retail clients. As the largest third party retail property manager in the United States, JLL’s retail portfolio has more than 620 centers, totaling 77 million square feet under management in regional malls, lifestyle centers, grocery-anchored centers, power centers, central business districts, transportation facilities and mixed-use projects.

About JLL
JLL (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 fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

About L3 Capital
L3 Capital LLC is a real estate investment firm focused on institutional quality urban retail investments within first tier U.S. metropolitan markets. Based on an integrated team approach to real estate investment and management, each principal has a complementary skill set that includes acquisitions, capital markets/financing, and asset management. To learn more about L3 Capital, please visit http://www.l3capital.com