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JLL represents a family trust in sale of Fullerton Crossroads and Riverstone Marketplace
LOS ANGELES, Oct. 24, 2017– JLL today announced that Retail Opportunity Investment Corporation's (ROIC) successful acquisition, via OP units, of Fullerton Crossroads in Fullerton, California and Riverstone Marketplace in Vancouver, Washington from the Uhlmann Family Trust. ROIC paid $96.5 million in this stock transaction.
JLL's Executive Vice President Geoff Tranchina represented the seller in the transaction. The buyer represented itself.
Fullerton Crossroads is a 221,636-square-foot grocery-anchored community center located at 3200–3362 East Yorba Linda Boulevard in Fullerton, California. Built in 1971 and renovated in 1996 and 2005, the center is 98 percent leased to several national and local retailers including Ralphs, Kohl's Department Stores, JoAnn Fabric & Craft and Daiso Japan.
Riverstone Marketplace is a 108,323-square-foot grocery-anchored shopping center located at 19215 and 19221 SE 34th Street and 3415, 3425 and 3505 SE 192nd Avenue in the Fisher's Landing area of Vancouver, Washington. The center is 99 percent leased and anchored by Quality Food Center (QFC).
"The seller was looking to divest itself of the day-to-day operations of these properties while maintaining its relationship and exposure to high quality, west coast retail real estate," said Tranchina. "These unique tax deferred structures, while complex to execute, provide long-term holders of real estate the potential to diversify their risk, eliminate management responsibilities, and provide liquidity flexibility in the future."
JLL is the largest third party retail property manager in the United States with more than 1,300 centers, totaling 131 million square feet under management, lease and sale. The firm has more than 150 retail brokerage experts spanning 35 markets, representing over 1,300 retail clients. In 2016, JLL's retail team completed 1,200+ leases on transaction management and lease renewals, generated $65.3 million in savings to clients through restructuring services, negotiated 950+ leases for retailers and 1,200+ leases for landlords and completed more than $5.4 billion of investment sales, dispositions and financing for investors. For more news, videos and research from JLL's retail team, please visit: www.jllretail.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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