JLL and Poag Shopping Centers enter into a strategic partnership to acquire and redevelop mixed-use assets
JLL will assume operations of Poag’s 10 lifestyle centers across the U.S.; Poag Shopping Centers to assume existing development work and acquire new projects for redevelopment
CHICAGO – August 18, 2022 – JLL announced today that it has entered into a mixed-use development and management strategic partnership with Poag Shopping Centers. Poag will provide development and redevelopment services for JLL-managed centers across the U.S., while JLL will provide management and operational services to Poag’s 10 high-end, open-air lifestyle centers.
“Poag is the original pioneer of the lifestyle center, which today is the most popular and durable segment of the retail sector,” Greg Maloney, President and CEO of JLL’s Retail Property Management said. “This strategic partnership allows both companies to bring our expertise to the shopping center of the future – a mixed-use retail destination – offering our clients unmatched expertise to steward their centers forward in the years to come.”
JLL is the largest third-party retail property management company in North America. Under the strategic partnership, the company will partner with Poag on all operations and leasing functions. Poag and its predecessors have developed, managed or leased more than 30 lifestyle centers, totaling more than 8 million square feet including Saddle Creek (the original lifestyle center), Town Center Plaza, Aspen Grove and the Promenade Shops at Briargate. In addition, Poag worked with Elvis Presley Enterprises to redevelop the Graceland campus in its hometown of Memphis.
“By partnering with JLL, we will now have the ability and resources to re-develop and acquire assets across the country,” said Josh Poag, CEO of Poag Shopping Centers. “JLL is an exceptional third-party manager of all retail asset types. Our long-term experience in lifestyle center management will create the depth and breadth of a platform to consolidate a fragmented industry. This strategic partnership intends to grow the management and leasing business significantly. We will concentrate on creating the mixed-use assets our consumers are demanding.”
Through the strategic partnership, Poag will partner with JLL on its existing pipeline of redevelopment work and intends to grow this platform as more malls and open-air centers strive to adapt. In addition, Poag will work with JLL to answer RFPs for large, complicated, mixed-use developments where they believe integrating a variety of uses such as office, retail, multifamily and hospitality, is where the future of retail is headed.
Properties in the management partnership include: Deer Park Town Center, The Shops at Highland Village, LaCenterra at Cinco Ranch, The Avenue Viera, Roosevelt Collection Shops, The Avenue Peachtree City, The Avenue West Cobb, The Shops at Perry Crossing, The Promenade Shops at Orchard Valley and The Spectrum – Pearland.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About POAG Shopping Centers
Poag Shopping Centers leases and manages a portfolio of successful lifestyle properties that has established the firm as one of the most accomplished and admired developers in the industry. Over three decades ago, Dan Poag with then business partner Terry McEwen founded the predecessor to today’s Poag Shopping Centers, Poag & McEwen Lifestyle Centers, LLC and coined the term “lifestyle center” to describe what is now the most in-demand retail real estate design. From subtle design elements to carefully crafted tenant mixes, Poag’s signature ability to translate small details into big experiences creates spaces and places that resonate with comfort, convenience and connectivity. Poag centers are true community environments, destinations packed with the brands you know, and animated with immersive elements that make them memorable and inviting. For more information visit poagllc.com.