JLL acquires Northwest Atlantic in Canada
Acquisition expands firm’s retail real estate capabilities to meet retailers’ growing need for integrated advisory services
TORONTO, Aug. 2, 2018 – JLL (NYSE: JLL) today announced the acquisition of Northwest Atlantic (Canada) Inc. (NWA), the leading independent Canadian retail tenant representation and advisory firm headquartered in Toronto, Canada. The transaction enables JLL to expand its current retail advisory business in the market and provide an extensive range of real estate and leasing services to retailers seeking to enter, expand or operate in Canada. Within JLL, Northwest Atlantic will operate as a boutique practice team with the same hands-on client-centric approach that allowed the company to succeed in the past.
"Retailers' needs are changing dramatically as e-commerce impacts everything from site selection to store configuration and supply chain logistics. Our new partnership and combined operations with Northwest Atlantic enhance and broaden the scale and scope of our service offerings for retailers," said Brett Miller, CEO of Canada, JLL.
NWA's seasoned retail experts have their pulse on the Canadian market. They currently represent more than 65 retailers. They have transacted in excess of 75 million square feet of retail real estate across Canada.
NWA was founded in 1991 and privately owned by 11 shareholders, including CEO Tim Sanderson, and Principals Lawrence Hildebrand, Chris Wood, Scott Lee and Dianne Lemm. The firm represents leading global, national and local retailers across all categories, and specializes in the leasing of power center, street front and enclosed mall retail segments.
"We joined JLL because of its Practice Team structure, which allows us to continue operating as a specialized unit and does not change our hands-on approach with our clients," said Sanderson, now Executive Vice President, JLL. "We are now able to add resources, technology, a deeper research platform and increased geographic coverage across Canada and globally. We can now give our clients access to a full suite of offerings from JLL that we didn't have on our own, such as office and industrial services, project management and capital markets expertise through JLL's National Retail Investment Group."
A total of 45 employees, including 22 brokers across Toronto, Montreal and Vancouver, will join JLL and integrate with JLL Canada's existing retail team. These experts specialize in supporting retailers with market penetration strategy, demographic analysis, trade area definition and delineation, roll-out strategy, site identification, selection and acquisition, transaction negotiation, corporate approval process support, renewals and dispositions, and relocation analysis.
The new NWA executive team will report to and partner closely with Brett Miller, CEO of Canada for JLL and with Naveen Jaggi, President of Retail Advisory Services for JLL Americas.
"We've been growing our retail advisory services throughout the United States since 2015, and looking for the right cultural fit to increase our presence in Canada. Northwest Atlantic's client-centric mentality and unwavering commitment to their clients' success made them the right group to add to our expanding global retail business," said Jaggi. "By joining forces with the Northwest Atlantic team, we've now created an opportunity for our clients worldwide to tap into a unified business across the United States and Canada for seamless, platinum advisory services."
JLL is the largest third-party retail property manager in the United States and partners with retailers, investors and owner/operators through its extensive team of dedicated professionals around the world. They understand the inherent complexities and variability associated with both the retail industry and increasingly complex capital markets. JLL's specialists are recognized for their independent and expert advice to clients, backed by industry-leading research that delivers maximum value. With leading in-depth knowledge of the local, regional and global market dynamics, JLL aims to truly partner with its clients for the entire lifecycle of an asset or lease. Its experts deliver clients maximum value to support and shape their investment, site selection and brand strategies.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com