HONOLULU— Growth in tourism and declining unemployment rates are propelling Hawaii’s real estate markets. In order to better service its clients on the islands and investors interested in local investment, Jones Lang LaSalle (JLL) announced today it has opened an office in the heart of Honolulu’s retail hub, at 1585 Kapiolani Boulevard. The opening comes on the heels of the firm’s recent expansion of its retail services platform in the region.
“Robust real estate fundamentals across all asset classes makes Hawaii a top locale for investors, developers and retailers,” said Kirk Horiuchi, Senior Vice President and Hawaii Retail Market Lead. “The synergy between our retail, hotels andpractices in this new centralized location will allow us to continue delivering unparalleled services to our growing client base in the region.”
Earlier this year Wendell Brooks III joined JLL as a Senior Vice President to lead the company’s retail brokerage business in the islands, working closely with Kirk Horiuchi, Senior Vice President and Hawaii Retail Market Lead, to assist landlord and retail clients. Brooks was joined by James “Kimo” Greenwell and Robert Kelley, who focus on retail leasing and sales. Additionally, Melissa Masicampo joined the firm as brokerage coordinator and Mark Ching joined as graphic designer and marketing specialist to support the growing retail team.
Managing Director John Strauss and Senior Vice President Tony Muscio will continue to lead the firm’s Hawaii hotels practice. They are currently marketing two assets on the islands for sale.
Hawaii’s unemployment rates have hit a low five percent and are projected to drop even further by year end, creating a vibrant retail economy. “Increased consumer spending has been a catalyst for shopping center developers and retailers looking to open their first location on the islands. Existing retailers will continue their expansion, looking to take up additional infill locations,” added Greg Maloney, CEO and President, Jones Lang LaSalle Retail - Americas.
Jones Lang LaSalle is the largest company in Hawaii offering third party retail management and brokerage services. The team currently leases and/or manages 18 properties throughout Hawaii.
Jones Lang LaSalle Retail is a full-service provider of retail services nationwide. The firm offers a full array of services to its clients, including brokerage services for landlords and tenants, property management, financial reporting, tenant coordination, specialty leasing, marketing, research, development and receivership services. For more information on Jones Lang LaSalle Retail, visit www.jllretail.com.
Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select-service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 265 dedicated hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hospitality real estate advisor in the world totaling nearly $25 billion, while also completing approximately 4,000 advisory and valuation assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
About Jones Lang LaSalle
Jones 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 LaSalle 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 $46.3 billion of real estate assets under management. For further information, visit www.jll.com.