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JLL to Buy Travis Commercial for Expansion in South Texas
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Jones Lang LaSalle, Inc. (JLL - Free Report) which shortened its name to “JLL” disclosed a deal to acquire San Antonio-based real estate company, Travis Commercial. The move would expand its full-service platform in Texas. Terms of the deal were not disclosed.
Co-founded by Mark Krenger and Chuck King in 1998, with Jeff Miller joining in 1999, Travis Commercial is a full-service commercial real estate firm. It specializes in property leasing and management, multi-market corporate services, tenant representation, investment sales, and facilities and construction management.
The acquisition is slated to close in the next few weeks subject to closing norms. It is expected to substantially boost JLL’s market position in San Antonio, bringing its property management and agency leasing portfolio to around 1.8 million square feet and 3 million square feet, respectively.
Also, Travis Commercial Principals – Krenger, King and Miller – will come on JLL’s platform. They will specifically join as Managing Directors and take leadership stance in the combined business.
Krenger and King will supervise agency leasing, while Miller will guide tenant representation and markets corporate solutions groups. They bring vast industry experience with them that is expected to offer JLL a competitive edge. Senior team members, along with over 30 industry professionals are also set to enhance the combined platform.
The acquisition seems a strategic fit, given the scope to serve the fast-growing central and south Texas markets. Despite the slowdown in oil production, San Antonio and the greater South Texas region markets have been healthy.
Moreover, with the state's pro-business atmosphere, central location and steady employment figures, Texas is likely to be a preferred choice for corporate relocations, per JLL research. Amid this, we believe that JLL remains well poised to capitalize on this market’s growth through its vast presence that has nearly doubled over the past several years through takeovers as well as organic growth.
JLL currently carries a Zacks Rank #3 (Hold). Investors interested in the real estate industry can consider other stocks like Brookfield Asset Management Inc. (BAM - Free Report) , HFF Inc. (HF - Free Report) and FirstService Corporation (FSV - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).
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JLL to Buy Travis Commercial for Expansion in South Texas
Jones Lang LaSalle, Inc. (JLL - Free Report) which shortened its name to “JLL” disclosed a deal to acquire San Antonio-based real estate company, Travis Commercial. The move would expand its full-service platform in Texas. Terms of the deal were not disclosed.
Co-founded by Mark Krenger and Chuck King in 1998, with Jeff Miller joining in 1999, Travis Commercial is a full-service commercial real estate firm. It specializes in property leasing and management, multi-market corporate services, tenant representation, investment sales, and facilities and construction management.
The acquisition is slated to close in the next few weeks subject to closing norms. It is expected to substantially boost JLL’s market position in San Antonio, bringing its property management and agency leasing portfolio to around 1.8 million square feet and 3 million square feet, respectively.
Also, Travis Commercial Principals – Krenger, King and Miller – will come on JLL’s platform. They will specifically join as Managing Directors and take leadership stance in the combined business.
Krenger and King will supervise agency leasing, while Miller will guide tenant representation and markets corporate solutions groups. They bring vast industry experience with them that is expected to offer JLL a competitive edge. Senior team members, along with over 30 industry professionals are also set to enhance the combined platform.
The acquisition seems a strategic fit, given the scope to serve the fast-growing central and south Texas markets. Despite the slowdown in oil production, San Antonio and the greater South Texas region markets have been healthy.
Moreover, with the state's pro-business atmosphere, central location and steady employment figures, Texas is likely to be a preferred choice for corporate relocations, per JLL research. Amid this, we believe that JLL remains well poised to capitalize on this market’s growth through its vast presence that has nearly doubled over the past several years through takeovers as well as organic growth.
JLL currently carries a Zacks Rank #3 (Hold). Investors interested in the real estate industry can consider other stocks like Brookfield Asset Management Inc. (BAM - Free Report) , HFF Inc. (HF - Free Report) and FirstService Corporation (FSV - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>