Commercial Real Estate

Evergreen taps CBRE
While landlords often try to spread assignments among various vendors and service providers to maintain good relations and leverage expertise, Evergreen Industrial Properties' recent play in Pinellas County may have set a new high-water mark for owner diversification.

In the wake of its $103 million deal to acquire five business parks containing 34 buildings in August, Evergreen hired commercial real estate services firm JLL to lease up the properties, which were 84% committed to FedEx, Lockheed Martin, Jabil, L-3 Communications and others at the time of the purchase.

Given the push by service providers like JLL to become “one-stop shops” for institutional clients, it was widely assumed the Chicago-based company also would be retained to manage the 1.66 million square feet in the Gateway Business Center, Metropointe Commerce Park, Westbay Corporate Center, Joe's Creek Industrial Park and Gateway Business Center.