Gar Herring and his staff at MGHerring Group are joining commercial real estate services giant JLL.
Herring, CEO of Dallas-based MGHerring Group, will be senior vice president of retail development at JLL. His staff of nine will become JLL employees too, at the firm's Dallas office. This move does not constitute any sale of MGHerring.
"It no longer made sense to try to operate a company with a 1980s business model in the new millennium dominated by big companies and REITs with billions of dollars," Herring told The Dallas Morning News. "But by linking up, we'll be able to continue to be part of new opportunities, and we bring our expertise to the table."
MGHerring will remain owner of three shopping centers, and JLL will assume the operating contracts for two of those.
Herring says he will work with John Lambert, a JLL executive vice president who is director of retail development, on projects throughout the U.S. "We'll be looking for projects in Dallas, too," Herring said. "I'll be pursuing all kinds of deals. It's an exciting time to turn a piece of real estate into something viable again."
“Over the past 35 years, the MGHerring Group has developed more than 30 major shopping centers and regional malls,” said Greg Maloney, JLL’s CEO of retail for the Americas. “Gar has been in the retail business his whole life and brings an extensive background in real estate development, acquisition, leasing and financing to JLL.”
By Brannon Boswell
Executive Editor, Commerce + Communities Today
