Nov. 16--Commercial real estate services firm JLL is acquiring Orange County development consultant Martin Potts Associates as it tries to capitalize on a building wave sweeping California.
Potts, which has offices in Newport Beach and San Jose, provides third-party development services, including handling government entitlements, construction and project management.
Founded in 1991, Martin Potts works on retail, hospitality, healthcare and office properties. Its major projects have included Fashion Island shopping center in Newport Beach and the Shady Canyon Golf Club in Irvine, according to its website.
The deal, announced Monday, is part of an effort by JLL, a Chicago real estate brokerage and management giant, to expand its development services. JLL has added similar firms recently to boost its construction management business, including CLEO Construction Management in San Clemente.
Peter Belisle, market director for JLL's southwest region, said clients often want all their real estate services done by one company, and with construction on an upswing, the business of managing developments has been increasing.
Potts' specialty in retail and hospitality is especially valuable, he said, because the two sectors are expected to see further growth in Southern California.
Martin Potts, the company's founder and president, said there will be no layoffs as part of the acquisition, and all 11 employees, including himself, will move to JLL.
No acquisition price was announced for the deal, which is expected to close this month.
