JLL Acquires Harry K. Moore, Expands Operations In Kentucky
Zacks Investment Research | May 17, 2016 10:13PM ET
Jones Lang LaSalle Inc. (NYSE:JLL) – which shortened its name to “JLL” – disclosed the acquisition of Harry K. Moore, a Louisville-based commercial real estate company. The move expands the company’s operations in Kentucky.
Founded in 1948, Harry K. Moore deals in leasing, investment sales and property management services for industrial and office buildings. Its brokerage team boasts of around 200 combined years of expertise. Over the past 10 years, more than 2,000 commercial transactions valued at about $1.75 billion have been executed by the firm. That makes the company worth buying for JLL.
The acquisition brings Harry K. Moore's Powell Spears on JLL’s platform. Spears will supervise the Louisville office and join JLL as Managing Director together with 12 industry experts and staff. Moreover, Spears will collaborate with Stephen C. Lannert, Douglas H. Owen and Robert W. Moore, Jr., who are joining JLL as Senior Vice Presidents, the company announced.
In the fast-growing Louisville area, which serves as the nation's e-commerce hub, this acquisition of Harry K. Moore is expected to offer JLL a solid scope to leverage on the market opportunities. In fact, JLL's industrial and office brokerage platform is expected to get stronger and capitalize on the prospering e-commerce trade area in Louisville, Indianapolis and Columbus.
Notably, last month, JLL reported first-quarter 2016 adjusted earnings of 82 cents per share, which beat the Zacks Consensus Estimate of 72 cents. The company’s diversified product & services range, extensive knowledge of domestic and international real estate markets and strategic investments are expected to drive its bottom line. However, stiff competition from international, regional and local players and unfavorable foreign currency movements remain concerns.
JLL currently carries a Zacks Rank #3 (Hold). Investors interested in the real estate industry can however consider other stocks like Brookfield Asset Management Inc. (NYSE:BAM) , HFF Inc. (NYSE:HF) and Re/Max Holdings Inc. (NYSE:RMAX) . While Brookfield Asset Management and HFF hold a Zacks Rank #1 (Strong Buy), Re/Max carries a Zacks Rank #2 (Buy).
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