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News release

Chicago, IL.

Jones Lang LaSalle Closes Sale of Land for New Southside Chicago Walmart

Retailer to anchor major power center on 13+ acres in Chatham Market


CHICAGO, Apr. 08, 2011 – On behalf of Monroe Investment Partners LLC, Jones Lang LaSalle today announced that it has closed the sale of a 13.5-acre parcel on Chicago’s South Side.  Walmart purchased the shovel-ready pad in the Chatham Market shopping center on 83rd Street and S. Holland Road, where it plans to open a 155,000-square-foot Supercenter. This will be the first of six new full-scale stores Walmart has announced it plans to build in the City of Chicago.

Walmart has also entered into a lease of an existing 10,000 square foot building at Chatham Market for a Walmart Express store – a convenience grocery concept that will also be the first of its kind in Chicago (Building “C” on the attached site plan).  Chatham Market is a 450,000-square-foot shopping center that is already home to a Lowe’s Home Improvement store, a Potbelly’s Sandwich Shop, and an Aldi grocery store that is under construction and scheduled to open June 1.
 
Leading the Jones Lang LaSalle team on this assignment were Managing Director Tom Kirschbraun, Managing Director Meredith O’Connor, and Vice President Edward Lewis.

“Walmart’s commitment to this major power center, with both a Supercenter and an Express store, will be a major boon to consumers on Chicago’s South Side,” said Kirschbraun.  “Construction of the Supercenter is expected to get underway by late-April and the store is expected to be open by the end of 2011 or early 2012.  Beyond the initial construction jobs, the new stores will create hundreds of permanent jobs for Chicago residents.  Considering this, along with new sales and property taxes for the City, it is clear that the sale of this land is just the beginning of many good things to come.”

Chatham Market is located on the site of the former Ryerson Steel facility covering 50 acres between 83rd and 87th Streets just west of the Dan Ryan Expressway (I-94).  The Walmart Supercenter will be centrally located on the site adjacent to Lowe’s and will feature a full grocery department.  The Walmart Express will operate in an existing building at the 83rd Street entrance to Chatham Market, and will offer a limited line of groceries as well as pharmacy services.  

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. Jones Lang LaSalle’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.

About Monroe Investment Partners LLC

Monroe Investment Partners LLC is a Chicago-based real estate investment and development group focused on value-add and opportunity real estate.  In addition to Chatham Market, Monroe has developed retail projects in Illinois, Wisconsin and Tennessee, and its investment portfolio includes warehouse and office properties in Illinois, Tennessee and Missouri.  Monroe’s principals are Donald J. Allen and Thomas R. Brashler.
 
About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.