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News release

Philadelphia

Jones Lang LaSalle Brings Retail Portfolio to Market for Burlington Coat Factory

Nine-building portfolio available for long term sale-leaseback


PHILADELPHIA, APR. 28, 2009 — Jones Lang LaSalle is currently marketing a 715,000-square-foot portfolio of retail assets for sale and leaseback by Burlington Coat Factory.  Burlington Coat Factory will leaseback the nine properties, located in some of the strongest retail markets in the United States, for a minimum of 15 years.  The properties are available for purchase either individually or as a portfolio.
 
Leading the Jones Lang LaSalle team on this assignment is Managing Director Bruce Westwood-Booth and Vice President Ben Herrig.
 
“These assets are strategically located in the strongest retail real estate markets in the country, and should appeal to a wide scope of national and international investors seeking to purchase well-established, high-quality retail locations providing long-term cash flow,” said Mr. Westwood-Booth.
 
This portfolio of nine retail assets includes a mix of regional mall anchor locations, power center/neighborhood anchor sites and stand alone stores.  They are located in Chicago, Los Angeles, Houston, Broward County, Northern New Jersey, Boston, Orlando and two locations in and around Phoenix.  Burlington Coat Factory plans to enter into 15-year, absolute triple-net leases with two percent annual escalations at each location.  All of the stores have been updated or renovated within the past few years and are strong performers for the company.
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.   The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide derivatives structuring and loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from vacant buildings to raw land to entitled parcels and partially completed subdivisions.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.
 
About Burlington Coat Factory
 
Burlington Coat Factory, the retail authority in coats, offers a broad selection of branded quality merchandise at everyday low prices across many product categories, including ladies’ sportswear, menswear, family footwear, children’s clothing, baby furniture and accessories, home décor and gifts, along with the largest selection of coats for the entire family in the nation.  The updated Burlington Coat Factory, founded in 1972 by the Milstein family, has expanded from a single store selling coats to a multi-department retail chain with 433 stores in 44 states and Puerto Rico, predominantly under the Burlington Coat Factory name.  Burlington Coat Factory was purchased by Bain Capital in 2006.  Additional information can be found at www.BurlingtonCoatFactory.com.
 
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 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 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 $46 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.