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News release

Atlanta

Jones Lang LaSalle named receiver of four regional malls through its Value Recovery Services

Jones Lang LaSalle has been appointed as Receiver of four regional malls totaling nearly two million square feet of space.


ATLANTA, January 21, 2009 – Jones Lang LaSalle has been appointed as Receiver of four regional malls totaling nearly two million square feet of space.  As the Receiver of these assets, Jones Lang LaSalle will be responsible controlling and directing the use of the assets until a resolution between the lender and borrowers is achieved.  Effective immediately, Jones Lang LaSalle Retail will be responsible for leasing, managing and conducting due diligence to determine the best course of action for the malls.
 
The four regional malls are:
 
Bradley Square Mall in Cleveland, TN:  A 335,000 square foot regional mall, Bradley Square Mall is located just 30 minutes from Chattanooga and is the only enclosed shopping mall within 30 miles. The mall has tenants such as Aéropostale, American Eagle, Bath & Body Works, Bon Worth, Finish Line, Maurices, and Pac Sun.
 
Martinsburg Mall in Martinsburg, WV:  Martinsburg Mall is a 556,000 square foot regional mall located in Berkeley County which was listed on the Census list of the country’s fastest growing counties for 2000-2005. The county boasts the third largest population in West Virginia and is the fastest growing. The mall has the advantage of being situated on I-81, where more than 55,000 cars pass the center each day. The center features tenants such as Bath & Body Works, Kay Jewelers and Finish Line and Pac Sun.
 
Mount Berry Square Mall in Rome, Georgia:  Mount Berry Square Mall is a 478,000 square foot mall located equidistant from Chattanooga, Birmingham and Atlanta. Rome is considered to be the No. 1 Small City in the Southeast and the 12th Most Livable Small City in the United States, according to “The New Rating Guide to Life in America’s Small Cities.” The center features specialty tenants such as Aeropostale, Journeys, Rack Room Shoes, American Eagle Outfitters, and Bath & Body Works, and is anchored by Belk, JCPenney and Sears.
 
Shenango Valley Mall in Hermitage, Pennsylvania:  Shenango Valley Mall is 509,000 square foot center situated in the heart of Mercer County.  Shenango Valley recently ranked as a Top Ten Golf Area in the United States by Golf Digest.  A popular destination with area residents, Shenango Valley Mall offers its guests a tax-free shopping experience at favorite stores such as American Eagle Outfitters, Bath & Body Works, Bon Worth and C.J. Banks, and Maurice’s.
 
Jones Lang LaSalle has marshaled its extensive expertise in all facets of commercial real estate to provide specialized services to clients that are affected by the current financial crisis through its Value Recovery Services.  Distressed Property Receivership Services is just one of the service areas, and Jones Lang LaSalle Retail and Greg Maloney are currently active on 16 Receivership assets.  
 
As a Receiver, Jones Lang LaSalle is appointed by the courts and will work closely with lenders and borrowers to control and direct the use of assets until resolutions are achieved.  Although Receivership designations vary state by state, they share the same premise of appointing independent managers to assume fiduciary responsibility for the assets.  During the Receivership process, the Receiver chooses the most appropriate firm to manage and lease the asset, and provides recommendations for the most profitable outcome of the asset including the possible sale of the asset.  
 
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 2007 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 1.2 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 $53 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.