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News release

DETROIT, MI

Jones Lang LaSalle Secures $51 Million Refinancing for Successful Metropolitan Detroit Retail Center

RBS loan proves Class A assets in Midwest locations still extremely attractive to lenders


DETROIT, Sept. 1, 2011 — On behalf of Robert B. Aikens & Associates, Jones Lang LaSalle’s Capital Markets experts today announced the firm has secured $51 million for the refinancing of The Village of Rochester Hills, located in the Detroit suburb of Rochester Hills.  The Class A lifestyle center is anchored by Whole Foods and Parisian (Parisian is not part of the collateral).  RBS provided the 10-year, fixed-rate senior mortgage loan.

Leading the Jones Lang LaSalle team on this transaction were Executive Managing Director and co-leader of the Real Estate Investment Banking team Tom Melody and Senior Vice President Jimmy Board.

“We received a number of firm quotes for this loan, some of which were from CMBS lenders, on this exceptional Class A asset located in the heart of this affluent suburb of the city of Detroit,” said Board.  “RBS provided extremely competitive pricing and terms—proving that well-performing, well-leased properties in Midwest markets such as this are still of interest to lenders.”

The Village of Rochester Hills is a 375,000-square-foot lifestyle center in one of Detroit’s most desirable suburbs.  In addition to Whole Foods and Parisian, tenants include Ann Taylor, Coldwater Creek, Eddie Bauer, Gap, White House/Black Market, Victoria’s Secret, and Williams-Sonoma, in addition to others.  The property is currently 98 percent occupied.

Robert B. Aikens & Associates has developed more than 20 million square feet of retail, commercial and residential space over the past 40 years. 

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 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. The firm’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.

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 70 countries from 1000 locations worldwide, including 200 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 $45.3 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.