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News release

Philadelphia

Jones Lang LaSalle Brings 1.25 Million SF Industrial Portfolio to Market for Burlington Coat Factory

Two greater Philadelphia warehouse facilities available for sale and partial leaseback


PHILADELPHIA, Jan. 14, 2009 — Jones Lang LaSalle announced today that its Capital Markets team has been retained by the Burlington Coat Factory Warehouse Corporation as exclusive marketing agent for a two-building, 1.25 million-square-foot, industrial warehouse portfolio located in Burlington County, New Jersey within the greater Philadelphia industrial market.  The 730,392-square-foot facility known as the Edgewater Park Distribution Facility is located in Beverly, New Jersey, while the 521,441-square-foot property known as the Burlington Coat Factory Distribution Facility is located just 10 minutes away in Burlington, New Jersey.  The properties are available either individually or as a portfolio, with leaseback of a majority of the portfolio.
 
Leading the Jones Lang LaSalle team on this assignment is Managing Director Bruce Westwood-Booth, Senior Vice President Corey Lewis and Vice President Ben Herrig, with assistance from local industrial market expert Executive Vice President Brian Knowles.
 
“These facilities consist of both office and warehouse space which has been very well maintained.  Both the corporate headquarters building in Burlington, as well as the other flagship facility in Beverly, should appeal to a broad range of investors searching for quality industrial assets in a core geographic distribution and industrial location with future upside opportunity,” said Mr. Westwood-Booth.
 
The Burlington facility, located at 1830 Route 130 North will be partially occupied and leased back by Burlington Coat Factory as its corporate headquarters for a term of 10 years with annual escalations and renewal options.  Approximately 380,000 square feet of warehouse space of that 521,441-square-foot facility is expected to become available in July 2009.  The Edgewater Park facility is located at 4287 Route 130 South and will be leased to Burlington on an absolute triple net basis for 15 years with annual escalations and renewal options.  That property is currently undergoing $21 million in capital investments including new racking and sprinkler systems, mechanical and electrical upgrades and other site work which is expected to be completed by the third quarter of 2009.  Located just 20 miles northeast of the Philadelphia Central Business District, these properties offer exceptional accessibility, visibility and proximity to a preeminent industrial and business district along the New Jersey Turnpike.
 
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 secondary 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.  Collectively, the firm's Capital Markets team handled $82 billion in annual transaction volume in 2007.
 
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 decor 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 427 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 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 $53 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
 
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