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News release

HOUSTON, TX

Jones Lang LaSalle Markets Houston’s Willowbrook Plaza Shopping Center for Sale

Value-add opportunity offering significant upside in city’s northwest retail hub


HOUSTON, Jan. 17, 2012 — On behalf of CBL & Associates Properties, Inc., Jones Lang LaSalle’s Capital Markets experts today announced the firm has been hired to market Willowbrook Plaza Shopping Center for sale in Houston.  The 384,556-square-foot community shopping center is located in the city’s affluent northwest retail hub and offers investors significant upside opportunity with the potential to lease up nearly a third of the property.

Managing Director George Cushing and Vice President Wendy Vandeventer are leading the Jones Lang LaSalle team on this transaction, while Senior Vice President Jimmy Board is providing financing expertise. 

“The city of Houston boasts one of the strongest economies in the nation and this northwest retail site is especially robust,” said Cushing.  “Willowbrook Plaza is located directly across from the high-performing Willowbrook Mall and presents investors a significant discount to replacement cost, as well as significant leasing upside.  We expect to garner a great deal of interest from both local and regional investors, as well as national players.”

Willowbrook Plaza Shopping Center is located in the southwest quadrant of the State Highway 249 and FM 1960 intersection at 17355 Tomball Parkway.  The property was built in 1999 and sits on more than 40 acres.  The center is anchored by AMC Theaters and Finger Furniture and features an assortment of national and regional restaurant and retail tenants.  It is currently 70 percent occupied.

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 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 $47.9 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.