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News release

CEDAR RAPIDS, IA

Jones Lang LaSalle Markets Westdale Mall for Sale in Cedar Rapids, Iowa

Regional mall being brought back to market in 2012; true value-add opportunity


CEDAR RAPIDS, IOWA, Jan. 30, 2012 — Jones Lang LaSalle’s Capital Markets experts today announced the firm is bringing Westdale Mall in Cedar Rapids, Iowa back to market.  The 619,392-square-foot, enclosed, two-level regional mall is anchored by JCPenney and Younkers, with an additional vacant anchor box and a “shadow” anchor presently occupied by Linn County.  Other local, regional and national tenants include Bath & Body Works, Chick-fil-A, Payless, Finish Line, GNC, Vitamin World, Eddie Bauer and others.

Managing Directors Kris Cooper and Margaret Caldwell are leading the Jones Lang LaSalle team on this transaction.

“The owners of Westdale Mall feel the time is right to bring the property back to market in order to target more local and regional entrepreneurial investors who have the capital to revitalize the property,” said Cooper.  “We also expect national investors to be attracted to this true value-add/redevelopment opportunity, as the mall is currently 53.6 percent occupied.”

Westdale Mall is located at 2600 Edgewood Road SW in Cedar Rapids, Iowa.  The property also features five owned undeveloped outpads that can be sold or developed. Two non-owned land sites on the corner of the property are currently being redeveloped with new strip centers and a bank that will complement Westdale Mall. The surrounding market is underserved with retailers and the property is in the path of growth in Cedar Rapids, which makes it an excellent candidate for a redevelopment. There is also a need for other property uses in the surrounding area such as hotel and office.

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.