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Mall remains open for business as usual
BALTIMORE, March 1, 2012 — Greg Maloney of Jones Lang LaSalle has been appointed receiver of the Eastpoint Mall located in Baltimore county. Under Maloney’s leadership, Jones Lang LaSalle’s retail leasing and management team will assume immediate oversight of the mall and put its expertise to work to help stabilize the asset.
Eastpoint Mall is one of Baltimore’s first shopping centers and has been serving the community since 1956. The enclosed mall, conveniently located at the Intersection of Eastern Avenue, North Point Boulevard and I-695, just one mile from I-95, totals nearly 845,000 square feet and boasts approximately 100 specialty shops and services including Applebees, Bath & Body Works, The Children’s Store, Gamestop, Footlocker, RUE21 and many others. It is anchored by Burlington Coat Factory, DSW, Sears, Shoppers World and JCPenney. Germaine Moore will remain the General Manager of the mall.
“Jones Lang LaSalle is not only an expert in leasing and managing retail assets but we also know the intricacies of struggling shopping centers,” said Maloney. “Eastpoint Mall is a mainstay of the Baltimore community and we intend for it to stay that way. The mall is open and ready for business and we encourage the community to spend locally.”As the receiver, Maloney is responsible for controlling and directing the asset until a resolution between the lender and borrower is achieved. Effective immediately, Jones Lang LaSalle will be responsible for the managing and leasing operations at the mall. The shopping center will remain open for business as usual.
Maloney added, “We have successfully managed similar assignments and are well positioned to provide the most comprehensive and dynamic services to Eastpoint Mall.”While receivership designations vary state by state, they share the same premise of appointing independent managers to assume fiduciary responsibility. 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 its possible sale.
Jones Lang LaSalle and its executives are court-appointed receivers on multiple assets throughout the country.
About Jones Lang LaSalle RetailAs the leading retail service provider, Jones Lang LaSalle Retail manages the largest third-party retail portfolio in the country. The firm's 99 million-square-foot retail portfolio consists of more than 350 regional malls, strip centers, power centers, lifestyle centers, ground-up development projects, mixed-use centers, transportation terminals and over 18,000 retail ATM's and bank branches across 50 states. Globally, Jones Lang LaSalle (NYSE: JLL) has a retail portfolio of 279 million square feet of property under management and leasing, including more than 21,650 retail locations on four continents. Jones Lang LaSalle is the only global real estate services firm with a team of dedicated, full-time experts who deliver comprehensive and globally integrated services in Energy and Sustainability under one umbrella. The firm offers leading-edge, industry-unique technology, training and tools in energy and sustainability to maximize the benefits for its clients and the greater community. For more information on Jones Lang LaSalle Retail, visit www.jllretail.com.
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