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News release

MIAMI, FL

Jones Lang LaSalle Markets Prime Retail Property for Sale in Miami

Miami trophy power center known as Miracle Marketplace brought to market on behalf of Miracle Marketplace, LLC.


MIAMI, March 13, 2012 — Jones Lang LaSalle today announced its Capital Markets experts have been hired to bring one of Miami’s prime trophy power centers to market in the Coral Way submarket on behalf of Miracle Marketplace, LLC.  Miracle Marketplace is a 243,047-square-foot, Class A vertical retail property located along the Miracle Mile/Coral Way in Miami.
 
Managing Director’s Carson Good, Margaret Caldwell, Kris Cooper and Denny St. Romain are leading the Jones Lang LaSalle team on this transaction.
 
“Miracle Marketplace is the only power shopping center within a five-mile radius making it an exceptional opportunity for investors to own an irreplaceable asset in the high barrier-to-entry Coral Way retail corridor,” said Caldwell.

Added Good, “Miami is a global gateway market and is well-positioned to capitalize on the continued economic recovery. The Metropolitan area is currently in the midst of an ongoing urban revitalization and transformational change that has strengthened its retail fundamentals. We expect to secure a great deal of interest from investors all over the country, and in Latin America who are seeking to capitalize on the dynamic vitality of this strengthening market.”

The seven-story, 243,047-square-foot property located at 3301 Coral Way underwent a $110 million capital infusion in 2009. Miracle Marketplace is currently 87 percent leased and contains a diverse and best-in-class roster of long-term and anchor tenants including Bally Total Fitness, Bed, Bath & Beyond, DSW, Marshalls, Nordstrom Rack, PetSmart and Ulta.

In 2011, Jones Lang LaSalle’s Capital Markets experts have facilitated the sale and/or financing of nearly $1 billion in transactions in the South Florida region.

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.

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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 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 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 $47.7 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.