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Principal Real Estate Investors purchases 390,000 SF distribution center
BALTIMORE, MD, Jan. 31, 2013 — On behalf of White Marsh Distribution/Charming Shoppes/Ascena, Jones Lang LaSalle’s Baltimore office today announced that the firm has closed the sale of 10000 Franklin Square Drive in White Marsh, MD. Principal Real Estate Investors is purchasing the 390,133-square-foot distribution center for $17 million.
Vice President Todd Hughes and Senior Vice President Jim Clarke led the Jones Lang LaSalle team on this transaction.
“While the majority of sales activity has been around fully or partially leased assets, we were able to generate strong interest in this vacant property from owners across the country,” said Todd Hughes. “The level of interest we saw showed us that institutional owners believe it is important to hold industrial properties located within the Baltimore market in their portfolios.”
10000 Franklin Square Drive is an industrial distribution facility located in Suburban Baltimore. The property is currently vacant and was originally built and occupied by Warner Brothers.
“10000 Franklin Square Drive is a fantastic opportunity for any number of industries requiring a modern distribution or manufacturing location. With 40-foot clear ceiling height, extensive trailer parking, fenced property with guardhouses, fully equipped docks and outstanding access and exposure to I-95, it is ready to serve as a flagship location for a new user,” added Hughes. “We are pleased to have had the opportunity to represent Ascena and Charming Shoppes in the sale of this property and to transition it to a strong institutional owner that is ready to help attract a new user to the building.”
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About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $42.7 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Ascena Retail Group, Inc.
Ascena Retail Group, Inc. (NASDAQ: ASNA) is a leading specialty retailer offering clothing, shoes, and accessories for missy and plus-size women and tween girls, under the Justice, Lane Bryant, maurices, dressbarn and Catherines brands. Ascena Retail Group, Inc. operates through its subsidiaries approximately 3,800 stores throughout the United States, Puerto Rico and Canada.
For more information about Ascena Retail Group, Inc. and its brands, visit www.ascenaretail.com , www.charmingshoppes.com, www.shopjustice.com, www.lanebryant.com, www.maurices.com, www.dressbarn.com , www.catherines.com , www.cacique.com , www.figis.com and www.figisgallery.com.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, please visit www.joneslanglasalle.com.
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