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News release

PRESTON, CT

JLL Named to Sell Preston Riverwalk Development Opportunity


PRESTON, CT, April 18, 2013 — Jones Lang LaSalle (NYSE: JLL) has been appointed by the Preston Redevelopment Agency of the Town of Preston, Connecticut to market for sale a 393-acre development opportunity on the Thames River in Preston, CT commonly known as Preston Riverwalk. The high profile development site offers visibility and frontage on Routes 12 and 2A, and is directly across the Thames River from the Mohegan Sun Resort and Casino.

Located in the heart of Southeastern Connecticut’s tourism region, Preston Riverwalk has impressive river views, and is connected by highway and bridge to Interstates I-395 and I-95. The property includes viewsheds and a dedicated deep water dock. Originally there were 55 buildings on the site constructed between 1904 and 1964. To date more than 20 of the buildings have been razed. 

The land and buildings were purchased by the Town of Preston in March of 2009 and rezoned it for mixed-use development. The sites are fully serviced by public utilities including water, sewer, electricity, telephone, natural gas, fiber optics, and cable TV.

"Preston Riverwalk is a very unique and special property the redevelopment of which requires unique and special attention and skills,” said  Preston Redevelopment Agency Chairman Sean Nugent. “We are, therefore, pleased to have the high caliber firm Jones Lang LaSalle represent us. We are excited by the opportunities and future redevelopment that will result through our partnership."

According to Jones Lang LaSalle Executive Vice President Shawn McMahon: “Our goal is to procure an experienced developer or high profile corporate/industrial user that maximizes the highest and best use of this well-positioned development opportunity, and increases the Town’s property tax base. Ideally, the new development will provide job opportunities for the local and neighboring communities, and take full advantage of the area’s tourism while minimizing the impact on Town of Preston public services.”

About Preston Redevelopment Authority
The Preston Redevelopment Agency (PRA), on behalf of the Town of Preston, is charged with the responsibility to manage and oversee the development of Preston Riverwalk in order to expedite development proposals and bring them to positive fruition. The PRA has engaged appropriate Town, State, and Federal Agencies to join together and offer assistance in remediating, renovating, and redeveloping this valuable asset. The 10 member agency is appointed by the Town, which authorized it's formation pursuant to chapter 130 of the Connecticut General Statutes.

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, visit www.jll.com.