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News release

ATLANTA, GA

Jones Lang LaSalle Closes the Sale of Three Malls in the Southeast

Offshore investor interest returns to the retail investment market


ATLANTA, Sept. 3, 2013 — Jones Lang LaSalle today announced the firm has closed the sale of a three-mall portfolio in the Southeast on behalf of Tennessee-based CBL & Associates Properties, Inc. The portfolio which includes Rivergate Mall & Village at Rivergate, Panama City Mall & Shoppes at Panama City and Georgia Square Mall & Georgia Square Theater was purchased by an offshore investor with an Atlanta based partner, Hendon Properties, who will also lease and manage the malls.

Managing Directors Margaret Caldwell and Kris Cooper led the Jones Lang LaSalle Retail Investment Sales team on this transaction.

Caldwell commented that, “Investment into the retail sector continues to increase in the U.S. driven by a surge in domestic and foreign investor interest. There’s no shortage of equity chasing quality retail properties, as evident by the sale of these three assets. Investors are eager to purchase assets with historic stable performance and potential upside in markets with population growth. These malls are well-located in markets with extremely limited retail development which will ultimately drive increased rents and occupancy levels.”

The portfolio of malls includes:

  • Rivergate Mall and the adjacent Village are located in Goodlettsville, TN, along interstate 65 just north of Nashville. The 1,143,420 square foot mall is 98.1 percent leased with a strong mix of leading national retailers and shadow anchored by Dillard’s, Macy’s, JCPenney and Sears.
  • Panama City Mall and the adjacent Shoppes are located in Panama City, FL on northwest Florida’s beautiful Gulf Coast. The 92 percent leased mall includes major-in-line tenants Bed Bath & Beyond, Cost Plus World Market, Carmike Cinema and Shoe Dept. | Encore.
  • Georgia Square Mall is the only regional shopping center in the extended Athens-Clarke County, Georgia MSA. The 686,517 square foot mall is anchored by Macy’s, Belk, JCPenney and Sears.

Jones Lang LaSalle Retail is a full-service provider of retail services nationwide. The firm offers a full array of services to its clients, including brokerage services for landlords and tenants, property management, financial reporting, tenant coordination, specialty leasing, marketing, research, development and receivership services.  For more information on Jones Lang LaSalle Retail, visit www.jllretail.com

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 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page.  Bookmark it here:  http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx

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 and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com