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News release

Boston

Jones Lang LaSalle’s Retail Sales Team Sells Arsenal Plaza to Nigro Companies for $17,750,000


BOSTON, MA, September 16, 2009 - Jones Lang LaSalle has negotiated the sale of Arsenal Plaza in Watertown, NY to Arsenal Plaza Associates LLC, an affiliate of the Nigro Companies for $17,750,000. The Price Chopper anchored shopping center was sold by Arsenal Street Associates LP.
 
Jones Lang LaSalle’s Managing Director of Retail Sales Jim Koury, with Assistant Vice President Nathaniel Heald and Associate Robert Borden, exclusively represented the seller and procured the buyer.
 
The 215,648 square foot plaza is comprised of four buildings on 25 acres and is located at the interchange of I-81 and NY State Rte 3, one half mile from the Super Regional Salmon Run Mall. In addition to Price Chopper, the 97% occupied Plaza at 1283 Arsenal Street is occupied by national retail tenants including TJ Maxx, Staples, Dollar Tree, Michaels and Applebee’s.
 
“We saw this acquisition as a good fit for our portfolio,” said Steven J. Powers, Vice President of Nigro. “We are always looking for good quality retail product.”
 
Upgrades planned for to the Plaza site include new painting and landscaping. The Price Chopper will also undergo interior renovations including new floors, lights, shelves, fixtures and expanded departments.
 
“This is further evidence that there is active and ongoing interest from numerous buyers in acquiring shopping centers in this market at attractive pricing,” said Jones Lang LaSalle’s Koury.
 
Nigro Companies owns and/or manages over 3 million square feet in the state of NY.
 
About Jones Lang LaSalle
 
Jones Lang LaSalle Capital Markets is comprised of a range of corporate finance experts and real estate investment capital specialists, working on all property types and in all the major national markets on behalf of corporations, major institutional and local investors and developers. The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs. The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.
 
The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide secondary loan sale advisory services.
 
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 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 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 more than $36 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.