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News release


JLL Retail Brokers the Sale of Market Square at Montrose in Akron, Ohio

ATLANTA, April 21, 2014 — JLL announced today it has closed the sale of Market Square at Montrose on behalf of LaSalle Investment Management, Inc. to Brooklyn-based, HP REALTY LLC. The 510,231 square foot retail center was purchased for $32.5 million. Market Square at Montrose is anchored by Home Depot, JC Penney, Levin Furniture, Dick’s Sporting Goods, Regal Cinemas, Toys R Us and Cost Plus World Market.

Leading the JLL retail investment sales team on this transaction were Managing Directors Kris Cooper and Margaret Caldwell and Executive Vice President Becky Wells.

“Cities like Akron were not highly sought-after during the recession, but as a result of the continued retail real estate recovery, Akron and similar cities are back in favor with investors,” commented Cooper.

Market Square at Montrose is strategically located along Medina Road immediately off of the exit ramp for I-77 in the strongest retail submarket in Akron. The Fairlawn/Montrose market is 96.7 percent leased and commands the highest rental rates in the city.

JLL’s Retail Group serves as the industry’s leader in retail real estate services. The firm’s more than 850 dedicated retail experts in the Americas partner with investors and occupiers around the globe to support and shape investment and site selection strategies. Its retail specialists provide independent and expert advice to clients, backed by industry-leading research that delivers maximum value throughout the entire lifecycle of an asset or lease. The firm has more than 80 retail brokerage experts spanning 20 major markets, representing more than 100 retail clients. As the largest third party retail property manager in the United States, JLL’s retail portfolio has 305 centers, totaling 65.7 million square feet under management in regional malls, lifestyle centers, grocery-anchored centers, power centers, central business districts, transportation facilities and mixed-use projects.

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About JLL
JLL (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 $4 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit