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News release

ATLANTA, GA

JLL Retail Brokers the Sale of Lakeshore Mall


ATLANTA, May 8, 2014 — JLL announced today it has closed the sale of Lakeshore Mall on behalf of Chattanooga, Tennessee-based CBL & Associates Properties, Inc. to a Charlotte-based private investor. The 490,086 square foot retail center in Sebring, Florida was purchased for $14 million. Lakeshore Mall is anchored by Belk, Bealls, Kmart, JCPenney, Carmike Cinema and a Sears shadow anchor and is 95% percent occupied.

Leading the JLL retail investment sales team on this transaction were Managing Directors Margaret Caldwell, Kris Cooper and Carson Good.

Caldwell commented, “Lakeshore Mall’s strong historic NOI and occupancy, coupled with its limited competition in an expansive trade area made it a tremendous investment opportunity. The new owner has an opportunity to invest in a value enhancement strategy that would position Lakeshore Mall for renewed growth while generating strong yields. This disposition is a timely example of REITs’ portfolio pruning creating solid investment opportunities for private investors.”

Lakeshore Mall anchors the retail hub that serves central Florida along US Highway 27, the major north-south thoroughfare. Traffic counts average approximately 38,500 vehicles per day.

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.

For more news, videos and research from JLL’s Retail Group, please visit: www.jllretail.com

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 www.jll.com.​