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News release

SEBRING, FL

Lakeshore Mall Gains Retail Boost with New Management and Leasing Team

BV Belk Properties enlists JLL Retail to bolster Sebring’s only enclosed shopping center’s market position


SEBRING, Fla., Aug, 25, 2014 —BV Belk Properties has retained JLL Retail to manage and lease Lakeshore Mall, a 490,000-square-foot retail center located in Sebring, Florida. Lakeshore Mall was built in 1992, and is the only enclosed regional mall within 40 miles of Sebring.

“I see nothing but a good future for Lakeshore Mall, and I am thrilled at the opportunity to take a steady center and make it extraordinary for locals and passer-byes with the support of JLL,” said B.V. Belk Jr., Owner of BV Belk Properties. “We’re committed to serving the community’s shopping needs, and during the next year we’ll be taking proactive measures to upgrade the property making it a gathering place for the community.”

Florida Retail Market Lead John Lambert and Vice Presidents Chris Ralph and Heather Levesque are leading the JLL management and marketing teams, and Andrew Derringer is tasked with leasing the asset.

JLL’s Managing Directors Kris Cooper, Margaret Caldwell and Carson Good, sold the property to BV Belk Properties earlier this year. “BV Belk Properties’ purchase of Lakeshore Mall in May was perfectly timed with the Florida retail market’s upswing,” said Lambert. “The mall represents a strong value enhancement play and BV Belk’s ability to capitalize and act on that with a renovation and repositioning is expected to propel the property for renewed growth and strong yields.”

The center anchors the retail hub that serves central Florida along US Highway 27, a major north/south corridor between Orlando and Miami, where traffic counts average approximately 38,500 vehicles per day. Sebring is also home to the Sebring International Raceway, host of the “12 Hours of Sebring Endurance Race,” which is one of the automotive world’s oldest and most prestigious races drawing over 100,000 people annually.

JLL’s Retail Group serves as the industry’s leader in retail real estate services. The firm’s more than 800 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 90 retail brokerage experts spanning more than 25 major markets, representing more than 440 retail clients. As the largest third party retail property manager in the United States, JLL’s retail portfolio has 350 centers, totaling 67 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 further information, visit www.jllretail.com

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 fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.