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News release

Chicago

Northern Builders Expands Relationship with Jones Lang LaSalle at Cherry Hill Business Park

Over 400 acres of land including 520,000 SF building available in I-80 rail-served park


CHICAGO, November 17, 2009 – Northern Builders, Inc., the developers of Cherry Hill Business Park, a 630-acre, rail-served multi-use, business park, expanded its relationship with Jones Lang LaSalle to be the primary marketer for the available assets and/or land in this premier park. Recently, the Jones Lang LaSalle team has been marketing Cherry Hill 6, a Class A, 522,520-square-foot building within the park.  
 
Jones Lang LaSalle’s Managing Directors Kris Bjorson and Trevor Ragsdale, SIOR, and Associate Kelly Gray will market Cherry Hill. 
 
“Jones Lang LaSalle’s knowledge of the decision-making criteria coupled with its access to local, national and global corporate users is second to none.  We believe this expertise will be instrumental in successfully positioning the park in today’s ultra-competitive landscape,” said Sean Spellman, Vice President, Northern Builders, Inc.
 
Located in Joliet and New Lenox along the I-80 Corridor, Cherry Hill is currently home to 10 tenants occupying nearly 4 million square feet of industrial space.  The Park is situated in an established submarket with unmatched access to both the local and regional population centers being located at the apex of I-80 and I-355. 
 
“Having represented both Andrew Corporation and Hickory Farms in multi-state site selection projects which ultimately landed in Cherry Hill Business Park, our team fully understands the competitive advantages of this location and the attributes which make it attractive to today’s corporate user,” said Trevor Ragsdale.
 
Bjorson added, “In this economy, it is refreshing to represent an entrepreneurial developer who has the drive to get deals done and even help with creative financing for tenant-specific requirements, if necessary.”  
 
Vacancy in the submarket has ticked up to 15.9%, compared with an 11.9% vacancy rate for all of Chicagoland.  Lease rates in the I-80 submarket are currently well under their historical average range of $3 to $5 per square foot.  Joliet alone has 59 industrial buildings larger than 100,000 square feet totaling more than 22 million square feet and demand has been very limited.  Long-term, this submarket will continue to thrive primarily due to its close proximity to Interstates 55 and 80 along with the Union Pacific and Burlington Northern Santa-Fe intermodal centers in Elwood and Joliet.
 
About Jones Lang LaSalle
 
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 $37 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.