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News release

​LEXINGTON, Ky.

Towne Square Mall to Be Under JLL Management and Leasing


LEXINGTON, Ky., Aug. 11, 2015 — Greg Maloney, Americas CEO of JLL's Retail Group, has been appointed as receiver of Towne Square Mall, located in Owensboro, Kentucky. As the receiver, Maloney is responsible for controlling and maintaining the asset as an officer of the court. JLL will be responsible for leasing and management of the nearly 500,000-square-foot shopping mall. Built in 1978, the property's tenant mix includes more than 40 national, regional and local retailers and is anchored by J.C.Penney, Macy's and Burke's.

JLL Regional Manager Rick Vita will oversee the leasing and management team on this assignment.

"We are well positioned to provide the most comprehensive and dynamic services on this important assignment," said Maloney.  "Our management team is fully engaged in keeping the mall running smoothly.  We are open for business and welcome the entire community to continue shopping at the mall."

As a receiver, Maloney was appointed by the courts to work closely with the lenders and borrower to control and direct the use of the asset until a resolution is achieved.  Although receivership designations vary state by state, they share the same premise of appointing independent managers to assume fiduciary responsibility.  During the receivership process, the receiver chooses the most appropriate firm to manage and lease the asset and provides recommendations for the most profitable outcome of the asset, including the possible sale of the asset.  

JLL's retail business serves as an industry leader in retail real estate services. The firm's nearly 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 125 retail brokerage experts spanning more than 30 major markets, representing more than 670 retail clients. As the largest third-party retail property manager in the United States, JLL's retail portfolio has more than 620 centers, totaling 83.5 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 business 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. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 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.