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News release

Baltimore

Thriving Baltimore Submarket Draws Multifamily Investment Interest

JLL closes $34.125 million sale of Owings Park


​​BALTIMORE, Feb. 25, 2016 – On behalf of TIAA-CREF, JLL’s Capital Markets experts today announced the firm has closed the sale of Owings Park, a multifamily asset located in the Baltimore suburb of Owings Mills. Friedkin Realty Group purchased the property for $34.125 million.

Managing Director Christine Espenshade, Executive Vice President Shawn McDonald and Senior Vice President Robert Garrish led the JLL team on the transaction.

“Owings Mills is the focus of three major redevelopment projects that will transform the submarket into a true ‘live, work, play’ environment,” said Espenshade. “Currently, there is very limited supply available in the submarket and Owings Park offers incredible value-add potential.”

 

Owings Park totals 174 units and is located near the area’s major transportation systems and employers. Community amenities include a resident clubhouse, swimming pool, picnic and barbeque area and a fitness center. Redevelopment projects planned for the submarket include nearly one million square feet of retail space and more than 120,000 square feet of educational space.

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

 

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

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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. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 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.