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News release

PHILADELPHIA, PA

Prime Location Drives Grocery-Anchored Shopping Center Sale in Philadelphia

JLL closes $30 million investment sale of Drexeline Shopping Center


PHILADELPHIA, March 8, 2016 – Capitalizing on a prime location and value-add opportunity, JLL’s Capital Markets experts today announced the $30 million sale of Drexeline Shopping Center on behalf of Drexeline Shopping Center, Inc. MCB Real Estate purchased the 265,825-square-foot asset, which is located in the Philadelphia suburb of Drexel Hill.
 
Managing Director James Galbally led the JLL team on the transaction along with Managing Director Doug Rodio and Senior Vice Presidents Erin Miller, John Plower and Christopher Coccaro.
 
“Drexeline Shopping Center’s location in densely-populated Delaware County, grocery-anchored profile and value-add component made this a rare opportunity for investors to own what has been a staple in the community for decades,” said Galbally.
 
Located just off U.S. 1 on 18.5 acres, Drexeline Shopping Center is anchored by market-dominant grocer ShopRite and has a tenant roster that includes Wells Fargo and PNC.
 
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.
 
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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.