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News release

NEW YORK, NY

680 Connecticut Avenue Trades to Equity One

JLL closes sale on behalf of Christopher Road Associates


NEW YORK, August 9, 2016 — On behalf of Christopher Road Associates, JLL's Retail experts today announced the firm completed the sale of the Wal-Mart Plaza, a 140,000-square-foot power center located at 680 Connecticut Avenue (Route 1) in Norwalk, Conn. A related affiliate of Equity One (NYSE - EQY) purchased the fully leased asset for $30 million in an off market transaction.

Patrick A. Smith, vice chairman of retail brokerage, with JLL acted as advisor to Christopher Road Associates and was also the sole broker involved in the transaction.

"There has always been significant investor interest in Wal-Mart Plaza given the potential re-development opportunity, which is rarely available in the Norwalk, Connecticut sub-market. This transaction represented a prime opportunity for both the buyer and seller," said Smith.

Wal-Mart Plaza is a located at the epicenter of the Norwalk trade area, a corridor that has historically been one of the highest performing Retail Submarkets in Metro-New York. Wal-Mart Plaza directly borders The Home Depot and is directly across the street from Costco.

JLL's retail experts partner with retailers, investors and owner/operators with an extensive team of dedicated experts around the world. They understand the inherent complexities and variability associated with both the retail industry and increasingly complex capital markets. JLL's specialists are recognized for their independent and expert advice to clients, backed by industry-leading research that delivers maximum value. With leading in-depth knowledge of the local, regional and global market dynamics, JLL aims to truly partner with its clients for the entire lifecycle of an asset or lease. Its experts deliver clients maximum value to support and shape their investment, site selection and brand strategies.   

JLL is the largest third-party retail property manager in the United States with more than 1,000 centers, totaling 125 million square feet under management. The firm has more than 140 retail brokerage experts spanning more than 30 major markets, representing more than 900 retail clients. In 2015, JLL's retail experts completed transaction management and portfolio optimization on 1,500+ leases, negotiated 500+ leases for retailers and 1,000+ leases for landlords and completed more than $2.7 billion of investment sales, dispositions and financing for investors. 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. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 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 $59.1 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.