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News release

Minneapolis

Jones Lang LaSalle Selected to Sell Two Home Valu Office/Showrooms

Properties located in Fridley, Minn and Urbandale, Ia offered at $3.9 M and $2.6 M, respectively


MINNEAPOLIS, MN, April 20, 2010 — Jones Lang LaSalle announced that it has been retained by Timothy D. Moratzka, Chapter 7 Bankruptcy Trustee for Home Valu, Inc. to market for sale two multi-use properties totalling more than 150,000 square feet located in Fridley, Minn and Urbandale, Ia.  Moratzka is an attorney with the firm of Mackall, Crounse & Moore PLC.

Brian Ginkel and Chris Rohrer of Jones Lang LaSalle are leading efforts at the Fridley facility.  Marcus Pitts of NAI Ruhl joins the team in marketing the Urbandale, Ia property.  The assignment is part of Jones Lang LaSalle’s Value Recovery Service, which takes a collaborative, cross-disciplinary approach to help clients affected by the current financial crisis.

Located at 5401 East River Road in Fridley, Minn the 99,072-square-foot office/showroom/distribution center served as Home Valu’s corporate headquarters.  Offered at just under $4 million, the facility features some 10,000 square feet of office space, 35,000 square feet of showroom space and roughly 45,000 square feet of distribution.  The property, which is approximately seven miles from Minneapolis, is off I-694 and I-94 near a mix-use of office, retail and manufacturing facilities.

“This property is ideally located along one of the most well travelled thoroughfares in the northwest Minneapolis submarket,” said Ginkel.  “In addition, there is monument signage strategically located along I-694, providing unparalleled name visibility for the buyer.”

The single-story, multi-use building features ample parking, 18-foot ceiling heights in the showroom, on-site data center and distribution space with 20-foot clear ceiling heights, racking system and a mezzanine for storage. 

Located at 4091 120th Street in Urbandale, Ia, the 58,640-square-foot showroom/distribution center is being offered for $2.6 million.  It is northwest of Des Moines near I-80 and I-35.

Home Valu Interior, strongly hurt by the recession, announced plans to liquidate in mid-January.
 
About Jones Lang LaSalle’s Value Recovery Service (VRS)
 
Jones Lang LaSalle’s VRS team:
  • Evaluates operational and occupancy needs
  • Assists organizations with challenged assets and liabilities on their balance sheets
  • Provides receivership and asset management services
  • Raises capital through sales-leasebacks
  • Provides leasing and recapitalization strategies for distressed assets
About Mackall, Crounse & Moor, PLC

Mackall, Crounse & Moore, PLC, established in 1918, is today a dynamic mid-sized law firm with expertise in a wide range of business and litigation practice areas, areas that have been chosen to help its clients meet their strategic business objectives.
 
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 2009 global revenue of $2.5 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 $40 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.