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News release

Charlotte, NC

Jones Lang LaSalle Markets $48M+ Medical Office Investment Sale in Charlotte

Class A+ medical office building long-term leased to Carolinas HealthCare System; will appeal to wide variety of investors


CHARLOTTE, NC, June 15, 2010 — Jones Lang LaSalle has been hired on an exclusive basis to market Morehead Medical Plaza in Charlotte, North Carolina.  The Class A+, 190,771-square-foot medical office building is located on the flagship campus of Carolinas HealthCare System and is 100% leased to the hospital which is rated Aa3 / AA-.

Leading the Jones Lang LaSalle team on this transaction is Managing Director Mindy Berman in Boston and Managing Director Louis Stephens in Charlotte.

“A lack of stable, well-located properties with strong fundamentals is causing a ‘scarcity premium’ in the medical office sector,” said Berman, leader of the firm’s Healthcare Real Estate Capital Markets practice.  “Morehead Medical Plaza is an irreplaceable asset that will command superior pricing and attract substantial interest from a wide variety of investors, many of whom have amassed substantial equity in the hopes of acquiring a property with stabilized income such as this.”

Morehead Medical Plaza is an institutional-quality asset that was completed in 2006 and designed for multi-tenant use.  The six-story building offers a premier location on the campus of Carolinas Medical Center with pedestrian skywalks directly linking it to the hospital and parking.  The plaza houses prized employee physician practice groups including women’s health, imaging, and oncology practices. 

Jones Lang LaSalle 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 its clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion transactions globally. The firm’s Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide.

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 1.6 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 approximately $40 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.