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News release

Spartanburg, SC

Jones Lang LaSalle Secures $18.5 Million Refinancing for South Carolina Shopping Center

Refinancing for Centro Properties’ Hillcrest Shopping Center secured through Quadrant Real Estate Advisors


SPARTANBURG, SC, Sept. 13, 2010 – Jones Lang LaSalle announced today it has secured $18.5 million in refinancing capital for Centro Properties Group’s Hillcrest Shopping Center in Spartanburg, South Carolina.  The Real Estate Investment Banking practice secured a 5-year, fixed-rate loan for the 384,306-square-foot grocery-anchored shopping center from lender Quadrant Real Estate Advisors. 

Leading the Jones Lang LaSalle team on these transactions were Vice President Dustin Stolly, Managing Director Jere´ Lucey and analyst Bryan Jonas.

“Properties such as Hillcrest, which offer strong sponsorship, consistently stable cash flows and a significant discount to replacement cost prove there is ever-increasing interest from the debt capital markets for well performing retail real estate assets,” said Stolly.

Hillcrest Shopping Center, located on East Main Street (US Highway 29) in the eastern portion of the city of Spartanburg.  Built in 1968, renovations are ongoing and began in 2007.  The property is anchored by a Publix super market and is currently 76 percent leased. 

About Jones Lang LaSalle Capital Markets

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our 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. Our Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide.

About Quadrant Real Estate Advisors

Quadrant Real Estate Advisors is a specialist real estate fund manager and fiduciary with $5.1 billion of assets under management in the US and Australia.

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