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News release

Cedar Rapids, IA

Jones Lang LaSalle Named Exclusive Broker for 500,000-Square-Foot Industrial Complex in Cedar Rapids

Unique high-bay crane building (1-50 T), 50-acre site in Cedar Rapids now available for sale


CEDAR RAPIDS, IA, Sept 16, 2010 – Jones Lang LaSalle announced today that it has been retained by Terex Corporation to market a 500,000-square-foot office, heavy manufacturing and warehousing complex located at 902 17th Street NE in Cedar Rapids, Iowa.   

Jones Lang LaSalle’s Executive Vice President Chris Clayton and Senior Associate Chris Watts will lead marketing efforts, partnering locally with Scott Olson/Doug Laird at Skogman Commercial at the Penthouse.

The office, manufacturing and distribution facility is located on a 50-acre site allowing for various expansion and development scenarios.  Existing infrastructure includes a 50-ton lift, 56’ ceiling height, on-site rail, and heavy electrical and natural gas capacity, with outside cranes and outside storage capabilities.

 “The list of industrial assets of this size and caliber, especially with its high-bay cranes, is extremely limited in the Cedar Rapid area and would provide strong competitive advantage to a manufacturing, renewable energy, or wind turbine company,” said Clayton. “As an infill site, the complex could also be redeveloped for a multitude of uses, leveraging its substantial acreage, strategic location and easy divisibility.”

The complex is strategically located in close proximity to the Eastern Iowa Airport and Interstate 380. Various TIF financing and other municipal incentives may be available to qualified recipients.  Its listed sale price is approximately $5.5 million.  It is available for occupancy immediately.

Terex Corporation, one of the leading global capital equipment manufacturers, has occupied the complex since 1999 and is consolidating its Cedar Rapids manufacturing operations into other Terex facilities in North America to gain efficiencies.
 
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 $38 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.