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News release

Miami

Jones Lang LaSalle Completes 342,750 SF Industrial Lease at Lincoln Logistics Park in Medley, Florida

Firm negotiates largest Industrial lease in South Florida in more than two years


MIAMI, Sept. 30, 2010 — Jones Lang LaSalle’s new Miami-based industrial brokerage team has completed the largest industrial warehouse lease in South Florida in more than two years. The team comprised of Executive Vice Presidents Steven J. Medwin, SIOR, CCIM and Harry E. Wardell, SIOR and Vice President Nick Wigoda represented the landlord Morgan Stanley Real Estate in the 342,750- square-foot, long-term lease to Bel Inc. at Lincoln Logistics Park located at 12610 NW 115th Avenue, Medley, FL.

Despite the challenging economic environment and historically high vacancy rates in the South Florida industrial market, during the past 15 months the trio completed six leases at Lincoln Logistics Park totaling 650,000 square feet and valued at nearly $40 million. The latest lease brings occupancy at the Park to 97 percent.

“Promotions firm Bel, Inc. which employs nearly 500 people, is consolidating its three current Miami facilities to the new state-of the-art Building 200,” said Jones Lang LaSalle’s Steve Medwin.  “The building offers Bel a great location facing the Florida Turnpike Extension and modern new space boasting 32’ clear ceiling heights.”

The 342,750-square-foot warehouse is one of three buildings in the 670,000-square-foot Lincoln Logistics Park.

Another new tenant at the park is hydroponics equipment distributor, Hydrofarm, Inc. which signed a 34,740- square-foot lease at Building 100.  The firm, which is expanding from nearby Flagler Station, will take occupancy during the first quarter of 2011. 
 
Lincoln Property Company is the construction manager and property manager for Lincoln Logistics Park. David Albert and Devin White of CB Richard Ellis represented Bel, Inc. and Mort Fetterolf of CBC Tenant Advisors represented Hydrofarm, Inc.

Jones Lang LaSalle has approximately 380 employees providing real expertise across all major markets in Florida including agency leasing, property management, project and development services, capital markets and tenant representation.  The firm is responsible for the leasing and management of more than 12 million square feet of commercial space across the state.
 
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, visit our website, www.joneslanglasalle.com.