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News release

Miami, FL

Jones Lang LaSalle Completes 75,000 SF Industrial Building Sale in Gratigny Central Industrial Park, Miami, FL


MIAMI, Dec. 27, 2010 — Jones Lang LaSalle’s Miami-based Industrial Brokerage Team has completed the second warehouse disposition in Gratigny Industrial Park in South Florida this year. The 75,000-square-foot warehouse located at 3551 NW 116th Street, Miami, FL sold for $3.6 million to American Tire Recycling Group, Inc.

Jones Lang LaSalle Vice President Nick Wigoda, Managing Director Steven J. Medwin, SIOR, CCIM and Executive Vice President Harry E. Wardell, SIOR represented the seller, Forty Seventh Avenue LLC.

“Given the recent lack of sales in the area, and high vacancy rates for older buildings in Miami, the seller was very pleased with the sale price,” said Wigoda who represented the seller when they purchased the property in 2003. “Additionally, the buyer had to go through a four month long site-plan approval process and the all parties worked diligently to close the sale this year before the potential capital gains tax increase in 2011.”   

This is the second disposition that the Jones Lang LaSalle team completed this year in the park. In June, they brokered the $2.8 million sale of the 40,000-square-foot Countywide building at 12050 NW 28th Avenue. Jones Lang LaSalle represented the seller in the transaction.

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 $40 billion of assets under management. For further information, visit our website, www.joneslanglasalle.com.