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News release

Boston, MA

Jones Lang LaSalle Closes Sale of 302 Mountain View Drive in Burlington, VT


BOSTON, January 14, 2011 — Jones Lang LaSalle announces that the Investment Sales team has executed the sale of 302 Mountain View Drive, a first class office building within The Office Park at Water Tower Hill in Burlington, VT. The fully occupied 24,192 square foot building was sold by Stonewater Partners to Legacy Mountain View LLC. The sale price was $4,560,000.
 
The Jones Lang LaSalle team representing the seller and procuring the buyer was: Managing Directors Michael Smith and Scott Jamieson, and Associate Brandon Dickason. Donahue & Associates Managing Director Steve Donahue assisted in negotiations.
 
“This is a solid addition to the Legacy Portfolio,” said Michael L. Price, Principal of Legacy Mountain View. “The challenges of doing business out of state were balanced by the quality of the asset and credit of the tenants.” Financing was provided by Cambridge Savings Bank.
 
According to Stonewater Partners Principal Jeffrey Toporek: “302 was the first property to be realized in Fund II, and generated a strong return for investors exceeding a 1.7x equity multiple in our nearly 5 year hold. Despite a weak national economy over the past few years, The Water Tower Hill Portfolio has been a top performer and virtually recession proof, substantially exceeding rental rate and occupancy expectations.”
 
The three-story building on 3.45 acres is within the 12-building Office Park at Water Tower Hill business campus. It is 100% leased to tenants including Verizon Wireless, AT&T, New England Life Insurance (MetLife), and Keller Williams. The property is located immediately off of Interstate 89, a short drive from downtown Burlington.
 
“Stonewater Partners has done a terrific job executing their business plan over a period of four years” Jones Lang LaSalle’s Jamieson said. “The Greater Burlington economy has demonstrated remarkable resiliency, I am confident that Legacy Real Estate Ventures will continue the successful performance of this best-in-class office building.”
 
About Stonewater Partners

Stonewater Partners is a real estate investment firm founded in 2003 with offices in New York and Los Angeles.  Stonewater has purchased over $225 million in assets in over 2.5 million square feet across the United States.  Stonewater focuses on niche investment strategies including single tenant opportunistic and multi-tenant value-add situations.  Stonewater’s flagship Fund I has now been fully realized generating 41% IRR and 2.3x equity multiple for investors. 
 
About Legacy Mountain View LLC

Legacy Real Estate Ventures is a based in Waltham. Founded three years ago, this represents their seventh purchase, bringing the Legacy Portfolio value to over $25 million. Legacy owns property located throughout Massachusetts, in Rhode Island and now in Vermont.
 
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 website, www.joneslanglasalle.com.