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News release

Miami, FL.

Jones Lang LaSalle Completes 46,000 SF Industrial Lease at Flagler Station Business Park in Miami


MIAMI, March 21, 2011 — Jones Lang LaSalle has completed a 45,700-square-foot warehouse lease at Medley Distribution Center in Flagler Station Business Park on behalf of landlord, Lincoln Advisory Group. The tenant, Allied Caribbean Distribution, will be relocating this spring from a smaller warehouse in Doral. Medley Distribution Center is a 250,000 square foot class-A industrial/office building is located at 11000 NW 92nd Terrace, Miami, FL.

Jones Lang LaSalle Managing Director Steve Medwin, SIOR, CCIM, Executive Vice President, Harry E. Wardell, SIOR and Vice President, Nick Wigoda, represented the Chicago-based landlord, Lincoln Advisory Group, in the long-term lease transaction. Lincoln Advisory Group is an affiliate of Lincoln Property Company and oversees a portfolio of 8.7 million square feet of industrial properties throughout the United States.

This is the second lease completed at Medley Distribution Center this year. Last month, the same Miami-based Jones Lang LaSalle brokerage team represented the landlord in a 114,000 square foot lease renewal and expansion for Moduslink, Corp. “With these two recent leases, which have achieved positive net absorption for the market; the building’s occupancy rate has been increased to 80 percent,” says Steve Medwin. There is only one vacant unit left in the building which totals approximately 47,000 square feet.

Since the beginning of 2011 Jones Lang LaSalle’s South Florida Industrial Brokerage Team has completed more than 300,000 square feet of leases which followed a successful 2010 with more than 1 million square feet of industrial leases completed by the team.

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 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 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 more than $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.