jv invests 17m in rolling meadows, page-8

CHICAGO, IL, December 9, 2005 – Jones Lang LaSalle announced that it has completed the sale of Rolling Meadows Shopping Center to a joint-venture between New Plan Excel Realty Trust, Inc. and an investment fund advised by JP Morgan Investment Management on behalf of national financial services organization TIAA CREF. The 130,909-square-foot retail center is anchored by Jewel Osco and contains 14 additional “necessity retailers”, including five in-line restaurants, a US Postal Service branch, and a Blockbuster Video store. Rolling Meadows Shopping Center was approximately 82 percent leased at the time of the sale. The center was sold for an undisclosed amount.
The Jones Lang LaSalle Capital Market’s team of Mark De Riemer, Tom Beneville and Ashley Fitzgerald in New York City handled the sale.

“Jones Lang LaSalle was able to generate strong interest in the center due to Jewel Osco’s dominant position within its trade area, especially after the recent closing of a large grocer across the street,” said Mark De Riemer, Managing Director, Jones Lang LaSalle. “It will be very difficult for any retail developers to assemble enough land to compete against this property within the established infill market area.”

The Town of Rolling Meadows recently approved a 300+ multi-family development on the opposite corner of Rolling Meadows Shopping Center. The retail center is surrounded by affluent suburbs, including Arlington Heights, Schaumburg and Inverness and is the center of a highly educated, upper middle-income population with more than a quarter of a million residents within a five-mile radius.

De Riemer added, “The new and planned multi-family projects across the street will contribute to the vitality of the immediate neighborhood and enhance the New Plan Excel Realty Trust and JP Morgan investment. The area’s strong demographics will also make it easy to lease up the recently vacated 20,000-square-foot Sears Hardware outparcel.”