|
News Release
Jones Lang
LaSalle
Contact: Lori Wilcoxon
Title: General Manager
Phone: (706)234-3597
Jones Lang LaSalle Named as Receiver of Mount Berry Square Mall in Rome, Georgia
Mall is open and ready for shoppers
Rome, GA, January 5, 2009 – Jones Lang LaSalle has been appointed the Receiver of Mount Berry Square Mall, a 478,560 square-foot regional mall in Rome, Georgia. As the Receiver, Jones Lang LaSalle Retail will serve as the primary leasing and managing agent of the mall.
“We are well positioned to provide the most comprehensive and dynamic services on this important assignment,” said Greg Maloney, President and CEO of Jones Lang LaSalle Retail. “Our leasing and management teams are fully engaged in assessing the mall and its needs. The mall is open for business and we welcome the entire community to come and shop.”
The onsite property management team will remain the same with Lori Wilcoxon as the General Manager.
As a Receiver, Jones Lang LaSalle is appointed by the courts and will work closely with lenders and borrowers to control and direct the use of assets until resolutions are achieved. Although Receivership designations vary state by state, they share the same premise of appointing independent managers to assume fiduciary responsibilities for the assets. During the Receivership process, the Receiver chooses the most appropriate firm to manage and lease the asset, and provides recommendations for the most profitable outcome of the asset including the possible sale of the asset.
Maloney added, “As the Receiver, the fiduciary responsibility is to manage the property, determine ways to increase the Net Operating Income (NOI) and find an optimal solution for the lenders.”
As a third-party service provider, Jones Lang LaSalle Retail manages the largest retail portfolio in the country. Our 55-million-suare-foot portfolio consists of more than 120 regional malls, strip centers, power centers, lifestyle centers, ground-up development projects, mixed use centers and transportation terminals across 29 states. Jones Lang LaSalle (NYSE:JLL), the only real estate money management and services firm named to Forbes magazine’s “400 Best Big Companies” for three consecutive years, has a portfolio of 1.2 billion square feet of property under management worldwide, including more than 10,000 retail locations on four continents. Jones Lang LaSalle is the only global real estate service firm with a team of dedicated full-time experts who deliver comprehensive and globally integrated services in Energy and Sustainability under one umbrella. We offer leading-edge, industry-unique technology, training and tools in energy and sustainability to maximize the benefits for our clients and the greater community. For more information on Jones Lang LaSalle Retail, visit www.jllretail.com
|