DALLAS — Jones Lang LaSalle Retail today announced the firm has been selected byInland American Retail Management LLC and Inland Diversified to lease seven shopping centers in the Dallas region. The properties total more than one million square feet and are nearly 95 percent occupied.
Senior Vice Presidents Robin Smith and Lance W. Taylor, CCIM are leading the Jones Lang LaSalle team on these transactions.
“The Dallas retail market has seen healthy decreases in vacancy during the last year with shopping centers and power centers leading the pack,” said Smith. “We expect a mix of local and regional service tenants and restaurants to continue seeking space in these class A and class B shopping centers.”
Taylor added, “Inland’s assets are well positioned to capitalize on the retail market’s steady improvement in Texas. Rents have started to rise, although it will take another two to three years for rates to return to prerecession levels.”
The leasing assignments include:
- The 18,374 square foot, Cityville Oak Park located in Dallas, TX and features El Tizoncito, Highland Park Emergency Room and Tread Fitness.
- The 97,425 square foot, Hunter’s Glen Crossing located in Plano, TX and features Tom Thumb as the anchor tenant.
- The 90,209 square foot, Josey Oaks Crossing, located in Carrollton, TX and is anchored by Tom Thumb.
- Prestonwood Town Center, located in Dallas, TX, has 233,378 square feet of small shop space, anchored by Wal-Mart, and includes Barnes & Noble, Ulta, DSW, Office Depot, Petco and Michaels.
- Suncreek Village, located in Plano, TX, has 17,510 square feet of shop space and features Tom Thumb as the anchor tenant.
- Waxahachie Crossing is a 350,000 square foot power center located in Waxahachie and it is anchored by JCPenney, Best Buy, Ross Stores, and the Home Depot.
- McKinney Towne Crossing is a power center in McKinney, Texas and anchored by Target, and Lowe’s, with 242,728 square feet of shop space, including Ross Stores, PetSmart and Staples.
Jones Lang LaSalle Retail is a full-service provider of retail services nationwide. The firm offers a full array of services to its clients, including brokerage services for landlords and tenants, property management, financial reporting, tenant coordination, specialty leasing, marketing, research, development and receivership services. For more information on Jones Lang LaSalle Retail, visit www.jllretail.com
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.
About Inland Diversified
Inland Diversified Real Estate Trust is the fifth REIT sponsored by an affiliate of The Inland Real Estate Group of Companies, Inc. Inland Diversified focused on acquiring and developing commercial real estate located in the United States and Canada with a core portfolio comprised of retail, multi-family, office and industrial properties. As of June 30, 2013, the company owned 142 properties totaling approximately 12.4 million square feet of commercial real estate, as well as 444 multi-family units, in 38 states, with a portfolio of approximately $2.4 billion in total assets.
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