Matteson, IL, June 21, 2007– Jones Lang LaSalle today announced that JCPenney will be an anchor for Lincoln Mall’s new power center development, The Promenade at Lincoln Mall. Jones Lang LaSalle Retail brought on the retail giant on behalf of owner Realty America Group (Lincoln Mall LP) of Dallas, TX which is being advised by Freehold Advisors also of Dallas.
JCPenney has purchased a 10.66 acre lot and will open a 104,000-square-foot store in October 2007. They are joining Target, which will open in July 2007 as an anchor to the center with a new 126,000-square-foot store. Target will anchor one side of the center and move its operations from a nearby location while expanding its store by 26,000 square feet.
Lincoln Mall is currently undergoing a $115-million redevelopment with the subdivision of the 120-acre land parcel which created 38 acres of land that is being developed into The Promenade, a power center. To re-invigorate the site, portions of the old center have been demolished to accommodate the development of the power center. Jones Lang LaSalle and Freehold Advisors aim to secure a multi-screen movie theater as part of the entertainment amenities at the center. The redevelopment also includes the installation of a new four-lane public road which links Cicero Avenue to Lincoln Highway/US Route 30. Construction of the new road is well underway and is scheduled for completion in August of 2007.
Leonard Richards represented Jones Lang LaSalle in the transaction and Steve Swanson and Adam Cody of Staubach represented JCPenney.
The redevelopment of Lincoln Mall is part of a $45 million Tax Increment Financing project by the village. Lincoln Mall is located at 208 Lincoln Mall in Matteson, Illinois. For more information about the project visit: www.lincoln-mall.com.
About Jones Lang LaSalle Retail
In the United States, Jones Lang LaSalle Retail is the largest third-party shopping center manager with a 35-million-square-foot portfolio of more than 60 regional malls and transportation terminals across 25 states and the Caribbean. Jones Lang LaSalle (NYSE: JLL), the only real estate money management and services firm named to FORTUNE magazine’s “100 Best Companies to Work For” and Forbes magazine’s “400 Best Big Companies,” has a portfolio of 982 million square feet of property under management worldwide, including more than 280 shopping centers on four continents. For more information on Jones Lang LaSalle Retail, visit www.jllretail.com.