BOSTON, MA, October 21, 2009 - Jones Lang LaSalle has negotiated the sale of the new Lowe’s Home Improvement Center currently under development in Connector Park, Lowell, MA. The property was sold to Tanglewood Investors by National Development of Newton, MA.

 

Jones Lang LaSalle’s Managing Director of Retail Sales Jim Koury, Assistant Vice President Nathaniel Heald, and Associate Brandon Dickason exclusively represented the seller and procured the buyer.

 

The 153,000 square foot Lowe’s is located on Chelmsford Street next to the Cross Point office complex, adjacent to Interstate 495, Route 3 and the Lowell Connector. Store opening is scheduled for April 2010.

 

According to National Development’s Managing Partner John J. O’Neil III: “This is a prime location and one of the few new investment-grade retail sites coming on line in this market. The aggressive cap rate generated by Jones Lang LaSalle is further evidence that there is active and ongoing interest from buyers in acquiring quality retail property in this market at attractive pricing.”

 

Jones Lang LaSalle’s Koury said: “National Development did an outstanding job finding a site for Lowe’s that was situated between three highways, allowing the tenant to draw a greater volume of customers from a broader geographic region. This will be a very productive site for them.

 

“Another sign of the desirability of this tenant with investors is the fact that we were able to place the property under agreement six months before the tenant was scheduled to open.“

 

About National Development

 

National Development is one of the largest full service real estate development firms in Massachusetts. The company offers full service development, construction, property management and investment services. Founded in 1983, Newton-based National Development has developed over 7 million square feet of retail, commercial, residential and mixed use space throughout the region. For more information, see www.natdev.com.

 

 

Jones Lang LaSalle Capital Markets is comprised of a range of corporate finance experts and real estate investment capital specialists, working on all property types and in all the major national markets on behalf of corporations, major institutional and local investors and developers. The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs. The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.

 

The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide secondary loan sale advisory services.

 

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 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 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 $36 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.