Jones Lang LaSalle negotiates the sale of Washington Square Plaza in Hudson, Massachusetts to RK Associates for $10.3 million
BOSTON, MA, September 11, 2008 - Jones Lang LaSalle, Incorporated (NYSE: JLL), the leading integrated financial and professional services firm specializing in commercial real estate, has negotiated the sale of Washington Square Plaza in Hudson, MA, to RK Associates for $10.3 million. Jones Lang LaSalle’s Managing Director and National Director of Retail Sales Jim Koury with Associate Nathaniel Heald exclusively represented the seller and procured the buyer. The 46,512 square foot neighborhood strip shopping center on Route 85 sold for approximately $222 per square foot. Anchored by CVS, it is 98% occupied with national tenants including Family Dollar, Applebees, Dominos and Dunkin Donuts.
According to David Katz of RK Associates: “The acquisition of this center nicely compliments our long-standing ownership of the Hannaford-anchored center across the street. Aside from a strong location with regional highway access, the center will greatly benefit from upcoming road improvements along the Route 85 corrridor. We would like to thank both Jim Koury and Nathaniel Heald for their hard work in facilitating a hassle-free transaction.”
The Washington Square Plaza sale was the second of two centers that Jones Lang LaSalle presented to the market as part of a portfolio. The first to close was the 101,000 sq ft Price Chopper Plaza located in Webster MA that closed to Cedar-Webster LLC for $17,583,000. Tenants included a Price Chopper Supermarket, Papa Ginos, D’angelos and a freestanding CVS and Burger King.
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 Jones Lang LaSalle Investment Sales team 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. Collectively, the firm's Capital Markets team handled $82 billion in annual transaction volume in 2007.
About Jones Lang LaSalle
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 2007 global revenue of $2.7 billion, Jones Lang LaSalle has approximately 180 offices worldwide and operates in more than 700 cities in 60 countries. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.2 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 $54 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.