Essex Green Shopping Center.Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. announced today that on behalf of MONY MONY Mutual of New York (Insurance - Syracuse, NY) Life Insurance Company, it has completed the sale of Essex Green Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in West Orange, New Jersey, to a joint venture between Crow Holdings and Investcorp for an undisclosed purchase price. The 350,000 square-foot shopping center, located at the intersection of Prospect Avenue and I-280, is over 90 percent leased and is anchored by a Stern's Department Store, Shop Rite Supermarket, General Cinema, Sears Hardware Store and Petco. More than 34 percent of the property has been constructed since 1997, including the recently opened Sears Hardware Store, the nine-screen ultramodern General Cinema movie theater and the new 67,000 square-foot Shop Rite Supermarket, which is under construction and expected to open in July 2000. Robert Ashmun, senior vice president of Jones Lang LaSalle's Investment Banking Group and national coordinator of its Institutional Retail sales, marketed the property and negotiated the sale on behalf of MONY Life Insurance. He was assisted by Aaron Welsh, associate of Jones Lang LaSalle, and Todd Fleischman analyst of Jones Lang LaSalle. "The recent completion of both the General Cinema theater and the Sears Hardware store, coupled with the up-coming completion of the new Shop Rite Supermarket, will provide the new owner with a tremendous opportunity to build on the successful redevelopment that MONY Life Insurance Company began approximately 18 months ago," said Ashmun. "This offering generated a significant amount of interest from all types of investors, including private and local investors, pension funds and REITs. The investment community recognized that the property offers an attractive tenant base with a stable long-term cashflow." Other national and regional tenants include. T.G.I. Friday's T.G.I. Friday's (often referred to as just "Fridays") is a popular American restaurant chain focusing on casual dining, with over 500 restaurants across the United States, Canada, Colombia, Mexico, Australia and the UK, as well as many other countries around the world. , Barnes & Noble, GNC GNC General Nutrition Centers GNC Gas Natural Comprimido (Argentina) GNC Guidance, Navigation, and Control GNC Grand National Championship (ATV racing) GNC Global Navigation Chart , Panera Bread Panera Bread (NASDAQ: PNRA), is a chain of bakery café restaurants in the United States, specializing in serving specialty breads, sandwiches, soups, bakery items, and in select cafés, pizzas and organic potato chips. Corporate history In 1993, Au Bon Pain Co. , Dress Barn, and Radio Shack, among others. |
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