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JONES LANG LASALLE INCORPORATED

(JLL)
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Jones Lang LaSalle Incorporated : Super-regional Charlotte-area retail center on the market

10/22/2021 | 11:44am EST

CHARLOTTE, Oct. 22, 2021 - JLL Capital Markets announced today that it has been engaged by Hutton Development Co. to exclusively market for sale Promenade at Carolina Reserve, a fully leased super-regional retail center with 255,868 square feet of multi-tenant space in the Charlotte-area community of Indian Land, South Carolina, for $75 million.

Promenade at Carolina Reserve was built in 2018 and is anchored by a best-in-class, high-performing tenant lineup that includes T.J.Maxx, Burlington, Ross Dress for Less, HomeGoods, Ulta Beauty, Hobby Lobby, Petco and Dollar Tree. Additionally, an investor has the opportunity to acquire up to five single-tenant outparcel pads totaling 22,410 square feet and occupied by Heartland Dental, The Habit Burger Grill, Taco Bell, Chili's and Mavis Discount, either together or on a one-off basis. According to Placer.ai, this is the most visited retail center in a five-mile radius, given its 2.27 million annual visitors, and pulls from an extended trade area that includes a more than 50-mile radius and 305,000 customers.

The JLL Capital Markets Investment Sales Advisory team that is representing the seller is led by Senior Managing Director Jim Hamilton, Senior Directors Tom Kolarczyk and Brad Buchanan, Director Ryan Eklund and Associate Andrew Kahn.

"Promenade at Carolina Reserve is one of the best retail centers to be marketed for sale in 2021," Hamilton said. "The asset is located in one of the fastest growing submarkets in the U.S. and consists of dominant best-in-class anchors with significant lease term remaining"

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

Disclaimer

Jones Lang LaSalle Inc. published this content on 22 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2021 15:43:06 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2021 10 785 M - -
Net income 2021 886 M - -
Net Debt 2021 57,0 M - -
P/E ratio 2021 14,6x
Yield 2021 -
Capitalization 12 558 M 12 558 M -
EV / Sales 2021 1,17x
EV / Sales 2022 1,04x
Nbr of Employees 91 000
Free-Float 96,5%
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 248,83 $
Average target price 315,67 $
Spread / Average Target 26,9%
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Managers and Directors
Christian Ulbrich President, Chief Executive Officer & Director
Karen Brennan Chief Financial & Investment Officer
Siddharth N. Mehta Chairman
Allan Frazier Global Chief Information Officer
Benjamin Breslau Chief Research Officer
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