Tyngsborough, MA, August 7, 2007 -- Jones Lang LaSalle has negotiated the sale of TJ Maxx Plaza, located at 440 Middlesex Road in Tyngsborough, for $20,600,000. The property was sold to T.J. Middlesex LLC, an affiliate of ACG Equities, LLC. Jones Lang LaSalle’s Retail Sales Team of Managing Director and National Director of Retail Sales James Koury and Associate Nathanial Heald exclusively represented the seller, TYN Limited Partnership, an affiliate of Stavins & Axelrod Properties, and procured the buyer in the transaction.
A 136,270 s.f. shopping center, the TJ Maxx Plaza is situated adjacent to Route 3 on Middlesex Road (Daniel Webster Highway), directly across from the Pheasant Lane Mall. The plaza’s tenant roster includes TJ Maxx, Trader Joe’s, JoAnn Fabrics, Dress Barn, and Dollar Tree, along with several small spaces.
According to Robert Axelrod of TYN Limited Parternship: “It was a pleasure working with Jim Koury on this transaction, especially since he had sold us the property 14 years ago.” Stavins & Axelrod Properties, Inc. owns and operates a portfolio of shopping centers on the Eastern Seaboard. In addition, the company develops and owns commercial properties in its home market of Washington D.C.
Joseph Brachfeld, President of ACG Equities, said “Jim Koury and his exemplary staff once again delivered a quality product and a honest seller. Bob Axelrod worked diligently and in sincere good faith to close this deal. Acquiring TJ Maxx Plaza will allow us to expand our New England retail portfolio. We are actively seeking to acquire more assets in the extended area.” ACG Equities, LLC is a fast-growing firm that currently owns a diverse portfolio of real estate across the country.
"Both the buyer and seller were a pleasure to work with throughout the sale process," said Jones Lang LaSalle's Koury. "This was a complex transaction in a tricky capital market environment. The purchaser benefited from acquiring a center that has been a solid performer for many years. The seller benefited from selling the asset during a period in the market when centers have been generating attractive pricing.”
This sale brings the total activity for Jones Lang LaSalle Retail Sales team in the past 18 months to 8,000,000 square feet of retail real estate for aroximately $1 Billion. Koury has been specializing in the sale of shopping centers and has represented some of New England’s most prominent shopping center owners for the past 20 years.
About ACG Equities
ACG Equities, LLC is a privately held, vertically integrated real estate investment firm that acquires and manages real estate assets for a diversified group of investors. ACG is actively engaged in the acquisition and ownership of office and retail investment properties throughout the United States, with a focus on high-yielding investments along the East Coast and the southeast. ACG's creative approaches to maximizing return on investments, coupled with its ability to negotiate, fund and close complex real estate transactions in a timely manner, have endeared it to both sellers and investors alike. For more information please visit www.acgequities.com or email joeb@acginfo.com.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL), the only real estate money management and services firm named to Forbes magazine’s Platinum 400, has more than 100 offices worldwide and operates in more than 430 cities in 50 countries. With 2005 revenue of approximately $1.4 billion, the company provides comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. Jones Lang LaSalle is an industry leader in property and corporate facility management services, with a portfolio of 966 million square feet worldwide. In 2005, the firm completed capital markets sales and acquisitions, debt financings, and equity placements on assets and portfolios valued at $43 billion. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse real estate money management firms, with approximately $37 billion of assets under management. In the Boston area, Jones Lang LaSalle delivers full-scale development, leasing, management, investment sales, construction, and structured finance services globally. For further information, please visit www.joneslanglasalle-boston.com.