Baltimore -- Atlanta-based Jones Lang LaSalle Retail announced that its president Greg Maloney has been appointed receiver of the Eastpoint Mall located in Baltimore County. Under Maloney’s leadership, Jones Lang LaSalle’s retail leasing and management team will assume immediate oversight of the mall and help stabilize the asset.
Eastpoint Mall is one of Baltimore’s first shopping centers, is fully enclosed and totals nearly 845,000 sq. ft. Tenants include Applebees, Bath & Body Works, The Children’s Store, Gamestop, Footlocker, RUE21 and many others. It is anchored by Burlington Coat Factory, DSW, Sears, Shoppers World and J.C. Penney.
As the receiver, Maloney is responsible for controlling and directing the asset until a resolution between the lender and borrower is achieved. Effective immediately, Jones Lang LaSalle will be responsible for the managing and leasing operations at the mall. The shopping center will remain open for business as usual.
While receivership designations vary state by state, they share the same premise of appointing independent managers to assume fiduciary responsibility. During the receivership process, the receiver chooses the most appropriate firm to manage and lease the asset, and provides recommendations for the most profitable outcome of the asset including its possible sale.
Jones Lang LaSalle and its executives are court-appointed receivers on multiple assets throughout the country.