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KLNB RETAIL SELECTED TO MARKET 220,000 SQUARE FOOT BOSCOV’S DEPARTMENT STORE AT WHITE MARSH MALL

Retailer, which replaced Macy’s Department Store in 2006, closing three Maryland locations

Baltimore, MD (January 23, 2009) – KLNB Retail has been selected to handle the leasing or sale of the Boscov’s Department Store location in White Marsh Mall in the Nottingham section of Baltimore County. Tom Maddux, Michael Patz and Gil Neuman will handle the 220,000 square foot requirement on behalf of the commercial real estate services company. KLNB Retail was chosen by Jones Lang LaSalle, the court-appointed receiver, who is overseeing the real estate portfolio for the bankrupt regional retailer.

At 1.2 million square feet of space and owned by General Growth Properties, White Marsh Mall is the fourth largest shopping venue in the State of Maryland. The trade area contains more than 700,000 consumers with an average household income of approximately $68,000, and an additional 50,000 employees work in close proximity to the mall. It is positioned just north of the Baltimore Beltway off an exit from Interstate 95.

“There are a number of scenarios we are pursuing for this strategically-placed real estate asset, including the identification of like-sized retail uses that could replace or replicate the department store usage,” explained Tom Maddux, President of KLNB Retail. “We are also targeting third-party developers interested in a retro-fit or redevelopment opportunity, as well as exploring the possibility of sub-dividing the space to accommodate multiple retail uses.

Headquartered in Reading, Pennsylvania, Boscov’s Department Stores filed for Chapter 11 bankruptcy protection for ten of its 49 stores last summer.

KLNB, LLC is the holding company that includes NAI KLNB, a division that focuses on the sale and leasing of commercial office, industrial and warehouse properties, as well as KLNB Retail, which specializes in the sale and leasing of retail projects as well as tenant representation. The company, which reported sales transactions exceeding $1.1 billion in 2008, is headquartered in Towson, MD and features offices in Columbia, MD; Washington, D.C.; and Tysons Corner and Loudoun County Virginia. KLNB was founded in 1968.

For additional information, Contact:
Larry Lichtenauer
LH&A, Inc.
410-363-6205

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