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News release

EL SEGUNDO, CA

JLL Completes Sale of Warehouse Building in El Segundo for $7.3M

Buyer to convert building into food assembly and packaging plant


EL SEGUNDO, CALIF., Sept. 24, 2014 – JLL represented Hoffman Associates, Inc. in the sale of a recently refurbished 39,306-square-foot industrial warehouse building in El Segundo to 291 Coral Circle Partners, LLC for $7.3 million.  The buyer plans on converting the building to a food assembly and packaging plant for his company, Chef'd.

JLL Los Angeles team members Luke Staubitz, Harvey Beesen and Andrew Dilfer represented the seller. The buyer was represented by Cardinal Investments.

"This is the tightest South Bay industrial market we have seen in a decade," said Staubitz. "Available inventories of Class A and B product on a sale and lease basis continues to shrink as demand for space remains strong, creating a landlord favored playing field. No near term catalysts for a change in this dynamic appear on the horizon."

According to JLL’s sixth annual Seaport Outlook, demand for South Bay industrial space is being driven by the logistics industry as well as the food and beverage segment.

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.​