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News release

REDONDO BEACH, CA

Investor acquires office/industrial building in Redondo Beach, California for $9,575,000; plans to redevelop into creative office space

JLL completes 50,000 SF deal for Montana Avenue Capital Partners, LLC


REDONDO BEACH, CALIF., June 8, 2015JLL represented Montana Avenue Capital Partners, LLC ("MAC"), a Santa Monica-based real estate investment, management and development company, in the acquisition of 50,000-square-foot office/industrial building located at 2400 Marine Avenue in Redondo Beach, California for $9,575,000.

MAC will invest an additional $2 million into its newly rebranded "LINQ on Marine" asset to redevelop it into a high-end creative office campus.  New features of the metro-adjacent property will include: polished concrete floors and exposed ceilings, glass roll-up doors, skylights, indoor/outdoor collaborative workspace and wraparound patio spaces, EV charging stations, new tenant signage, and upgraded landscaping.  2400 Marine Avenue is available for users ranging from 3,500 to 25,000 square feet of contiguous space. 

JLL Los Angeles' Steve Solomon represented MAC in the acquisition and will handle leasing at the building.  The seller, Klein Family Partnership, was represented by JLL Los Angeles' team members Luke Staubitz, Harvey Beesen and Andrew Dilfer. 

"The South Bay continues to be transformed into a highly desirable location for companies looking for creative office space," said Solomon. "2400 Marine Avenue is ideal for companies to attract and retain highly sought after professionals in this competitive environment.  We have seen interest from several industries from healthcare to trade and imports to fashion apparel to technology and new media."

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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. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 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.