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News release

LOS ANGELES, CA

JLL Completes 6.8-Acre Land Sale for Industrial Development in LAX Submarket

Panattoni Development Company and MetLife Real Estate Investors form Partnership to develop 149,040-sf facility


LOS ANGELES, Calif., Jan. 4, 2016 – JLL has completed the sale of a 6.8-acre land parcel to a joint venture partnership between Panattoni Development Company and MetLife Real Estate Investors. Located within the LAX submarket of Los Angeles, the project is fully entitled for a 149,040-square-foot speculative industrial building. Construction will commence early 2016 with completion anticipated in the fourth quarter.

JLL Vice President Mike Condon Jr. represented the buyers as well as the seller, Singlewood. Condon will also be responsible for the sale or leasing of the asset.

“Land parcels of this size are extremely rare in both the LAX and South Bay submarkets, especially one that is just minutes from LAX,” said Condon. “With industrial vacancy rates in this area at less than one percent for Class A product in the submarket and large blocks of space virtually non-existent, we anticipate a strong amount of interest from corporate users throughout the region.”

Located at 687 N. Eucalyptus Avenue in the City of Inglewood, the industrial facility has been designed to accommodate 24/7 airfreight operations, warehouse, distribution and manufacturing uses. The state of the art building will have 23 dock high doors, 30 trailer parking spaces, a corporate headquarters image, creative office interiors, 32-foot warehouse ceiling clearance and an ESFR sprinkler system. 

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 $57.2 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.