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News release

LOS ANGELES, CA

Overton Moore Properties Acquires Development Site in Gardena for $5.05 Million

JLL completes sale of 4.7-acre land parcel slated for Class A, 102,000-sf industrial facility


LOS ANGELES, Calif., Jan. 8, 2016 – JLL has completed the $5.05 million sale of a 4.7-acre parcel of land in Gardena, California to Overton Moore Properties (“OMP”). The venture is planning the development of a speculative Class A 102,000-square-foot industrial facility. Development on the project is anticipated to commence during the second quarter of 2016 with anticipated completion in the fourth quarter.

JLL Vice President Mike Condon Jr. and Managing Director Mike Condon Sr. represented the seller, Hitco Carbon Composites. OMP represented itself in the transaction. JLL will also be representing OMP in the marketing of the facility for lease to a single user.

“This was a great opportunity to acquire a well located site in a market with high barriers to entry," said Jason Hines, Vice President of Overton Moore Properties.  “We continue to target development opportunities that allow us to quickly execute our development plan and capitalize on the current pent up user demand.”

Located at 1720 W. 135th Street, the property is centrally located in the South Bay submarket and is in proximity to the ports of Los Angeles and Long Beach, as well as LAX.  

“It is becoming increasingly more difficult for developers of industrial property to find large, contiguous and rectangular land parcels in the infill Los Angeles market, and even more so in the South Bay submarket,” said Condon Jr. “Additionally, with strong market fundamentals such as current vacancy rates below 2 percent, this project is poised to garner a strong amount of user interest and overall success.”

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.​