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News release

San Francisco, CA

JLL completes sale of Bay Area industrial complex


JLL’s Bay Area and Industrial Capital Markets experts today announced the company completed the sale of the Benicia Industrial Center in Benicia, California. JLL represented the seller, Equity Office. Cranbrook Realty Investment Fund, L.P. bought the two-building, 499,512-square-foot industrial center.

Managing Directors Michel SeiferMark DetmerRob HielscherBo MillsWill Connors, Senior Vice President Erik Hanson and Vice President Ryan Sitov led the JLL capital markets team on the deal. Managing Directors Matt Bracco and Glen Dowling led the JLL local markets team.

The fully leased complex is rail-served and offers flexible space configurations with dock-high and grade-level loading. Benicia Industrial Center is located just off Interstate 680 and provides access to Interstates 8, 505 and 580 as well as four international airports and two ports.

“The Bay Area presents significant barriers to entry and is one of the toughest markets in the country to develop new warehouses,” said Detmer. “Vintage product like this presents the best opportunity for investors to gain access to this competitive market, and offers a great chance to modernize and create excellent value.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management has $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit http://www.jll.com/.