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News release

San Francisco

JLL completes sale of Gateway 80 Business Park

​​SAN FRANCISCO, Feb. 6, 2018 – JLL's Capital Markets experts today announced the company completed the sale of the Gateway 80 Business Park in Fairfield, California. JLL represented the seller, Gateway 80 Industrial, LLC, in the transaction. A client of Invesco Real Estate, a global real estate investment manager, purchased the two-building, 860,651-square-foot business park.

Managing Directors Mark Detmer, Bo Mills, Glen Dowling and Matt Bracco, along with Senior Vice President Chris Neeb and Vice President Ryan Sitov led JLL on the sale.

"New construction logistics buildings are difficult to find in the Bay Area where vacancy is in the low single digits," said Detmer. "With state-of-the-art industrial product and limited opportunities of scale in the Bay Area, this was a highly sought after deal."

Added Tim Schaedler, Partner at Panattoni Development Company, "Industrial product continues to be a top priority for investors, and our robust development pipeline reflects that. We were pleased with the amount of interest this asset garnered, and how well JLL was able to handle entire disposition process, from marketing to due diligence and closing."

The fully leased business park consists of 2920 Cordelia Road (430,151 square feet) and 2950 Cordelia Road (430,500 square feet) as well as a 9.52-acre excess parcel and a parking lot at 2980 Cordelia Road. Both buildings were built in 2017. Gateway 80 Business Park provides access to Interstate 80, a main thoroughfare to the San Francisco Bay Area's ports and international airports.

Panattoni Development Company, developer of Gateway 80 Business Park, is a global firm with proven performance for clients throughout the United States, Canada and Europe. The company has successfully developed more than 302 million square feet of industrial office and retail space in more than 278 cities. The firm is renowned for its state-of-the-art, build-to-suit warehouse assignments, of which it has completed more than 106 million square feet.

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 $145 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.

Invesco Real Estate is a global leader in the real estate investment management business with $65.1 billion in real estate assets under management, 462 employees and 21 regional offices across the U.S., Europe and Asia (as of 12/31/17). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ;

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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 $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 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