LOS ANGELES, CALIF. – Jones Lang LaSalle today announced it has completed the sale of a 151,800-square-foot industrial building located at 1200 W. Artesia Blvd in Compton, Calif. to Industrial Income Trust (IIT). The building is 100 percent leased to one company.
Jones Lang LaSalle’s Los Angeles team members Barry Hill and Zac Sakowski represented the buyer. The seller, Amir Development, represented itself.
“Jones Lang LaSalle was able to position IIT to purchase a quality infill industrial property with a strong credit tenant in the port adjacent South Bay market,” said Sakowski. “It enabled IIT to expand their footprint and diversify their local market portfolio."
Hill went on to say that the industrial market continues to experience strong fundamentals with second quarter vacancy of 5.1 percent and asking rent of $0.57 per square foot. Absorption remains positive and they anticipate activity to continue throughout the balance of the year.
1200 W. Artesia is ideally situated along the SR 91 corridor and features freeway frontage, quality loading docks and a premier location only eight miles from the Port of LA.
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About Jones Lang LaSalle
Jones Lang LaSalle (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. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.
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