NEWPORT BEACH, CALIF., Feb. 09, 2023 – JLL Capital Markets announced that it has closed the $58 million sale (about $291 per square foot) of 1701-1771 S. Lewis St., a portfolio of two last-mile warehouse and distribution facilities totaling 198,807 square feet in Anaheim, California.
JLL represented the seller, RAYMAB LLC, in the sale to Greenlaw Partners.
The adjacent properties, which were completed in 1977 and 1978, were previously occupied by the Orange County Register and delivered vacant at the time of sale. According to JLL’s Orange County Industrial Insight – Q4 2022, the market has remained at a record low of 1% causing landlords to remain bullish on asking rents and is expected to remain firm through Q1 2023.
Positioned on 8.38 acres adjacent to Interstate 5, the property is half a mile from the on-ramp which connects to the extensive Southern California freeway system. As a result, tenants have same-day access to the 25 million residents of Southern California, Los Angeles International Airport, both the Port of Long Beach and Los Angeles, the #1 and #2 container ports in the U.S., and 8 Union Pacific and BNSF intermodal rail yards. Situated within Orange County, the properties further benefit from the area’s growing labor force, which totals over 1.6 million and is the second largest in Southern California.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Director Mark Detmer, Managing Director Ryan Sitov, Senior Director Ryan Spradling and Associate Makenna Peter working alongside market experts, Byron Foss and Curtis Ellmore.
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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.