JLL closes sale of 2767 East Imperial Highway in Orange County, CA

2767 East Imperial Highway, an 89,650-square-foot, single-tenant, net-leased medical office property in Brea, CA

Nick Foster

NEWPORT BEACH, CA – JLL announced  it has closed the sale of 2767 East Imperial Highway, an 89,650-square-foot, single-tenant, net-lease medical office property in the Orange County community of Brea, California.

JLL represented the seller, a joint venture between Healthcare Property Advisors and The Innovation Institute, and procured the buyer, LaSalle Investment Management, through their medical office fund.

2767 East Imperial Highway is fully leased to St. Jude Hospital for 14 remaining years. St. Jude is a network hospital of Providence St. Joseph Health (S&P: AA-). 

Andrew Milne 

The two-story property is positioned on 5.08 acres with frontage and visibility from Imperial Highway as well as convenient access to the 57 Freeway, one of Orange County’s most important north-south arterials. 

The property is the largest standalone physical rehabilitation center in Southern California with proximity to St. Jude Hospital in Fullerton, California.

The JLL Capital Markets team representing the seller included Nick Foster, who is part of the Net Lease Practice Group; Evan Kovac and Andrew Milne from the National Healthcare Capital Markets Team and Andrew Harper from the Los Angeles office investment advisory team. 

Additionally, John Chun, who is a member of the National Healthcare Capital Markets Team, advised from a debt and structured finance perspective.

Andrew Harper 

“JLL was fortunate enough to take this opportunity full circle for ownership, financing the original acquisition and then listing the asset after ownership was able to negotiate a long-term extension for the tenant,” Foster said. 

“We were extremely pleased with the level of interest in the opportunity, receiving twelve competitive offers. Ultimately, we had the good fortune of selecting an excellent new owner in LaSalle, who performed flawlessly.”

Jones Lang LaSalle Americas, Inc. is a licensed real estate broker with the California Department of Real Estate license #01223413.                                                                                                                                                                                    
 For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

John Chun

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. HFF is now part of JLL. Real estate brokerage services now provided by Jones Lang LaSalle Americas, Inc. 

Contacts:

Nick Foster, JLL Director

California License No: 01831851

Phone:  +1 949 253 8800

Email: Nicholas.Foster@am.jll.com

Evan Kovac, JLL Managing Director

California License No: 01750736

Phone:  +1 206 576 0033

Email: Evan.Kovac@am.jll.com

 Andrew Milne, JLL Director

California License No: 01868031

Phone:  +1 858 552 7690

Email: Andrew.Milne@am.jll.com

 Andrew Harper, JLL Managing Director

California License No: 01319640

Phone:  +1 310 407 2100

Email: Andrew.Harper@am.jll.com

 Kristen Murphy, JLL Director, Public Relations

Phone: +1 617 338 0990

Email: Kristen.Murphy@am.jll.com

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JLL closes $31.5 million sale of Southern California retail center

Corona Hills Market Place, Pet Smart, Corona Hills, CA

NEWPORT BEACH, CA– JLL announced it has closed the $31.5 million sale of Corona Hills Marketplace, a 148,805-square-foot, grocery-anchored community shopping center located in the Southern California community of Corona Hills, California.

Gleb Lvovich

JLL marketed the property on behalf of the seller, a public REIT. An undisclosed private investor purchased the asset.

Corona Hills Marketplace is situated on 12.28 acres at 529-591 N. McKinley Street in the affluent master-planned community of Corona Hills, which is in Riverside County. 

Anchored by Vons, PetSmart and Howard’s Appliances, Corona Hills Marketplace is 98% leased to a diverse mix of daily-needs and service-oriented tenants and is shadow anchored by Walmart. 

The center serves as the community shopping center for the trade area and is along one of the most well-traveled regions in the Corona Hills submarket. 

Bryan Ley

The property’s location along McKinley Street in addition to visibility from the 91 Freeway exposes it to more than 209,000 vehicles per day.

The JLL Capital Markets team representing the seller was led by Managing Director Gleb Lvovich, Managing Director Bryan Ley and Director Daniel Tyner.

“We are seeing a wide variety of capital targeting grocery-anchored retail along the West Coast,” Lvovich said. 

“Demand and fundamentals remain strong, especially in key West Coast markets. We expect this to continue, especially if interest rates continue to help investors using leverage.”

Daniel Tyner

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 advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker. CA 

Real Estate License No. 01223413.

              Corona Hills Marketplace, Vons, Corona Hills, CA

 JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. 

Contacts: 

Gleb Lvovich, JLL Managing Director

California License No:  01496699

Phone: +1 949 798 4115

Email: gleb.lvovich@am.jll.com

 Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852 3420

Email: kimberly.steele@am.jll.com

jll.com.

Foundation Capital Partners and Baker Development Break Ground on Tariff-Friendly Industrial Project in Goodyear, AZ

Anthony Lydon

PHOENIX, AZ – New York-based Foundation Capital Partners (FCP) and Chicago-based Baker Development Corporation (BDC) have broken ground on a two-building, Class A industrial project called VB/143. 

Located in the heart of Goodyear, Arizona, the project sits within a foreign trade zone magnet site, allowing for reduced real and personal property taxes and reduced or eliminated duty, tariff and U.S. customs reporting costs.

The joint venture has named JLL Managing Directors Anthony Lydon and Marc Hertzberg, and Vice President Riley Gilbert, as the project’s exclusive leasing brokers.

“We are excited to have picked the Southwest Valley and Goodyear, in particular, as our foray into the greater Phoenix industrial market,” said Daniel J. Slack, Principal with BDC.

Marc Hertzberg

 “The business-friendly environment propagated by the City of Goodyear and the Greater Phoenix Economic Council, coupled with a continued market momentum characterized by a flight to quality from companies fleeing neighboring states, was hard to ignore.”

“The delivery of VB/143 comes at a time when many companies are reevaluating their business plans to accommodate for unforeseen trade policy shifts,” said Lydon.

 “In this environment, VB/143 provides a modern, interstate-oriented supply chain solution with the protection of a Foreign Trade Zone, which can be a critical benefit for operations that are vulnerable to economic events such as rising regulations or tariffs.”

Riley Gilbert

Located on the southeast and southwest corners of 143^rd Avenue at Van Buren Street, VB/143 includes a 213,000-square-foot cross-dock building and a 112,000-square-foot rear loading building.

The project offers divisibility down to 30,000 square feet and includes all of the modern industrial amenities such as 36’ clear height, secured concrete truck courts, insulated dock doors, energy efficient clerestory windows, robust power, trailer drops, public transportation and outdoor employee amenity spaces.

VB/143 sits within Goodyear Gateway South, a Class A masterplanned industrial park, less than one mile to a full interchange at I-10 and Bullard Avenue, just north of Phoenix Goodyear Airport.

Daniel J. Slack

The general contractor for VB/143 is Layton Construction Company. Butler Design Group is the architect. The project is scheduled for completion by fourth quarter 2019.

Contact: 

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

www.bakerdevelopmentcorp.com.

www.jll.com