(Save the dates: RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)
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LOS ANGELES-GlobeSt.com has learned exclusively that as part of its West Coast industrial expansion plan, Jones Lang LaSalle has hired the veteran industrial real estate team of Harvey Beesen and Luke Staubitz as EVPs in the firm's South Bay office in El Segundo, CA, and Andrew Dilfer has joined the firm as VP. Beesen, Staubitz and Dilfer will focus on advising landlords and tenants within their logistics, air-freight and manufacturing leasing and purchase needs in the South Bay here.
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Prior to joining JLL, Beesen and Staubitz were both principals at the Klabin Co., where they were responsible for working with numerous investors and tenants. Dilfer previously served as VP at the same firm.
According to Beesen, imbalance in supply/demand of investment product will continue to constrain cap rates and limit overall activity sales. Owner/occupier sales remain vigorous in the $10-million and under market segment with pricing at 80% of all-time highs, fueled by continued availability of historically cheap money.
“Class-A warehouse space in Rancho Dominguez, Carson and Torrance will continue to outpace the market, but class-B warehouse leasing absorption in the South Bay and Greater LAX submarkets is expected to mirror the US economy's slow growth,” said Staubitz in a prepared statement. “As the Chinese economy continues to return to 'normal' growth and Europe continues to struggle, demand for air-freight space within a five-mile radius of Los Angeles International Airport will continue to bump along.”
In addition, JLL has hired national investment sales experts Bo Mills and Mark Detmer to lead the firm's West Coast industrial capital-markets practice. Mills and Detmer have joined the firm as managing directors and will partner with JLL's industrial capital-markets leader, John Huguenard, to grow the firm's industrial capital-markets presence aggressively throughout the West Coast. Both were formerly with Cushman & Wakefield.
Mills, who will be based in L.A., has more than 17 years of experience, specializing in all facets of industrial real estate including acquisitions, development, leasing and sales. Detmer, who will be based in Phoenix, brings more than 18 years of expertise to the team, also specializing in all facets of industrial real estate.
Are you gearing up for industrial growth in your area? Tell us about it in the comment box below.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
