Forward Sale of Runway Distribution Center in California Completed
JLL Capital Markets led sales efforts for the Otay Mesa industrial facility
LOS ANGELES, July 26, 2023 – JLL Capital Markets announced today that it arranged the forward sale of Runway Distribution Center, a newly built distribution facility totalling 199,997 square feet in Otay Mesa, California.
JLL represented the seller, Lincoln Property Company and a real estate fund advised by Crow Holdings Capital, and procured the buyer, an Ares Management real estate fund.
Runway Distribution Center is situated on a 11.91-acre parcel and consists of two newly built, Class A, institutional-quality distribution facilities. Key features of the buildings include 32’ & 36’ clear heights, 53 dock-high doors, six grade-level doors and 16 trailer parking stalls, which makes this the most functional industrial project to be built in San Diego in recent years.
The distribution center is located in the U.S./Mexico border-adjacent submarket of Otay Mesa, which has experienced tremendous growth over the last several years due to its improved infrastructure, abundant labor supply on both sides of the border and increased nearshoring demand. The property is less than one mile from the U.S./Mexico Port of Entry and just 22 miles from the San Diego International Airport. The nearby Otay Mesa Land Port of Entry is the largest commercial land port of entry, with over $46 billion in annual trade, and offers pedestrian crossing into the Tijuana International Airport via Cross Border Xpress.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Director Ryan Spradling, Senior Managing Director Mark Detmer, Managing Director Ryan Sitov and Associate Makenna Peter, and the Markets team was led by Andy Irwin and Greg Lewis.
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.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.