SAN DIEGO, Jan. 12, 2022 - JLL Capital Markets announced today that it has welcomed Senior Director Ryan Spradling to its capital markets team on the West Coast to focus on industrial investment sales and advisory in the greater San Diego and Orange County areas.
Spradling has spent his 19-year career representing owners and occupiers with leasing, acquiring and disposition of industrial assets in and around San Diego County. He joined JLL's industrial brokerage team in 2019 from another leading commercial real estate firm. His brokerage career began in 2003 as an industrial landlord and tenant specialist, and he is versed in all industrial segments, including multi and single-tenant, cold storage and R&D assets.
"After nearly two decades on the industrial institutional leasing side, I'm excited to apply my 'boots on the ground' knowledge to the disposition and acquisition of industrial product and provide the top-notch service our clients expect," Spradling said. "Southern California is the epicenter of industrial and a critical focal point for our clients."
With Spradling's move to capital markets, the U.S. industrial capital markets team now has a deeper local presence to further its national reach and coast-to-coast coverage. He joins the West Coast industrial capital markets team helmed by Los Angeles-based Senior Managing Director Mark Detmer, who is also a co-leader of the national capital markets industrial platform. The West Coast investment sales and advisory team also includes Managing Director Ryan Sitov in Northern California, along with Managing Director Buzz Ellis in Pacific Northwest and Senior Director Ben Geelan in Phoenix.
"Southern California's coastal port markets - and adjacency to trade partners in Mexico - are major drivers for industrial owners, developers and users," Detmer said. "Ryan is a vital part of our Southern California growth strategy to continue to push our client's needs for new development and capital deployment. His experience is second to none, having served the Southern California industrial markets for nearly 20 years, and we are thrilled he has joined our team."
Detmer said that demand for space far outpaces the developer's ability to provide new supply, and there is an insatiable appetite for industrial real estate acquisitions, led by tremendous demand for space. Those demands are not currently being met through new supplies, driving rents higher and causing capitalization rates to continue to compress.
According to JLL Research, the West Coast is currently experiencing some of the lowest cap rates in the country for industrial product. For example, some California markets are seeing Class B product trading at sub-3% cap rates. Southern California, specifically, continues to perform well, including San Diego, which is trading between a 3.25% and a 3.75% cap rate for Class A product.
Spradling is based in the San Diego office, which is run by Senior Managing Director Aldon Cole.
"The transition of Spradling into the Capital Markets Group underscores the opportunities to best serve our clients, given the strong synergies between leasing and their need to access the full-suite of capital markets advisory in the industrial vertical," Cole said.
"The industrial market is on fire with no slowdown in sight for both occupier and investor demand," Spradling added. "We are fortunate to have the opportunity to advise our clients, as we all navigate these unprecedented times that have resulted in a greater need for industrial space throughout the county. I'm grateful for this opportunity to join the West Coast industrial capital markets team and continue to expand the coverage of JLL's platform."
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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