Industrial Real Estate Team Heads to JLL

(Save the Date: RealShare Orange County 2012 comes to the Hyatt Regency, Irvine, August 16.)

IRVINE, CA-GlobeSt.com has exclusively learned that Jones Lang LaSalle has hired the veteran industrial real estate team of Cameron Driscoll and Luke McDaniel as SVPs in the firm's Orange County office. Driscoll and McDaniel will specialize in advising landlords and tenants with their leasing and investment real estate needs in Southern California's Mid-Cities and North Orange County markets.

“Our goal is to grow our industrial platform in the North Orange County industrial corridor connecting the Port of Los Angeles to the Inland Empire for warehouse distribution to better serve our clients,” says JLL senior managing director Jeff Ingham.

Driscoll and McDaniel join JLL with a wealth of experience in industrial real estate, including acquisitions, dispositions, leasing and project management. Prior to joining, they were both senior vice presidents at a major commercial real estate firm where they were responsible for working with numerous investors and tenants. Although JLL didn’t confirm which firm the team came from, GlobeSt.com has learned that the team joins from Voit Real Estate Services. When asked about the departures, Voit had no comment.

Throughout their career, Driscoll and McDaniel have represented several premier companies including RREEF, LBA Realty, the Carson Cos., DEXUS Group, Prologis, Polycell International Corp. and Saddle Creek Corp., completing more than 900 transactions valued at more than $1.2 billion. 

The growth of the Orange County manufacturing industry continues to be a key factor with the region's economic recovery, McDaniel tells GlobeSt.com. “The industrial market is now a landlords market for class A and B product as tenants continue their flight to quality. Large industrial buildings continue to be in demand in Central and South County from both investors and owner users,” he says, adding that vacancy rates for warehouse and distribution space over 100,000 square feet in North County is below 4%, with positive rent growth and dwindling landlord concessions.

Driscoll tells GlobeSt.com that “with the high demand for functional modern buildings and a limited supply, we are beginning, and will continue to see new speculative developments with much of that coming from the redevelopment of functionally challenged buildings.” He expects to see sluggish activity until the election and until there is some clarity with the financial situation in Europe. “In 2013, we are projecting 5% to 10% growth in lease rates and sales prices for industrial properties in Orange County.”