Dedeaux Properties in a joint venture with Stockbridge Capital Group has acquired a vacant 214,436-square-foot warehouse and distribution center in Santa Clarita for $28.4 million.
The property is located on 11 acres of land at 24903 Avenue Kearny and within the 1,100-acre master planned Valencia Industrial Center. It is the first investment in the Santa Clarita Valley for Dedeaux, which remains a strategic target market for the company.
As one of the oldest industrial development and investment firms in Los Angeles, Dedeaux has its history dating back more than 50 years, with the firm currently managing more than 6 million square feet of warehouse, trucking and logistics space, located primarily in the Inland Empire and Los Angeles County.
The property most recently served as the regional distribution center for global pharmaceutical company AmerisourceBergen, which vacated the facility late last year. It was the largest industrial facility for sale in the 30-million-square-foot LA North Region, a growing industrial submarket 30 miles northwest of downtown Los Angeles. Its strategic location near Interstate 5, the busiest commercial transportation corridor on the West Coast between Canada and Mexico, has made Santa Clarita a major distribution hub. In May, Amazon announced it will lease 100,000 square feet for a distribution center in Santa Clarita.
With interior clear heights up to 30′ the property offers full drive around access with parking on all four sides, and includes 27 loading doors, including nine dock-high doors with load levelers, as well as exclusive truck access through a separate driveway and security gate. Dedeaux plans to completely renovate the facility including the addition of new creative office space, new interior finishes, and new lighting as well as expanding the dock high loading positions by an additional four positions.
Los Angeles-based Dedeaux is one of the most active developers and investors in logistics-oriented facilities in Southern California. Most recently, on behalf of one of its managed institutional partnerships, Dedeaux acquired a vacant 1,012,995-square-foot warehouse and distribution center in Riverside, CA and immediately signed Cardinal Health to a long-term lease for the entire building.
“We believe our historical performance and reputation in the greater Southern California industrial markets established us as a very qualified buyer,” said Alon Kraft, chief operating officer for Dedeaux.
Mark Carlson, Managing Director and head of West Coast acquisitions for Stockbridge added, “We are excited about this acquisition and very happy to be advancing with a relationship we have worked hard to build with Dedeaux Properties. The hands-on local ties they’ve built over the past 50 plus years bring value to our venture that we truly appreciate.”
James Abbott, Lauren Hunt and Jim Ebanks of Realty Advisory Group, Inc. represented both the buyer and seller in the transaction. Dedeaux has engaged Realty Advisory Group as leasing agent.
About Dedeaux Properties
Los Angeles-based Dedeaux Properties, LLC focuses on the investment and development of logistics-oriented properties and is affiliated with family controlled DART Warehouse Corporation, a national full-service logistics provider founded in 1936. In addition to a portfolio of approximately six million square feet of industrial space, Dedeaux Properties has an active pipeline of more than two million square feet of industrial properties including warehouse/distribution, truck terminals, trailer yards, and cold storage facilities. For more information, visit http://www.dedeauxproperties.com.
Stockbridge Capital Group is a real estate investment management firm headquartered in San Francisco, California with offices in Atlanta and Chicago. The firm’s portfolio is comprised of assets across the risk spectrum, spanning all major property types throughout the United States. As of March 31, 2020, the firm’s total assets under management were $16.4 billion and the firm currently manages approximately 50 million square feet and 8,120 units. For more information, visit http:www.stockbridge.com.