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Real Estate Development Associates Starts Work on Two SoCal Industrial Projects

4/25/18

Real Estate Development Associates LLC (REDA) has begun work on two industrial projects in Southern California. The projects are key components of the firmís plan to break ground on more than 3 msf of industrial space in Southern California over the next 12 months.

West Ontario Commerce Center
West Ontario Commerce Center
For one of the projects, REDA recapitalized the West Ontario Commerce Center with Clarion Partners LLC. The 2.6 msf project comprises six buildings. Building One, which totals 1.2 msf, is anticipated to break ground in late summer 2018 and will be built on spec. Building Two, which will total 1 msf, will break ground in early 2019. Buildings 3 - 6 will range in size from 50k sf to over 150k sf each, and will break ground concurrently with Building Two.

Ryan Martin and Anthony Brent, formerly of HFF, arranged the equity for the recapitalization.

In February 2018, REDA broke ground on the other project, the 400k sf Perris Gateway Commerce Center in Perris, CA. The industrial property will offer state-of-the-art functionality within its submarket and an unparalleled strategic location.

With direct freeway access to I-215 and close proximity to the 60 and 91 freeways, the property is located only 28 miles from the Ontario International Airport, 23 miles from San Bernardino International Airport and 69 miles from the Ports of Los Angeles and Long Beach.

Property features include excellent freeway visbility, 32í minimum clear height, a large secure yard with excess trailer parking, both grade-level and dock-high loading doors, LED lighting and the ability of power to suit.

Eloy Covarrubias and Joe Werdin of CBRE, along with Bill Heim of Lee & Associates, will be listing the property for lease. Construction financing is provided by Invesco. Brian Torp and Peter Thompson of HFF arranged the debt for the property.






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