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Dedeaux Properties Buys 1 msf Industrial Property in the Inland Empire

8/06/19

Dedeaux Properties, in a joint venture with an institutional partner, has purchased a newly constructed 1 msf, state-of-the-art warehouse and distribution center in Riverside, in what we’re told is one of the largest single asset industrial acquisitions in Southern California this year. The price was not disclosed.

Located at 6275 Lance Drive, the warehouse and distribution center is situated on 52 acres, and offers a build-to-suit office, 147 dock-high loading doors (9’x10’), four ground- level loading doors (12’x4’), 36-foot warehouse clearance with cross-dock loading, 52’x50’ typical bay spacing, an ESFR sprinkler system, and two secured truck courts with 192 trailer parking spaces. The property is situated within the 920-acre master planned Sycamore Canyon Business Park. Corporate neighbors include Amazon, Big 5 Sporting Goods, Pepsi Bottling Group and Kroger. The property has immediate access to Interstate 215 and California 60, key distribution routes to the Greater Los Angeles metro, Phoenix and Las Vegas.

This is the second of a two-building industrial complex totaling approximately 1.4 msf that Dedeaux has recently acquired. The immediately adjacent site was secured through a separate transaction from a different seller and its near-term completion uniquely positions the Dedeaux group to offer up 1.4 msf of space in a supply constrained market. The two properties have been branded the Dedeaux Sycamore Canyon Distribution Park.

Dedeaux continues to significantly increase its industrial real estate portfolio, which was initially assembled for its own account, but has now grown to include a growing number of strategic institutional partners.

“Dedeaux Sycamore Canyon Distribution Park is the latest in our execution on a pipeline of approximately 2 msf of development and acquisition activities that range from cold storage facilities in Central Los Angeles to truck terminal developments in the Inland Empire West, to trailer parking yards in Southern California’s South Bay, as the company continues to be a leader in logistic investments,” said the company’s Chief Investment Officer, Matt Evans.

“We are very excited to close on this asset and continue our aggressive growth. This investment further highlights our commitment to high quality, strategically located logistics space in our target markets,” added Alon Kraft, Chief Operating Officer.

The Inland Empire, of which Riverside is a part, remains one of the most sought-after warehouse and distribution markets in the United States, according to a recent report from Colliers International, which marketed the property for sale. The region continues to have some of the lowest vacancy rates and highest rental rates compared with other major distribution hubs around the country. During the second quarter of 2019, the vacancy rate fell 30 basis points to 3.4%, as demand for industrial properties outpaced new construction completions for the quarter.

Ian DeVries and Chris DeVries of Colliers International, who represented both the buyer and seller in the transaction, are also handling leasing for the property.





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