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June 24, 2024
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LBA Realty Closes on $17 Mil Inland Empire Industrial Purchase


LBA Realty purchased a fully-leased, 74k sf Class A industrial distribution building in Redlands for $16.9 mil ($228/sf). The asset was sold by by Dedeaux Properties and Brasa Capital Management, enabling the venture to complete the disposition of a brand new two-building complex.

Located at 509 Alabama St and fully leased to a California-based fast food hamburger chain, the building is one of two state-of-the-art warehouse and distribution facilities that make up Dedeaux’s Business Park Redlands. Dedeaux, which specializes in the investment and development of logistics-oriented real estate throughout California, acquired the 7.75-acre development site in 2018 and subdivided the parcel into two separate lots. The two-building 155k sf development was completed in March 2021.

The adjacent 81k sf building at 501 Alabama was pre-sold at completion of construction by the venture to Manhattan Comfort, an owner-user. That facility serves as the Western United States distribution hub for the NYC-based furniture manufacturer. Both buildings are secured and gated and feature dock high and grade level doors, 30’ minimum clear heights, approximately 5k sf of ground and mezzanine office space, and ESFR sprinkling.

In September 2020, Dedeaux completed the execution of a similar business plan with the development and sale of a two-building 1.4 msf warehouse and distribution park in nearby Riverside.

“The Inland Empire is arguably one of the most dynamic and desirable industrial real estate markets in the country,” said Brett Dedeaux. “Demand for modern, mid-size and large industrial space is being fueled by a wide variety of users including food, healthcare, ecommerce and logistics users.”

Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez and Brad Brandenberg in the Orange County office of Cushman & Wakefield’s National Industrial Advisory Group, marketed the property nationally on behalf of the seller.

Bill Heim, Alex Heim, and Nesha Richie, with Lee and Associates sourced the land for Dedeaux Properties, brought Manhattan Buyer, and acted as local marketing team for Cushman and Wakefield.

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