HFF Multitasks for CA Industrial Client

The firm worked on behalf of Dedeaux to secure the purchase of a six-property portfolio, while orchestrating the recapitalization of the first LEED-certified frozen-food manufacturing plant in the world.

Los Angeles—HFF wore several hats on behalf of industrial property owner and manager Dedeaux Properties LLC. The commercial real estate and capital markets services provider arranged a joint venture equity partnership for Dedeaux’s purchase of a six-property industrial portfolio, provided representation in the acquisition transaction, and separately, orchestrated the recapitalization of a Dedeaux-owned asset. The acquisition and recap involve a total of more than 480,000 square feet of industrial facilities and 2 acres of land in Northern and Southern California.

2041 Factory St. in Richmond, Calif.
2041 Factory St. in Richmond, Calif.

Dedeaux and its equity partner purchased the half-dozen industrial assets from Highridge Provender LLC for approximately $109 million. The collection consists of 3425, 3435 and 3501 E. Vernon Ave., three processing facilities totaling 186,700 square feet in Vernon, just outside Los Angeles; the 64,600-square-foot cold storage and processing facility at 1170 Olinder Ct. in San Jose; and 2041 Factory St. in the suburban San Francisco city of Richmond, a 109,600-square-foot food production and distribution facility that the seller leased to meal delivery company HelloFresh in 2015. Completing the group is the 2.1-acre parking lot at 3520 E. Vernon Ave., presently utilized by Kia Motors.

HFF came to Dedeaux’s aide again in the recapitalization of 4000 Noakes St. in Commerce, located 5 miles from downtown Los Angeles. The state-of-the-art cold storage warehouse, occupied by Juicero Inc. since 2015, was developed in 2007 at a cost of approximately $35 million, and boasts the distinction of being the first LEED-certified frozen-food manufacturing plant in the world.

Anthony Brent, senior managing director with HFF, and Ryan Martin, managing director with the firm, spearheaded the HFF’s activities on Dedeaux’s behalf.