HFF Multitasks for CA Industrial Client
- Feb 13, 2017
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.
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.