As the year winds down, the Los Angeles area's industrial market continues to thrive with a number of big-box leases and new developments to meet voracious demand. Leading the way, locally based Royal Clark is developing Cascades Business Park on behalf of owner Parsippany, N.J.-based Prudential Real Estate Investors.
Located in Sylmar, Calif., Cascades Business Park will total 366,000 sq. ft. Whittier, Calif.-based Oltmans Construction Co. is currently constructing the three-building industrial park, which is slated for completion in June 2001. Locally based CB Richard Ellis will lease the development.
In Temecula, Calif., locally based Kearny Real Estate Co. is building a 412,000 sq. ft. distribution center for The Scotts Co., Marysville, Ohio. The long-term lease of the building is valued at more than $30 million. The $20 million development is slated for completion in August 2001, and will allow Scotts to consolidate three California distribution facilities.
Near the ports of Los Angeles and Long Beach, San Francisco-based AMB Property Corp. has acquired a high-throughput distribution center for $10.1 million. The Klabin Co., Los Angeles represented AMB and the seller, locally based Clifford Rancho Dominguez. The 201,450 sq. ft. development is fully leased to a single tenant.
Also in Southern California, locally based Colliers Seeley has arranged a big-box R&D lease and the acquisition of a building in Brea, Calif. Colliers Seeley represented owner Investment Development Services (IDS) in the lease of 150,000 sq. ft. at Conjeo Spectrum Business Park. Calabasis, Calif.-based Alcatel signed an $11 million, 10-year lease for the flex space. CB Richard Ellis represented Alcatel.
In Brea, Colliers Seeley represented Sekisui TA Industries, a subsidiary of Japanese chemical manufacturer Sekisui Chemical Co. Ltd., in the acquisition of a 12.4 acre site at Brea Corporate Park. CB Richard Ellis represented the seller, Newport Beach, Calif.-based Southpark Matsushita Partners. Sekisui TA Industries will build a 216,000 sq. ft. manufacturing plant and regional headquarters at Brea Business Park. The transaction is valued at $7 million.
In another IDS deal, the company is developing the 206,000 sq. ft. third phase of Vista Business Park in Valencia, Calif. Located on 50 acres, the $13 million building is slated for completion in the first quarter of 2001. Seattle-based Kennedy Associates Real Estate Counsel is IDS's development partner for Vista Business Park.
Finally, in the Inland Empire, the Saddlebrook, N.J. office of New York-based Insignia/ESG has arranged a 400,000 sq. ft. build-to-suit lease on behalf of Uniondale, N.Y.-based Hain Celestial Group. San Francisco-based Catellus Development Corp. is developing the distribution center for Hain Celestial Group.