Dedeaux Properties and Stockbridge Capital Take Vacant LA Industrial Site for $28M
Dedeaux plans to completely renovate what was the largest industrial facility for sale in the Santa Clarita area
The property at 24903 Avenue Kearny spans more than 214,400 square feet at the 1,100-acre master planned Valencia Industrial Center. Dedeaux plans to completely renovate the facility and add new creative office space. Property records show it was owned by Green Barn Inc.
The property was the largest industrial facility for sale in the 30 million-square-foot north submarket region of the county, according to Dedeaux. It most recently served as a distribution center for global pharmaceutical company AmerisourceBergen, which vacated the facility late last year.
The Santa Clarita Valley has seen notable action this summer despite the global pandemic. About five miles away, Amazon recently inked a 155,700-square-foot lease for a regional distribution center.
Dedeaux bills itself as one of the oldest industrial development and investment firms in L.A. with more than 6 million square feet of warehouse, trucking and logistics space, located primarily in the Inland Empire and L.A. County — two of the top industrial markets in the country. The firm also has more than 2 million square feet of industrial development in its pipeline.
Last summer, Dedeaux acquired a vacant warehouse and distribution center in the Inland Empire for $92 million. Cardinal Health signed to occupy the entire 1 million-square-foot property shortly after; and, earlier this year, Dedeaux sold it to TA Realty for more than $100 million.
San Francisco-based Stockbridge Capital Group has $16.4 billion of assets spanning 50 million square feet across the country. One year ago, the firm secured a $350 million debt package to acquire a 26-property national industrial portfolio. About 60 percent of the portfolio’s income is generated from the Inland Empire, East Bay, San Diego and Central Valley in California.
James Abbott, Laura Hunt and Jim Ebanks of Realty Advisory Group represented both the buyer and seller in the 24903 Avenue Kearny deal, and will also handle leasing.