Dedeaux Pays $4.7M Per Acre for Industrial Land in SoCal
L.A.-based firm closed more than $400 million in the first half of 2022
By Greg Cornfield August 10, 2022 5:05 pmreprints
Los Angeles-based Dedeaux Properties is adding more fuel to the industrial real estate fire in Southern California.
The investment and development firm acquired 7.11 acres, or 309,806 square feet, of land in the Inland Empire for $33.6 million, according to data provider Vizzda. The deal is equal to about $4.7 million per acre.
The property is at 10585 Banana Avenue at the corner with Slover Avenue in Fontana, Calif. Dedeaux’s preliminary plan includes developing another truck terminal, a spokesperson said. Records show the property was owned by an individual named Armando Amador.
Dedeaux has become one of the most active developers in the region, and closed more than $400 million in transactions in the first half of 2022, the firm said in July. That follows more than $1 billion in transaction activity since 2020.
“Demand for modern, midsize and large industrial space is being fueled by a wide variety of users including food, health care, e-commerce and logistics users,” the firm’s principal and manager Brett Dedeaux said in a statement last month. “Alongside our growing list of strong institutional capital partners, we continue to enter new markets, investing in and developing facilities that meet the challenges of an increasingly complex and evolving supply chain. We expect 2022 to be yet another historic year for us.”
The firm manages an 11 million-square-foot portfolio of logistics space, cold-storage facilities and truck terminals, primarily in the Inland Empire, L.A. County and the Bay Area. For example, Dedeaux is currently working on a 47,809-square-foot distribution center at 2238 Lilac Avenue in the Inland Empire submarket of Bloomington that is set to be complete by the end of this year.
With joint venture partner Stockbridge Capital, the firm revitalized and sold a 214,436-square-foot warehouse and distribution center to Rexford Industrial Realty in February. Also this year, Dedeaux bought 12 acres at Tejon Ranch Commerce Center to build a warehouse and distribution facility.
Gregory Cornfield can be reached at email@example.com.