Dedeaux Properties and joint venture partner Brasa Capital Management have sold a fully-leased 73,992-square-foot Class A industrial distribution building in the Inland Empire city of Redlands, California, to LBA Realty, completing the disposition of a brand new two-building complex. The building includes 20,000 square feet of cold storage space with two coolers at 55 and 34 degrees, and is currently leased to In-N-Out Burger.
Located at 509 Alabama Street, the building is one of two state-of-the-art warehouse and distribution facilities that make up Dedeaux's Business Park Redlands. Dedeaux, which specializes in the investment and development of logistics-oriented real estate throughout California, acquired the 7.75-acre development site in 2018 and subdivided the parcel into two separate lots. The two-building 155,000-square-foot development was completed in March 2021.
The adjacent 80,954-square-foot building at 501 Alabama was pre-sold at completion of construction by the venture to Manhattan Comfort, an owner-user. That facility serves as the Western United States distribution hub for the NYC-based furniture manufacturer. Both buildings are secured and gated and feature dock high and grade level doors, 30' minimum clear heights, approximately 5,000 square feet of ground and mezzanine office space, and ESFR sprinkling.
In September 2020, Dedeaux completed the execution of a similar business plan with the development and sale of a two-building 1.4 million-square-foot warehouse and distribution park in nearby Riverside, California.
"The Inland Empire is arguably one of the most dynamic and desirable industrial real estate markets in the country," said Brett Dedeaux. "Demand for modern, mid-size and large industrial space is being fueled by a wide variety of users including food, healthcare, ecommerce and logistics users."
Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez and Brad Brandenberg in the Orange County office of Cushman & Wakefield's National Industrial Advisory Group, marketed the property nationally on behalf of the seller.
Bill Heim, Alex Heim, and Nesha Richie, with Lee and Associates sourced the land for Dedeaux Properties, brought Manhattan Buyer, and acted as local marketing team for Cushman and Wakefield.
About Dedeaux Properties
Los Angeles-based Dedeaux Properties, LLC, focuses on the investment and development of logistics-oriented properties. With a portfolio of over 6,500,000 square feet of primarily transportation, distribution, refrigerated properties, Dedeaux Properties is among the most active developers and investors in the Greater Los Angeles region. While executing on a pipeline of over 2,000,000 square feet in various stages of development and entitlement, the mission of Dedeaux Properties remains consistent: Create property value for the aligned benefit of partners, tenants, & team members.
About Brasa Capital Management
Brasa Capital Management is a real estate investment manager based in Los Angeles. Brasa targets middle market commercial real estate investments in the Western US and Texas. The firm invests across the capital stack in diversified asset types. Brasa manages both commingled funds and separate accounts on behalf of institutional and high net worth investors.