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| Anthony J. Brent |
NEWPORT BEACH, CA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $30 million
sale of an entitled 19.86-acre industrial land site and arranged $31 million in
construction financing for the development of a 429,840-square-foot,
to-be-built, speculative warehouse and cross-dock facility in City of Industry,
California.
HFF initially evaluated
joint venture equity structures for the seller, Robhana Group, Inc. (Robhana
Group) represented by Cushman & Wakefield.
Robhana Group decided to sell the project outright, and HFF represented
Bridge Development Partners, LLC in the purchase of the land and sourcing of
construction debt to fund the development.
This will be the largest
speculative development built in the San Gabriel Valley in the past several
years.
The new industrial
development will be located at 825 South Ajax Avenue in the infill location of
City of Industry, a San Gabriel Valley community 19 miles east of downtown Los
Angeles. he development will be approximately 35 miles from the Ports of Long
Beach and Los Angeles and is proximate to California State Route 60, a major
east-west shipping thoroughfare that allows access to most of the western
United States within a few days.
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| Ryan Martin |
Additionally, the area is
serviced by both Union Pacific and Southern Pacific transcontinental
railroads. The one-building facility
will have 36’ ceiling clearance at the first column, an ESFR sprinkler system,
65 dock high doors, four grade-level doors, 56’ by 50’ column spacing and 461
parking stalls.
The HFF investment sales
team was led by senior managing director Anthony
J. Brent, managing director Ryan
Martin and director John Crump.
The industrial team has recently structured and closed more than three million
square feet of industrial land developments between developers and
institutional capital, including debt structuring.
The HFF debt placement
team was led by director Brian Torp.
“This transaction
represents the continued demand from both developers and capital to meet the
increasing requirements of companies seeking Class A distribution space within
close proximity to the greater Los Angeles area and Ports of Los Angeles and
Long Beach,” Brent said. “This will be a
great project for Bridge Development and continues their success in penetrating
the infill markets of greater LA.”
“The infill development
market is highly dynamic and efficient, so it requires a strong understanding
of capital markets and keen perspective on fundamentals going forward,” said
Martin. “The ability to source equity
and debt options under accelerated timeframes can mean the difference in a
successful development. The Bridge
Development team did an outstanding job and we appreciated the opportunity to
assist them in the process.”
For a complete copy of the company’s
news release, please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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