Dedeaux Properties sells Redlands distribution facility for USD16.9m
Dedeaux Properties (Dedeaux) and joint venture partner Brasa Capital Management (Brasa) 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.
Located at 509 Alabama Street and fully leased to a California-based fast food hamburger chain, it is one of two state-of-the-art warehouse and distribution facilities that make up Dedeaux’s Business Park Redlands. Dedeaux, which specialises 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, CA.
“The Inland Empire is arguably one of the most dynamic and desirable industrial real estate markets in the country,” says 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.