An approximately 214,436-square-foot warehouse and distribution center in Valencia was sold to Dedeaux Properties LLC for $28.4 million.
The industrial building was not only the largest building of its kind sold in the Santa Clarita Valley in the past two decades, but also the largest building marketed for sale in the greater North Region, which includes the San Fernando and Santa Clarita valleys, according to CoStar.
The seller, AmerisourceBergen Corp., a Fortune 500 company, had owned and operated the facility as a pharmaceutical warehouse and distribution center since 1988, vacating the facility in late 2019.
The property is located on 11 acres and within the 1,100-acre master-planned Valencia Industrial Center on the 24900 block of Avenue Kearny, offering full drive-around access with parking on all four sides, including 27 loading doors, nine of which are dock-high doors, along with interior clear heights up to 30 feet and exclusive truck access through a separate driveway and security gate.
Dedeaux Properties, in a joint venture with Stockbridge Capital Group, now plans to completely renovate the facility, including adding new creative office space, new interior finishes and new lighting, as well as expanding the dock-high loading positions.
“We believe our historical performance and reputation in the greater Southern California industrial markets established us as a very qualified buyer,” Dedeaux Chief Operating Officer Alon Kraft said in a prepared statement.
This represents the first investment in the SCV for Dedeaux, which manages more than 6 million square feet of warehouse, trucking and logistics space, located primarily in the Inland Empire and Los Angeles County.
“We are excited about this acquisition and very happy to be advancing with a relationship we have worked hard to build with Dedeaux Properties,” Mark Carlson, managing director and head of West Coast acquisitions for Stockbridge, added in the statement. “The hands-on local ties they’ve built over the past 50-plus years bring value to our venture that we truly appreciate.”
James Abbot, Laura Hunt and Jim Ebanks of Realty Advisory Group Inc. represented both the buyer and seller in the transaction, and Dedeaux retained Realty Advisory Group as leasing agent.