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Dedeaux Properties Sells Riverside, CA Logistics Facility for $44.4 Million

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LOS ANGELES - eTradeWire -- Dedeaux Properties and joint venture partner Artemis Real Estate Partners have sold a recently completed state-of-the-art warehouse building in Riverside, CA to Loctek, Inc. for $44.4 million.

Loctek, a Chinese-based ergonomic office furniture manufacturer is relocating and expanding its Western United States logistics hub to the 361,346-square-foot building at 6075 Lance Drive from a smaller facility in Northern California.    The building was developed by Dedeaux Properties, which specializes in the investment and development of logistics-oriented real estate in California.

"We designed this as a state-of-the-art distribution facility featuring 37 dock-high loading doors, 32-foot warehouse clearance, 7-inch thick Ductilecrete concrete floors, ESFR fire sprinkler system in addition to a secured truck court to accommodate 53 trailers," said Dedeaux Properties' Director of Development Ben Horning.    "This type of execution with the buyer illustrates that our focus on cutting edge logistics facility design and construction hit the mark once again."

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"We are pleased to have successfully executed on the business plan above our expectations, delivering the building on time and under budget, while finding a great user/buyer among the strong tenant demand in the Inland Empire," added Artemis Real Estate Partners Senior Vice President Jonathan Rainford. "While this transaction underscores the strength and resiliency of the industrial sector in these extraordinary times, it is important to align yourself with a partner, like Dedeaux, who completely understands the asset class."

The new Loctek building is adjacent to a 1,012,995-square-foot warehouse and distribution building, which was acquired in mid-2019 by Dedeaux on behalf of one of its institutional managed partnerships in what was one of the largest single-asset acquisitions in Southern California of the year.     After signing Fortune 100 healthcare services and products company Cardinal Health to a long-term lease, the Dedeaux-led venture sold the building to an institutional buyer in February of this year for an undisclosed amount.

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Both buildings make up Dedeaux Sycamore Canyon Distribution Park, which  has immediate access to Interstate 215 and California 60, key distribution routes to the Greater Los Angeles metro, Phoenix and Las Vegas. Corporate neighbors include Amazon, Big 5 Sporting Goods, Pepsi Bottling Group and Kroger.

Under the terms of the sale to Loctek, Dedeaux will perform customized tenant improvements including the installation of additional dock levelers, warehouse lighting and motion sensors, and a backup emergency power system.

Ian DeVries, Chris DeVries  and Patricia Uchytil in the Irvine Office of Colliers International represented the Dedeaux-led venture in the transaction.

About Dedeaux Properties

Los Angeles-based Dedeaux Properties, LLC (http://www.dedeauxproperties.com) focuses on the investment and development of logistics-oriented properties.

Contact
Bruce Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com


Source: Dedeaux Properties
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