Bridge Development Partners, LLC has announced the sale of three industrial properties totaling 224,000 square feet at Bridge Point Santa Fe Springs in Los Angeles County, California. Two of the buildings were completed as build-to-suit developments for the companies that acquired them, while the third was sold to a real estate investment firm.
The site’s long history as an abandoned dairy and the area’s transition into an active industrial market attracted numerous developers who had attempted to purchase and redevelop the site. However, at least three other developers who put the site in escrow were unable to overcome the site’s existing environmental history, design complexities, and lack of development entitlements. Bridge was able to remediate environmental concern on the site, which had operated as a dairy farm for sixty-five years, and creatively design an efficient, three-building site-plan that maximized coverage and created an efficient use of space that unlocked the value of the challenging site. Along the way they forged an excellent working relationship with the City of Santa Fe Springs.
“We’ve been successful at turning complicated, but well-located, infill sites into state-of-the-art industrial buildings, which are in short supply in Los Angeles County,” said Brian Wilson, Partner, West Region at Bridge Development. “These sales are the culmination of that process, as we continue to identify new opportunities in the region.”
Bridge Point Santa Fe Springs offers immediate access to Interstate 5 and Interstate 605, which is the most efficient route from the Ports of Los Angeles and Long Beach, to the City of Commerce BNSF intermodal facility, as well as adjacency to CA-91 and Interstate 105, major east/west freeways.
Building I, located at 13101 Rosecrans Avenue, was sold to user UniFirst Corp., one of North America’s largest workwear and textile service companies. The building encompasses 74,120 square feet on 3.57 acres and was custom-built to incorporate the users’ highly specialized operation. UniFirst decided to purchase the property prior to building plans being permitted because of its ideal central location and proximity to their existing clientele. Paul Sablock and Christopher Lawrence of JLL represented UniFirst.
Building II, located at 13123 Rosecrans Avenue, was sold to user Novella Plastics, which specializes in plastic fabrication and injection molding of custom cosmetic displays. The building totals 75,331 square feet on 3.18 acres. Novella Plastics looked to acquire this building due to its outstanding central Los Angeles county location and proximity to skilled labor. Michael S. Lee of Redpoint Realty represented Novella Plastics.
Building III, located at 13915 Maryton Avenue, was sold to investment firm Westcore Properties upon completion of the shell. The building totals 74,038 square feet on 2.93 acres. Shortly following its acquisition of the property, Westcore leased this building to Carroll Tire Company (a division of Sumitomo Tire) demonstrating the robust for lease market in the Mid-Counties.
Scott Heaton & Chris Sheehan of Colliers International represented Bridge Development in all three the transactions, as well as the buyer in the sale of the third building. Financial terms of the deals were not disclosed.