Target Corp. has sold its sprawling industrial property in Glendale — once home to an international aerospace company and part of a Superfund site — for about $18 million. Revv Property LLC bought the 9.5 acre property, which is located adjacent to the 134 Freeway and 5 Freeway interchange. The property, which consists of multiple buildings, likely will be used for office and warehouse space, said Senior Vice President David Harding of CBRE Group Inc., who along with his partners represented Target. Public records show Revv Property LLC has ties to another Glendale company, Video Equipment Rentals. Video Equipment CEO Vincent Dundee is listed as an agent for Revv Property LLC and Revv’s address is Video Equipment’s headquarters, according to California Secretary of State records. Attempts to reach Dundee were unsuccessful and a message left on Dundee’s voicemail was not returned. Principal Brett Warner of Lee & Associates-LA North/Ventura Inc., who represented the buyer, said he couldn’t comment on the deal. Video Equipment Rentals rents a plethora of audio, computer and broadcast equipment for events and film production. The firm has 19 locations in the U.S., three in Canada and two in Europe, according to its website. The property was formerly home to PRC- DeSoto International Inc. The company, along with its predecessors, manufactured sealants and other aerospace products at the site for decades. PRC-DeSoto moved its headquarters to Sylmar in 2009, leaving the property vacant. Target purchased the site for about $22 million in 2005, according to CoStar Group Inc., a Los Angeles commercial real estate information company. The Minneapolis-based retailer had planned to demolish the buildings and build a superstore, but chose instead to take up residence at the Glendale Galleria and thus no longer needed the space, Harding said. Target confirmed that it sold the property, but declined to comment further. In 2009 and 2010, the Glendale Redevelopment Agency negotiated behind closed doors with Target to acquire the property for redevelopment. One option included turning the property into parkland for park-poor South Glendale. The city’s redevelopment agency decided not to pursue a purchase of the property, said Philip S. Lanzafame, chief assistant director of community development. He said he couldn’t comment why the agency, which shuttered Feb. 1, chose to abandon its plans or if it had to do with the contamination on site. A poor economy, Harding said, kept the property on the market for about two years and pushed down the sale price. It was once listed for $24 million. Before the Target-Revv deal closed in November, four bidders vied for the property, including Revv. “I think the market will view it as a good price,” said Harding, who noted Target was unlikely to get what they paid during the boom years. Site Cleanup The Los Angeles Regional Water Quality Control Board and the Environmental Protection Agency are coordinating a cleanup of the property, which rests in the San Fernando Valley Superfund Site. Last March, PRC-DeSoto, along with three other companies, agreed to invest $1 million to investigate chromium contamination in the Glendale-area’s groundwater. The firms also agreed to pay $750,000 for past costs incurred by the EPA. The EPA has classified chromium 6 as a known carcinogen when inhaled, and it is currently reviewing the compound’s threat to human health when ingested. The property is “relatively close” to meeting the standards required for cleaning up an industrial property with chromium 6 contamination, said Samuel Unger, executive officer for the Los Angeles Regional Water Quality Control Board. PRC-DeSoto has informed the Regional Board that they have finished their cleanup of the on-site groundwater and soil for Chromium 6 contamination and other contaminants, said Larry Moore, the board’s project manager for the site. However, he said, staff from the Regional Board and the EPA still must review and evaluate the clean up efforts to determine whether they are sufficient or whether additional action may be required. Now, it’s unclear what exactly will become of the property. Weeds have begun to sprout through the parking lots and white paint on the buildings has begun to chip. An overhang in the back of the property is crumbling. As part of the sale, Revv agreed that no portion of the property will be used for a discount department store containing more than 50,000 square feet for 20 years, according to public records.
