Dedeaux Properties, in a joint venture with Stockbridge Capital Group, has paid $28.4 million for a vacant 214,436-square-foot warehouse and distribution center in Santa Clarita.
The property is located on 11 acres at 24903 Avenue Kearny. It is within the 1,100-acre master planned Valencia Industrial Center.
It most recently served as the regional distribution center for global pharmaceutical company AmerisourceBergen, which vacated the facility in late 2019.
With interior clear heights up to 30 feet, the property offers full drive-around access with parking on all four sides, and includes 27 loading doors, including nine dock-high doors, as well as exclusive truck access through a separate driveway and security gate.
Dedeaux plans to completely renovate the facility including the addition of new creative office space, new interior finishes and new lighting as well as expanding the dock-high loading positions.
This represents the first investment in the Santa Clarita Valley for Dedeaux. The company manages more than 6 million square feet of warehouse, trucking and logistics space, located primarily in the Inland Empire and Los Angeles County.
“We believe our historical performance and reputation in the greater Southern California industrial markets established us as a very qualified buyer,” said Dedeaux Chief Operating Officer Alon Kraft in a statement.
Mark Carlson, managing director and head of West Coast acquisitions for Stockbridge added: “We are excited about this acquisition and very happy to be advancing with a relationship we have worked hard to build with Dedeaux Properties. 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. Dedeaux retained Realty Advisory Group as leasing agent.