Dedeaux Properties and joint venture partner Ledo Capital Group has sold its Vernon Avenue Logistics Center, a recently completed, fully occupied 46,422-square-foot cold storage facility in Vernon, California, for $14.85 million.
After acquiring the 2.06-acre corner lot at E. Vernon and Alcoa Avenues in Spring 2019, the Dedeaux-led joint venture agreed to a build-to-suit under a long-term lease agreement with a Los Angeles-based restaurant group. Dedeaux completed the state-of-the art cold storage facility in March 2020. It includes separate commercial kitchens designed specifically to meet the needs of the tenant’s various Southern California restaurants operations. The building features separate cold prep, fully racked cooler and freezer, and dry storage space, 32’ minimum clearance, and seven dock high doors and one ground loading door fronting a 3,700-square-foot refrigerated dock. The building also includes approximately 3,000 square feet of office and mezzanine space.
“This is a very complex and sophisticated food facility given the tenant’s specific needs for each of their restaurants,” said Dedeaux Properties Principal Brett Dedeaux. “Well located and efficient cold storage is critical to the success of restaurant businesses, especially during these troubling times, where perishable product needs to be carefully managed.”
This is Dedeaux’s second joint venture in Vernon with Ledo Capital Group, a relationship with Anthony Brent that dates back to 2014 with the acquisition of an 8-building business park in Santa Fe Springs.
The buyer is a Los Angeles-based family owned real estate investment and development company with a substantial portfolio of investment properties in prime locations throughout Southern California.
About Dedeaux Properties
Los Angeles-based Dedeaux Properties focuses on the investment and development of logistics-oriented properties. With a portfolio of over 6,500,000 square feet of primarily transportation, distribution, refrigerated properties, Dedeaux Properties is among the most active developers and investors in the Greater Los Angeles region. While executing on a pipeline of over 2,000,000 square feet in various stages of development & entitlement, the mission of Dedeaux Properties remains consistent: Create property value for the aligned benefit of partners, tenants, and team members.
Dedeaux Properties Sells Cold Storage Facility in Vernon, California, for $14.85 Million
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