Xebec and Cornerstone Real Estate Advisors Announce Development
XEBEC AND CORNERSTONE REAL ESTATE ADVISERS ANNOUNCES THE DEVELOPMENT OF A $58 MILLION STATE-OF-THE-ART INDUSTRIAL PARK IN SUN VALLEY, CALIFORNIA WITH $47.8MILLION SENIOR LOAN PROVIDED BY PCCP, LLC
Los Angeles, November 18 TH, 2015 –Xebec in partnership with Cornerstone Real Estate Advisers, acting on behalf of a Firm-managed fund is pleased to announce the development of Sun Valley Industrial Park, a $58 million state-of-the-art Class A industrial development located in Sun Valley, CA. PCCP, LLC will provide a $47.8 million senior loan for the new development which will involve the construction of two industrial warehouses totaling 361,038 square-feet in the heart of the San Fernando Valley.
The ±15.0 acre site was acquired by an affiliate of Xebec/Cornerstone in October 2015. The site is currently going through the process of entitlement for the construction of two speculative industrial warehouses. The first building will total approximately 96,970 square feet and the second building will be an approximately 264,068 square foot cross dock facility. The warehouses will have state-of-the-art features that include a 36-foot clear height, ESFR sprinkler systems, and 54 total dock doors.
“The development of this infill, industrial project in Sun Valley provides a unique and compelling opportunity to improve an underutilized property and continue our longstanding relationship with Xebec”, stated Christopher Black, Senior Vice President of Acquisitions for Cornerstone Real Estate Advisers.
The Sun Valley Industrial Park is strategically located in the prime infill market of the San Fernando Valley, one of the tightest industrial submarkets in Southern California with a reported overall vacancy rate of approximately 1.3% in Q3 of 2015 according to Colliers Corporate. 3010 Old Ranch Parkway, Suite 470 | Seal Beach, CA 90740 562.546.0200 | www.XebecRealty.com Los Angeles. 510 S. Hewitt Street No.115 | Los Angeles, CA 90013 International. The site is ideally located with excellent freeway access to the Interstate 5, 210, 101, and 405 as well as to the Ronald Reagan (118) and Hollywood (170) freeways. ” Xebec, in partnership with Cornerstone, is addressing this pent-up demand for state-of-the-art Class A warehouse facilities in the area through the development of the new industrial park”, stated Jay Soni, Vice President of Acquisitions for Xebec. For more information about this and other projects currently under development, please visit www.XebecRealty.com/Projects or follow us on Twitter @XebecRealty.
Xebec is a private, vertically integrated real estate firm that focuses on the acquisition, development and management of warehouse and distribution facilities located in top tier logistics markets in the western U.S with major port and intermodal infrastructure. The genesis of Xebec dates back to 1986, with a focus on infill industrial development in the highly competitive central market of Los Angeles. In 1996, Randy Kendrick and John Lehr formed Xebec and have since built the firm into one of the top industrial developers in Southern California. These principals provide long term and stable management with more than 60 years of combined experience in acquisition, development, finance and asset management. Learn more about Xebec at www.XebecRealty.com
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.
About PCCP, LLC:
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Corporate. 3010 Old Ranch Parkway, Suite 470 | Seal Beach, CA 90740 562.546.0200 | www.XebecRealty.com Los Angeles. 510 S. Hewitt Street No.115 | Los Angeles, CA 90013 Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $9 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
Hayden Kendrick Xebec (562) 546-0258 HaydenK@XebecRealty.com