Real Estate Development Associates Breaking Ground on More Than 3 Million Square Feet of Industrial Space in California

ONTARIO, Calif. and PERRIS, Calif. and NEWPORT BEACH, Calif. , May 03, 2018 (GLOBE NEWSWIRE) -- Real Estate Development Associates, LLC (REDA), a diversified investment company that acquires and develops industrial and office properties in Southern California, recently initiated two key industrial projects in Souther California. The projects are key components of the firm’s plan to break ground on more than 3 million square feet of industrial space in Souther California over the next 12 months.

In an effort to make a long-term investment in the Ontario, California, community, REDA recapitalized the West Ontario Commerce Center with Clarion Partners, LLC. The 2.6 million-square-foot project comprises six buildings. Building One, which totals 1.182 million square feet is anticipated to break ground in late summer 2018 and will be built on spec. Building Two, which totals 1 million square feet, will break ground in early 2019.  Buildings 3-6 range in size from 50,000 square feet to over 150,000 square feet and will breakground concurrently with Building Two.

Ryan Martin and Anthony Brent formerly of HFF arranged the equity for the recapitalization.

In February 2018, REDA broke ground on its 400,000-square-foot Perris Gateway Commerce Center in Perris, California. The industrial property will offer state-of-the-art functionality within its submarket and an unparalleled strategic location. With direct freeway access to I-215 and close proximity to the 60 and 91 freeways, the property is located only 28 miles from the Ontario International Airport, 23 miles from San Bernardino International Airport and 69 miles from the Ports of Los Angeles and Long Beach. Property features include excellent freeway visbility, 32’ minimum clear height, a large secure yard with excess trailer parking, both grade-level and dock-high loading doors, LED lighting and the ability of power to suit.

Eloy Covarrubias and Joe Werdin of CBRE and Bill Heim of Lee & Associates will be listing the property for lease. Construction financing is provided by Invesco. Brian Torp and Peter Thompson of HFF arranged the debt for the property.

“We are pleased to have been able to capitalize on these opportunities to develop additional industrial space in the booming Inland Empire. We feel confident that these new spaces will be quickly absorbed by the market, given the shortage of well-designed space in the area,” said Jason Krotts, the firm’s founder and principal. “Our pipeline for development of similar spaces in the Inland Empire, Los Angeles County and Orange County is strong, and we look forward to bringing those projects to fruition.”

About Real Estate Development Associates, LLC (REDA)
Based in Newport Beach, Real Estate Development Associates is a diversified investment company which acquires and develops industrial and office properties throughout Southern California. Owned and operated by principals Jason Krotts and Bill Goltermann, the firm has invested in more than $200 million in equity in the past 18 months. The partners of REDA have completed more than 15 million square feet of developments. For more information, please visit www.redallc.com.