NEWPORT BEACH, Calif., June 11, 2013 /PRNewswire/ — REDA Bascom Ventures, a joint venture between Newport Beach, California based Real Estate Development Associates, LLC and Irvine, California based The Bascom Group, LLC teamed up with Seattle-based Washington Capital Management, Inc. to acquire the former Hill's Pet Nutrition manufacturing facility in Commerce, CA. The property located at 6009-6041 South Malt Avenue was acquired from a private investor for $7.0 million and was brokered by Jack Cline and Jeff Bethel of Lee and Associates.
The property currently consists of three separate parcels totaling 5.3 acres (232,992 square feet) and is improved with three separate manufacturing / industrial buildings. REDA Bascom Ventures plans to demolish the existing structures and redevelop the site into a state-of-the-art industrial / distribution facility totaling 141,000 square feet. Jack Cline and Jeff Bethel of Lee and Associates will be engaged to provide leasing services.
"The acquisition of the former Hill's Pet Nutrition facility aligns with our focus of identifying and acquiring quality opportunities for development and redevelopment in strategic markets. Over time, the City of Commerce has proven to be one of the strongest industrial markets in the LA basin. We are excited to be working in the City to redevelop this property and are seeking additional opportunities where we can add long lasting value," said Real Estate Development Associates principal Jason Krotts.
Bill Goltermann, principal of Real Estate Development Associates added, "The property, with an excellent location off Slauson Avenue, offers convenient access to the 710 and 5 Freeways – two major transportation corridors in Los Angeles and linking the Property to the Ports of Los Angeles and Long Beach."
"Washington Capital Management, Inc. is pleased to be providing equity capital on behalf of our clients for this exciting project. We believe this is a great location, and we look forward to maximizing the potential this property offers," said Patrick Malley, Senior Vice President and Portfolio Manager of Washington Capital Management, Inc.
About REDA Bascom Ventures: REDA Bascom Ventures, a joint venture between Real Estate Development Associates, LLC and The Bascom Group, LLC, was formed to acquire value added office and industrial opportunities throughout Southern California. Real Estate Development Associates based in Newport Beach is a diversified investment company which acquires and develops industrial and office properties throughout Southern California. It is and operated by principals Jason Krotts and Bill Goltermann and has completed transactions with total completion value in excess of $100 million in the past eighteen months.
Bascom has completed over $8.0 billion in multi-family and commercial value-added transactions since 1996 including more than 220 multifamily properties and 60,000 units. Bascom currently ranks among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Investment Partners, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US.
About Washington Capital Management: Washington Capital Management, Inc. (WCM) is an employee owned investment advisory firm founded in 1977. WCM headquarters are located in Seattle, Washington, with branch offices in Portland, Spokane, Anchorage, Southern California and Northern California. Currently, WCM invests approximately $2.7 billion in assets in pooled or separate accounts for over 110 primarily institutional clients. WCM represents over 40 institutional investors in real estate equity related products. Current real estate equity investments exceed $1 billion, diversified by product and location in the western United States.
For more information, please contact Jason Krotts, email, 949-743-1463