NEWPORT BEACH, Calif., Oct. 16, 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 has acquired 16 acres of development land located at 11100 Hemlock Avenue in Fontana, California. Rustin Mork, Anthony Dedeaux and Brett Dedeaux of Bingswanger Realty Advisors represented the seller, JM Eagle. Kevin McKenna and Scott Sanders of Colliers International represented the buyer, REDA Bascom Ventures.
The property was excess land adjacent to the JM Eagle Fontana manufacturing facility. REDA Bascom Ventures plans to develop the site into a state-of-the-art industrial / distribution building totaling 350,000 square feet. Kevin McKenna and Scott Sanders of Colliers International will be engaged to provide leasing and sales services for REDA Bascom Ventures.
"The acquisition of the Hemlock site aligns with our focus of identifying and acquiring quality opportunities for development and redevelopment in strategic markets. Fontana has proven to be one of the strongest industrial markets in the LA basin. We are excited to be working with the city of Fontana to develop this property and are seeking additional opportunities where we can add long lasting value," said Real Estate Development Associates principal Jason Krotts.
Adds Bill Goltermann, principal of Real Estate Development Associates, "The property, with an excellent location with-in the South West Industrial Park (SWIP), offers convenient access to the 10, 15 and 60 Freeways – three major transportation corridors linking the Property to the Ports of Los Angeles and Long Beach. Additionally, the property is served by Union Pacific Railroad making this location one of a few development sites with this feature."
Earlier this year, REDA Bascom Ventures acquired a five acre site in Commerce, California. The property is being entitled for a 141,000 square foot industrial building with construction starting in the first quarter of 2014.
"We currently have a pipeline of development projects in various stages that exceeds 2 million square feet and are looking for more quality opportunities in the Inland Empire, Orange County and Los Angeles industrial market," said Real Estate Development Associates principal Jason Krotts.
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, owned and operated by principals Jason Krotts and Bill Goltermann, is a diversified investment company which acquires and develops industrial and office properties throughout Southern California. Real Estate Development Associates has completed transactions with total completion value in excess of $125 million in the past eighteen months. Bascom has completed over $8.5 billion in multi-family and commercial value-added transactions since 1996 including more than 230 multifamily properties containing over 63,000 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, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, 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.
For more information, please contact Jason Krotts, Email, 949-743-1463
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SOURCE The Bascom Group, LLC