Member News  

NAIOP Member News offers members the opportunity to promote important announcements from their company. These include personnel transactions (hirings, promotions), company news (awards, relocations, stock reports, mergers and acquisitions) and deals (purchases, sales, major financing, awarding of property management contracts, groundbreaking and topping off, leases and land sales).

Submit your news using the online form. NAIOP will review submissions for length, clarity and appropriateness. Press releases sent directly to NAIOP may not be included.

07/27/2021 Company News

Caprock Partners Acquires 20.7 Acres in North Las Vegas Land Assemblage Play for Development of New 441,554-Square-Foot Industrial Complex

CapRock Partners

CapRock Partners, a leading industrial real estate investment, development and third-party asset management firm, has closed on a 10-parcel land acquisition assemblage totaling 20.7 acres for the development of three state-of-the-art industrial buildings totaling 441,554-square-feet in North Las Vegas. CapRock acquired the land for the to-be-built Class A project in unimproved condition from nine individual sellers. Development is underway and groundbreaking is planned for Q1 2022. Project completion is anticipated in Q4 2022. CapRock Tropical Logistics Phase II is the second phase of the adjacent CapRock Tropical Logistics, a two-building 1.1 million-square-foot logistics complex currently finishing construction. Collectively, the two phases total 105 acres, or 34 legal parcels, acquired via assemblage from 22 unrelated sellers. Phase I is currently 100% pre-leased and scheduled for completion in Q3 2021. “CapRock worked closely with each parcel’s seller and leveraged its understanding of the area’s local infrastructure, civil planning and market dynamics to assemble and rezone the project site. The assemblage is exemplary of CapRock’s tenacity and vision, which is what guides our team in creating value in some of the most competitive industrial real estate markets in North America,” said Taylor Arnett, first vice president of acquisitions at CapRock Partners. At completion, CapRock Tropical Logistics Phase II will include three individual buildings all with 32-foot clear height, large truck courts and approximately 362 parking stalls. Building 1 will be approximately 248,391 square feet and include over 300 linear feet of I-15 freeway frontage, 32 dock-high doors, a 185-foot truck court and 57 trailer stalls. Buildings 2 and 3 will be approximately 101,825 and 91,338 square feet respectively. CapRock Tropical Logistics is located within the North Las Vegas Speedway submarket, along the south side of the I-15 freeway. The location provides prime freeway frontage, visibility and is accessible via Beesley Drive.

Contact: Shauna Crosser, 949-342-8000

07/26/2021 Deal


Alere Property Group

Alere Property Group, a leading developer and investor of industrial real estate in Southern California, today announced its acquisition of 8700 White Oak Avenue, a 72,051-square-foot, single-tenant distribution warehouse in Rancho Cucamonga, Calif. The property is well-located in the Inland Empire West submarket, accessible to the region’s vast logistics transportation routes and includes design elements ideal for last-mile distribution. The building is currently occupied by a third-party logistics (3PL) user. Terms of the transaction are undisclosed. “8700 White Oak Avenue is a welcome addition to Alere’s established Inland Empire portfolio,” said Alan Carmichael, senior vice president of investments, at Alere Property Group. “The property represents a unique opportunity to acquire a well-configured industrial asset with a first-rate tenant at below replacement cost. Alere continues to seek investment opportunities in top-tier locations throughout Southern California that offer exceptional functionality, accessibility and efficiency.” Completed in 2000, 8700 White Oak Avenue was acquired in excellent condition. The 4.37-acre property features a secured, drive-around yard with two points of entry. The building offers 26-foot clear height, 15 dock-high doors, two grade-level doors and 4,800 square feet of two-story office space. 8700 White Oak Avenue is centrally located within Rancho Cucamonga’s industrial area and easily accessible to the ports of Long Beach and Los Angeles and other key logistics hubs via the I-210, I-15, and I-10 freeways. The property lies south of Arrow Route, between Haven Avenue and Milliken Avenue, two major regional thoroughfares. The Ontario International Airport is within a ten-minute drive from the property.

Contact: Nicole Deermount, 949-274-3855

07/19/2021 Deal


H. Hendy Associates

H. Hendy Associates (Hendy), an interior architecture and strategic workplace firm at the forefront of helping businesses successfully plan for office reentry, today announced the completion of Orgain’s new 25,000 square foot space in Irvine, California. The amenity-rich workplace artfully captures the company’s wholesome, healthy and vibrant spirit, and strikes a balance between work and wellness with open and traditional offices, a variety of conference room sizes, LED technology and lighting, as well as a multitude of unique amenities and eye-catching design elements. “As innovative companies continue to adopt the New Generation Space – a purpose-built environment tailored for a hybrid workforce – it’s now more important than ever to align our work environments with a business’ purpose, workplace strategies and unique needs,” said Jeep Pringsulaka, senior designer at H. Hendy Associates. “Working alongside Dr. Andrew Abraham, Hendy took inspiration from Orgain’s brand essence to deliver a wellness-centric environment where employees can feel inspired, have fun and create memorable experiences, all while making a real difference in the lives of people touched by Orgain.”

Contact: Kristina , 714-263-8750

07/14/2021 Company News


Birtcher Development

Birtcher Development, a five-generation, California-based industrial real estate development firm, today announced the groundbreaking of Birtcher Oak Valley Commerce Center, a 125-acre ground-up, industrial development in Calimesa, California in the Inland Empire East targeting big box tenants with warehousing and distribution needs. Birtcher Oak Valley Commerce Center will consist of four Class-A industrial buildings on 125-acres and is strategically located immediately adjacent to the I-10 freeway, where tenants will benefit from prime accessibility and visibility. At a total of 2.2 million square feet, the four state-of-the-art buildings are designed to meet current high demand for logistics facilities throughout Southern California, and will offer 40-foot clear heights, flat floors and a minimum of 185-foot truck courts. Located at Singleton Road and Roberts Road in Calimesa, the site provides an opportunity to meet autonomous trucking needs with immediate freeway access onto its campus, offering transportation firms options to shift to cabs with drivers for urban deliveries. With the Inland Empire and Los Angeles submarkets currently realizing historically low big box vacancy rates, tenants are looking toward the Inland Empire East for its availability of product, and landlords for the development and investment potential of its available land. Interstate-10, which provides immediate access to Birtcher Oak Valley Commerce Center, consistently ranks among the most widely utilized freeways in Southern California with an average of 375,000 vehicles per day, according to 2019 CalTrans data. Additionally, the BNSF Intermodal, which serves as a predominant inbound container hub for the region, is just minutes west of Birtcher Oak Valley Commerce Center and is a key driver of tenant demand to the area.

Contact: Kennedy Dalton, 714-209-8133

07/08/2021 Deal

Alere Property Group Secures Tesla at Newly Constructed San Bernardino Industrial Development

Alere Property Group

Alere Property Group, a leading developer and investor of industrial real estate in Southern California, today announced that American clean energy and electric vehicle company, Tesla Inc. (Nasdaq: TSLA) has signed a lease and taken occupancy at 19640 Cajon Boulevard, Alere’s recently completed 322,000-square-foot industrial development in San Bernardino, Calif. The facility now serves as Tesla’s west coast distribution hub for auto parts, power walls, solar panels and other related items, and is the base of operation for hundreds of employees. “Alere is pleased to welcome Tesla to its new home in San Bernardino,” said Michael Del Santo, senior vice president of portfolio management, at Alere Property Group. “19640 Cajon Boulevard is designed for the new generation of ecommerce and distribution users, with attributes that are highly sought after yet unique in the Inland Empire’s competitive industrial warehouse market. Alere provides a world-class experience to all of its tenants and will continue to raise the bar for the global logistics industry.” 19640 Cajon Boulevard is a state-of-the-art facility in San Bernardino’s Inland Empire industrial real estate submarket. The asset features 40 feet minimum clear height and cross-dock loading, allowing for efficient racking, storage and material handling. The property includes approximately 5,100 square feet of office space, 52 dock-high doors, two ground-level doors, an extra-large 185-foot truck court and a bonus storage yard. 19640 Cajon Boulevard is located south of the I-15 and I-215 freeway junction, at the base of the Cajon Corridor, providing quick access to Southern California’s primary logistics transportation routes.

Contact: Nicole Deermount, 949-274-3855

06/24/2021 Company News

Dermody Properties Leases 7580 Cherry Avenue in the Inland Empire to Pacific PPE Corporation

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to announce the lease of 7580 Cherry Avenue to Pacific PPE Corporation (3PE), a group of manufacturing entrepreneurs dedicated to providing high-quality personal protective equipment to help save lives. 3PE will occupy the entire 84,364-square-foot building for five years. Situated in the heart of the Inland Empire West marketplace, the property benefits from its location between two major arterials, just south of the 210 Freeway and north of Interstate-10. Corporate neighbors include Mercedes-Benz, Target, Cardtronics, LG and FedEx. “Location was the primary driver for 3PE to this property and we are pleased to welcome the company as our newest customer in Southern California,” said Matt Mexia, Partner in Southern California for Dermody Properties. “As the company continues to grow, the need for distribution space was necessary and 7580 Cherry Avenue is within close proximity to their production site. It’s also ideally situated for West Coast distribution operations.” According to the company’s website, 3PE recently built its first N95 respirator production line in the greater Los Angeles area. Production officially began in late December with a capacity of 300,000 pieces per day. Dermody Properties initially acquired 7580 Cherry Avenue in 2020, along with 7630 Cherry Avenue, which was recently leased to Tremco Construction Products Group. Phil Lombardo, Andrew Starnes and Cruise Adams of Cushman & Wakefield represented Dermody Properties in the transaction. Vivian Wang of NAI Capital Commercial represented the customer.

Contact: Sara Robbins, 702-283-0447

06/24/2021 Company News

R.D. Olson Construction’s Charity Golf Tournament Raises More Than $80,000 for Children of Abuse

R.D. Olson Construction

R.D. Olson Construction (RDOC), an award-winning general contracting firm in Irvine, California, hosted its 11th Annual Charity Golf Tournament on Monday, June 21, raising more than $80,000 for charity. All proceeds from the event benefit Olive Crest, an Orange County-based nonprofit organization committed to preventing child abuse, treating and educating at-risk children, and preserving the family. The tournament was hosted at Tijeras Creek Golf Club in Rancho Santa Margarita, California, and included key industry leaders and professionals including Bill Wilhelm, president of R.D. Olson Construction. The morning started with a continental breakfast and putting contest followed by an 8 a.m. shotgun start. After an exhilarating helicopter ball drop (winner received a $2,500 grand prize), guests were treated to a delicious catered lunch and cocktail reception while the winners from the golf tournament were announced. “Our annual Charity Golf Tournament brings the commercial real estate industry together for a fun-filled day of golfing and networking while also raising funds for a local charity,” said Bill Wilhelm, president of R.D. Olson Construction. “This year, we’re honored to support Olive Crest in their pursuit to end the cycle of child abuse by putting children in the care of strong families and a supportive community.” Since its inception in 1973, Olive Crest has continued to transform the lives of children through its fostering, foster to adopt, and safe families programs. Olive Crest’s model helps prevent abuse and neglect, stops the cycle of child abuse, and enables children and families to become healthy productive citizens.

Contact: Janelle Kruly, 714-858-0945

06/17/2021 Deal


NAI Legacy

(BLOOMINGTON, MN) NAI Legacy is pleased to be awarded the property management contract for The Interchange Offices located at 2335 West Highway 36 in Roseville, MN. The Interchange campus was recently purchased by North Carolina Ave Holdings and is comprised of three office buildings totaling 126,260 square feet. The property is 82% occupied with a tenant roster that includes; Assured Partners, Midwest Radiology, Regus and Dunn Brothers Coffee. “The Interchange campus is a great addition to the North Carolina Ave Holdings portfolio and NAI Legacy is proud to represent them as their property manager. The buildings are located in a beautiful campus environment and will be an enjoyable assignment,” said Julie Bauch, Managing Director, Property Management. About NAI Legacy Coupling the latest technology with a traditional emphasis on customer service, the NAI Legacy team provides strategic guidance, administrative support and brokerage services for properties totaling nearly 2,500,000 square feet. With business lines including property management, traditional sales and leasing services, and 1031 tax-deferred exchange solutions, NAI Legacy is adept at navigating all aspects of quality commercial real estate assignments.

Contact: Julie Bauch, 612-860-2467

06/17/2021 Company News

Dermody Properties Leases Part of LogistiCenter℠ at 78-81 to The Hillman Group

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to announce the lease of LogistiCenter℠ at 78-81, located at 501 Old Forge Road in Lebanon County, to The Hillman Group. An industry leader in builder solutions, The Hillman Group will occupy 186,900 square feet of the 405,000-square-foot facility and use it primarily for distribution of their construction fastener materials to national hardware stores. The seven-year lease is expected to commence on September 1, 2021. LogistiCenter℠ at 78-81 is now fully leased.

Contact: Sara Robbins, 775-858-8080

06/09/2021 Company News

Alere Property Group Begins Construction on New 211,000 SF Industrial Warehouse in Inland Empire and Acquires Two Orange County Assets

Alere Property Group

Alere Property Group, one of the largest and most active developers and investors of industrial real estate in Southern California, today announced that development is underway at 1656 S. Cucamonga Avenue, a Class A ±211,000-square-foot speculative industrial warehouse in Ontario, Calif. At completion, the project will feature 40-foot clear height and ±5,000 square feet of two-story office space. Alere also acquired two existing Orange County industrial assets in separate transactions. The acquisitions collectively add ±167,000 square feet to Alere’s well-established portfolio, which includes over 30 million square feet of high-quality Southern California industrial space valued at over $5.5 billion. Alere’s latest ground-up development, 1656 S. Cucamonga Avenue will feature 23 dock-high doors, two ground-level doors and extra trailer parking. The 9.3-acre project is located near the Ontario International Airport and provides efficient access to major Southern California transportation routes, in addition to FedEx, UPS and the BNSF Intermodal Rail Yard. The project’s slab pour occurs this month with wall tilt-up scheduled for July 2021. Completion is estimated in Q3 2021. 1062 McGaw Avenue is a 5.2-acre industrial property in Irvine that was formerly owned and occupied by Ricoh USA. Alere has commenced a redevelopment plan for the site with project completion scheduled for 2023. The new facility will be ±120,000 square feet with 36-foot clear height. Project completion is scheduled for 2023. The project is located within the Greater Airport Area submarket, adjacent to the northbound 55 freeway offering prime visibility. 14422 Astronautics Drive is a Class A ±47,000-square-foot warehouse in Huntington Beach. The property is easily accessible to the I-405 and CA-22 freeways, John Wayne Airport and the Ports of Los Angeles and Long Beach, making it a strong “last mile” location. The property features 26-foot clear height, a secured fenced yard and three ground-level doors.

Contact: Nicole Deermount, 949-274-3855

05/28/2021 Company News


C.W. Driver Companies

C.W. Driver Companies, a premier builder that celebrated its 100-year anniversary in 2019, today commenced ground up construction on Solis Park School, a new K-8 school in Irvine Unified School District (IUSD). Located within District 5 of the Great Park Neighborhoods, Solis Park School will serve approximately 1,000 students in the new community of Rise, as well as future communities located within the Heritage Fields development near the Great Park. The project will be completed in time to open for the 2022-2023 school year. Spanning seven buildings and 103,000 square feet, Solis Park School will feature a full court gymnasium, an admin building, a multipurpose room, labs, classrooms, a commissary and a parking lot. A permanent childcare facility will also be incorporated for faculty and staff. The new project is one of many IUSD schools built by C.W. Driver Companies, including two Great Park Neighborhoods schools, Portola High School and Cadence Elementary School, among others. “A long-term partner of IUSD, with a shared commitment to excellence, C.W. Driver Companies is honored to help introduce a new K-8 school in the Great Park Neighborhoods to support the area’s growing community of students, families and educators,” said Tom Jones, project executive, C.W. Driver Companies. “Featuring modern technology, flexible education spaces and myriad collaboration and learning areas, Solis Park School will support IUSD’s mission to make a meaningful difference in the lives of students through high-quality education.”

Contact: Angelyssa Granillo, 909-576-1758

05/27/2021 Company News

Dermody Properties Leases 16,913 Square Feet in Northern California

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to announce the partial lease of LogistiCenter at Rohnert Park to a popular beverage company. Construction was recently completed, and the customer will occupy 16,913 square feet of the 69,550-square-foot building, which will serve as its North Bay distribution facility. “LogistiCenter at Rohnert Park is a rare opportunity for customers to lease new construction in California’s North Bay, especially as industrial vacancy rates in the region remain historically low,” said George Condon, West Region Partner for Dermody Properties. “Additionally, its central location in Sonoma County provides access to a strong workforce.” Trevor Buck of Cushman & Wakefield represented Dermody Properties in this transaction. There are 52,637 square feet remaining available for lease within the building. Located at 201 Business Park Dr., the property provides direct access to and site visibility from Highway 101. Less than 30 miles from San Rafael, the building features eight dock-high doors, three grade-level doors, a 24-foot clear height and an ESFR fire protection system. The property also features ample parking as well as yard space that can be converted to additional parking. The SMART train line is just one mile away. LogistiCenter, a nationally trademarked brand owned and developed by Dermody Properties, represents the company’s business philosophy of developing Class-A distribution and logistics facilities that meet the supply-chain requirements of the most innovative companies. For more information on LogistiCenter at Rohnert Park, visit our website.

Contact: Sara Robbins, 775-858-8080

05/20/2021 Deal

Weber Rector Commercial Real Estate Services, Inc. facilitates one of the world’s largest satellite and telecom companies to expand and consolidate its US operations in Prince William County.

Weber Rector Commercial Real Estate Services, Inc.

WR began working with SES Americom in 2017, leasing them a 33,000+ SF facility. When their desire to expand in Prince William County became apparent and lease negotiations halted, a pivot was made to focus on purchasing a building. The 43,200 SF 2-story office building on 4.96 acres zoned M-1; Heavy Industrial located at 8050 Piney Branch Ln. sold on April 30, 2021 for $5,900,000 ($136.57/SF). This deal was aided by incentives provided by PWC Economic Development for the additional jobs SES' expansion will bring to the county.

Contact: Coleman Rector, 703-330-1224

05/18/2021 Company News

Dermody Properties Hires Barbara Hazlett as Investment Manager

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to welcome Barbara Hazlett as Investment Manager in the company’s Midwest region. Based in the Chicago office, Hazlett will support Neal Driscoll, Midwest Region Partner, in all acquisition, development, leasing, marketing and property management efforts in the region. “Barbara brings with her more than two decades of experience in real estate planning, project management and operations,” said Driscoll. “In addition, she is an active member of the Chicago community, working with organizations such as the Girl & Boy Scouts of America, Feed My Starving Children and the Greater Chicago Food Depository. She also serves as a mentor to young women to help them develop their careers. She embodies the core values of Dermody Properties and we are thrilled to have her as a part of the team.” Prior to joining Dermody Properties, Hazlett held the position of Director of Market Operations for Cushman & Wakefield Chicago, the company’s global headquarters. In this capacity, she managed the operational functions and implementation of business strategies, overseeing operations, finance, employee relations and facilities. She was also responsible for aligning Cushman & Wakefield’s considerable resources to ensure client satisfaction and overall profitability. She served in a number of roles in her 25-plus years with the company before being promoted to Director of Market Operations. “I personally appreciate Dermody Properties’ customer-centric approach and commitment to the communities in which they do business,” said Hazlett. “I am pleased to be joining such a well-respected team of some of the nation’s top logistics, e-commerce and industrial real estate experts.” Hazlett holds a Master of Business Administration from the University of Phoenix.

Contact: Sara Robbins, 775-858-8080

05/14/2021 Company News


MVE + Partners

MVE + Partners (MVE), a leading architecture, planning, interiors and urban design firm, today announced the completion of One Museum Square, a 296,000-square-foot luxury high-rise apartment community in the heart of Los Angeles. Designed for developer J.H. Snyder Company, the 21-story community is comprised of 285 residential apartment units, a large open-air activity patio with dining and lounge seating, a residence lounge that opens up to a patio, flexible workspaces, a precision fitness center, a rooftop pool and jacuzzi and more. One Museum Square is now open and accepting tours by appointment. Located at 640 S. Curson Ave., the apartment community is walkable to a variety of five-star artisanal eateries, upscale boutiques and galleries, and countless entertainment options and is uniquely positioned at the gateway of the region’s historic museum row, home to LACMA, The La Brea Tarpits, Page Museum and Petersen Automotive Museum, among others. Designed to attract business professionals seeking luxury apartment living, the community offers a variety of custom-built home features, curated finishes and opulent amenities that emulate an all-inclusive retreat. Key features include a sky lounge offering panoramic views from the coastline to the Los Angeles Mountains complete with firepits, a sports bar with TVs, multiple BBQs, and kegerator and a rooftop pool featuring cabanas and chaise lounge chairs. “It is a very unique opportunity in that One Museum Square is sitting perpendicular to the axis of the La Brea Tar Pits, which is like the Central Park of Los Angeles,” said Carl McLarand, chairman and CEO at MVE. “By its very nature it will be iconic. There are a number of unique features in this building like the predominance of glass and the views that are unlike any other.”

Contact: Angelyssa Granillo, 909-576-1758

05/05/2021 Company News

Dermody Properties Acquires a 90,725-Square-Foot Industrial Building in the Bay Area

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to announce that it has acquired 14490 Catalina Street, a 90,725-square-foot manufacturing facility situated on 4.49 acres of land. Formerly a bakery manufacturing facility, the current tenant of the property will vacate upon its lease expiration in July 2021 at which point Dermody Properties will complete substantial interior and exterior improvements. Jason Ovadia, Mark Detmer, Ryan Sitov, Eddie Shuai, Patrick Metzger and Andie Fezell of JLL presented the opportunity to Dermody Properties. Dermody Properties has also engaged JLL to market the property for lease. The property is located in the Bay Area’s core industrial East Bay market with immediate access to Interstate 880, and it is less than a one-hour drive from the Port of Oakland as well as the Oakland, San Francisco and San Jose airports. With more than 7.7 million people in the Bay Area, customers will have access to multiple affluent population bases. According to CBRE, the East Bay industrial market totaled more than 2.3 million square feet of absorption in 2020, more than doubling the net absorption of 2019. At the end of Q1 2021, the East Bay market has posted more than 1 million square feet of positive net absorption with a consistently low vacancy rate of 2.8%. The increase in warehouse demand is driven by a global shift in the e-commerce industry from the quality of goods to the speed of delivery supported by last-mile logistics.

Contact: Ciara Cihak, 702-283-0447

05/04/2021 Company News

C.W. Driver Companies Breaks Ground on Modular Transitional Housing Community in Los Angeles

C.W. Driver Companies

C.W. Driver Companies, a premier builder serving California since 1919, today announced the groundbreaking of a 60,000-square-foot affordable, transitional housing community in Los Angeles. Hope on Hyde Park is a five-story residential community located on a .49-acre site along the Crenshaw Corridor – a low-rise commercial passageway in the Crenshaw neighborhood. Constructed from locally fabricated modular building units and comprised of 98 steel modular units, the community is designed to be a modern and affordable transitional housing solution for the chronically homeless that provides full wrap around services. Hope on Hyde Park is anticipated for Summer 2022 completion. With the goal to create a community that provides residents with privacy and safety as well as a deepened sense of community, Hope on Hyde Park will be constructed around a central courtyard, feature outdoor community space, and provide access to the new K Line, an 8.5-mile light rail that connects the Crenshaw district to Leimert Park, the City of Inglewood and the Los Angeles International Airport. The community will include onsite parking for social services staff, bike storage for residents, residential and support services, and ground-floor retail featuring floor-to-ceiling glazing along the amenity spaces. Hope on Hyde Park aims to engage the local community and create more movement along the pedestrian-friendly corridor. “We’re honored to partner with Aedis Real Estate Group to bring to life their vision for an innovative, affordable and modular transitional housing community in the heart of South Los Angeles,” said John Kately, project executive at C.W. Driver Companies. “Designed to provide residents with onsite support services and a true sense of community, we’re proud to help realize a residential community that will help support the local homeless population and provide the foundation and support needed for these individuals to get back on their feet.”

Contact: Angelyssa Granillo, 909-576-1758

Jones Lang LaSalle Trammell Crow Company