May 15, 2019
Dallas-based Xebec Realty acquired a 10-acre site and plans to develop a 234,330-square-foot “last-mile” logistics hub at 8201 Sorensen Ave. in Santa Fe Springs, CA. The developer envisions starting construction soon on a state-of-the-art facility on one of the last vacant pieces of land in this centrally-located industrial market.
Colliers International’s Christopher Sheehan and Scott Heaton negotiated the $13-million sale, and will be handling marketing of the project. The selling family had owned the acreage for more than 60 years. The site faced environmental issues, which Xebec has experience successfully managing.
“Xebec figured it out and was able to close escrow, work through all the regulatory agencies and the city, and expects to significantly exceed its underwriting guidelines not only through its experience in dealing with environmentally challenged sites, but also by riding the wave of increased demand that has resulted in upward pressure on industrial urban-infill rents,” said Heaton.
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