July 19, 2011
Is the economy in recovery mode? Seventh Street Development president Craig Furniss, with Seventh Street’s Janna Cowan and Michele Bancalari, thinks so—the company has sold a pair of industrial buildings to two local manufacturers. Yesterday, Craig told us manufacturing seems to be picking up and leading the economy, both nationally and in SoCal. “We always look for empirical evidence of that, and we’re seeing that in our portfolio.” At the 462k SF Mission-71 Business Park in Pomona, Eden Equipment Co, which makes specialized filtration products for things like commercial pools and desalination plants in Saudi Arabia, bought an 18.5k SF building. Lawrence Allen & Associates’ Larry Kliger repped Eden while CBRE’s Lynn Knox and Barbara Emmons repped Seventh Street.
Craig tells us the company is expanding into the building (above) from a 7,000 SF location elsewhere in Pomona. “There’s a manufacturer who has the confidence in this economy to move forward.” Mission-71 is being built in two phases and the first phase is complete—just one 38k SF building is left. Seventh Street is looking for commitments to launch phase two. In a separate deal, the company sold a 15.2k SF building at Waterman Business Center in San Bernardino to Technology Solutions & Services Inc. The company is a remanufacturer of LCD monitors and computers for Hewlett Packard—Craig says it repairs or rehabs computers for resale (but it only had to do the transaction once), providing a green solution. Ken Scott Real Estate’s Grace Machado repped TSSI. Craig says 55% of the 191k SF in the Waterman project is either spoken for or occupied. “We’re excited to see momentum returning to the markets.”
But that’s not all—Seventh Streetwill complete construction next
month on Huy Fong Foods’ new manufacturing plant. (We attended the groundbreaking last year.) The 650k SF facility is the largest building under construction right now in LA County and the largest single building ever constructed in Irwindale. Craig tells us they’ll soon start up the fountain, which may help to cool things down—the plant allows Huy Fong to increase its production of Sriracha Hot Chili Sauce tenfold. (The company currently sells 20 million bottles/year of the hot stuff.) By September, “They’re going to be bringing that building into production, crushing chilies.”
By: Julie Nakashima