A chunk of one of L.A. County’s largest, if not the largest, tract of entitled land is being prepped to eventually become a vast new industrial complex in the southernmost part of the Santa Clarita Valley. Trammell Crow Co. of Dallas, a subsidiary of CBRE Group Inc. in Los Angeles, and Clarion Partners of New York are preparing their recently purchased 54 acres within the Center at Needham Ranch. The ranch sits within 132 acres entitled for the development of more than 4 million square feet of industrial space. John Balestra, senior vice president with Trammell Crowe’s Southern California – Los Angeles business unit, said the company is closing inactive oil wells and removing pipelines and related structures so site work can start in about four weeks. He said the project, valued at more than $150 million including the cost of the land, will help fix a local overabundance of housing versus jobs. “This creates opportunity for employment for residents of Santa Clarita rather than commuting to Los Angeles,” Balestra explained. It’s taken 15 years to get to this point, Balestra said – through a lengthy entitlement process, six years of litigation, and finally, the Great Recession. The site sits a mile away from the 5 and 405 freeways and fronts the Sierra Highway. The developers will build a new main road to the highway. Seven industrial buildings totaling nearly 870,000 square feet will range in size from 34,300 square feet to 210,600 square feet. They feature ceilings with 30- to 36-foot clear heights, high-density fire sprinklers, dock-high loading and large truck courts and yard areas. The center is about a 30-minute drive from Los Angeles and its 4 million people – integral to attracting logistics and distribution companies, Balestra said, two of the developers’ target industries for tenants. It’s also pursuing biotechnology, biomedical, advanced manufacturing, media and entertainment companies – all of which are represented in the region. “This is not just boxes for warehouses and logistics activity,” Balestra added. “This is more about a diverse business environment with a lot of really powerful, rapidly growing economic sectors.” Craig Peters and Doug Sonderegger of CBRE are leasing the property. Phase 2 plans include build-to-suit sites for industrial, office and research and development facilities up to 400,000 square feet. Balestra said the joint venture is “intending to develop the balance of the project” once the first phase is completed before the end of 2018. Opportunities for Women Real estate development has burgeoning career prospects for women, and the USC Price School of Public Policy is trying to get them started during their time at school. The university wants to leverage its network of female graduates from its 30-year-old graduate program in real estate development and convince them to hire student interns from its newer, two-year-old undergraduate program, also focused on real estate development. To do that, the school recently held a networking lunch with panel sessions in Los Angeles featuring some of the top women in real estate development. “We’re trying to widen the scope of real estate firms that will take on internships,” said Sonia Savoulian, associate director for programs in real estate at the Price School. Savoulian has found that alumni in the field hire graduates of the master’s degree program but rarely from the undergraduate program. Internships are critical because they often lead to permanent positions. Currently, out of the 300 students enrolled in the two programs, one-third are women – the largest concentration of women studying real estate in the country. She suspects the popularity stems from the unique courses the program offers – on finance, urban planning and architecture – which teach about the skills integral to designing communities. “Women want to have an impact on place, and real estate is the way they want to do that,” Savoulian said. Affordable Housing Expert Agoura Hills developer Amcal Multi-Housing Inc. said it has hired Sara Dabbs as senior project manager to the affordable housing team. Dabbs will supervise several projects to completion and help drive the companies’ expansion of affordable housing projects into other western states. Staff Reporter Carol Lawrence can be reached at (818) 316-3123 or [email protected].
