SOURCE: Xebec

Xebec

February 29, 2016 17:14 ET

Xebec and Cohen Asset Management, in Partnership With Oaktree and the VZB, Announce the Development of a $44 Million, 302,000 Square Foot State-of-the-Art Industrial Building in Vernon, California

LOS ANGELES, CA--(Marketwired - February 29, 2016) - Xebec, Cohen Asset Management, funds managed by Oaktree Capital Management, L.P. ("Oaktree") and the pension fund of the Berlin dentists ("VZB"), are pleased to announce the development of 3200 Fruitland Ave., a 302,000 square foot state-of-the-art industrial building located in Vernon, CA. 

The 14.5 acre site was acquired in February 2016. The site is currently going through the construction permitting process and has been preleased to a Company that recycles post-consumer polyethylene terephthalate ("PET") plastic water and soda bottles to manufacture PET packaging products. The building will have state-of-the-art features that include a 36-foot clear height, ESFR sprinkler system and 32 dock doors. 

"The size and location of the property near Downtown Los Angeles, as well as having a tenant in tow, made this a compelling opportunity," stated Randy Kendrick, CEO of Xebec.

3200 Fruitland Ave. is strategically located in the prime Central Los Angeles submarket, one of the tightest industrial submarkets in Southern California with a reported overall vacancy rate of 2%. Both Bradley Cohen and Randy Kendrick, the principals of Cohen and Xebec, agree that "this site is currently one of the premier infill opportunities in Los Angeles and are pleased to have acquired the site." The site is ideally located with excellent freeway access to the Interstate 5, 10, 110 and 710. 

For more information about this and other projects currently under development, please visit www.XebecRealty.com/Projects or follow us on Twitter @XebecRealty.

About Xebec:

Xebec is a private, vertically integrated real estate firm that focuses on the acquisition, development and management of warehouse and distribution facilities located in top tier logistics markets in the western U.S. with major port and intermodal infrastructure. The genesis of Xebec dates back to 1986, with a focus on infill industrial development in the highly competitive central market of Los Angeles. In 1996, Randy Kendrick and John Lehr formed Xebec and have since built the firm into one of the top industrial developers in Southern California. These principals provide long term and stable management with more than 60 years of combined experience in acquisition, development, finance and asset management. Learn more about Xebec at www.XebecRealty.com

About Cohen Asset Management™:

Cohen Asset Management, Inc. is a private real estate investment firm that is headquartered in Southern California with a regional office in Northern New Jersey. We are in the business of acquiring, owning, developing and managing industrial properties and have an established history as a real estate owner and active operator with our primary focus being the industrial real estate sector. For additional information, please visit Cohen Asset Management, Inc.'s website at www.cohenasset.com

About Oaktree:

Oaktree is a leader among global investment managers specializing in alternative investments, with $97 billion in assets under management as of December 31, 2015. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree's website at www.oaktreecapital.com

About VZB:

The "Versorgungswerk der Zahnaerztekammer Berlin kdoeR (VZB)" is the pension fund of the Berlin dentist, located in Berlin, Germany. The VZB manages EUR1.4 billion for the 8,000 members. For additional information, please visit VZB's Website www.VZBerlin.org

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