Posts Tagged ‘David Hager Los Angeles’

David Hager Los Angeles Sells Distribution Facility

November 30, 2009

NEWPORT BEACH, Calif., September 22, 2004 – Hager Pacific Properties announced today that it has sold the former Heilig Meyer distribution facility in Hesperia, California for $16 million. In addition, the company just acquired the 173,000 square foot freezer and food processing facility at 1065 East Walnut in Carson, California. The Hesperia facility was sold to a private investor and the refrigerated warehouse in Carson was purchased from the Union Ice Company.
The Carson refrigerated facility, located on 8 acres, has approximately 145,000 square feet of freezer, dry storage and food processing area with approximately 28,000 square feet of office space. The property is 100% leased on a long-term basis to Western Star Transportation, a national refrigerated hauler and KT’s Kitchen, Inc., a national food processor  specializing in salad dressings and frozen pizzas.

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About David J. Hager

February 11, 2009

David Hager is a managing partner of Hager Pacific Properties, which is based out of Los Angeles, California. He has been involved in acquiring and disposing of properties including commercial, industrial, and retail ever since 1980.

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HPP (Hager Pacific Properties) is a real estate investment company managing almost one hundred properties in the United States. HPP specializes in acquiring and rehabilitating properties.

David Hager Los Angeles and Sterling Group Acquire Gateway Industrial Center, Detroit

December 20, 2005

Newport Beach, CA and Detroit – Dec. 20, 2005 – Hager Pacific Properties, one of the largest privately owned real estate investment firms in CA, announced today the acquisition of the 1.2 million-square-foot Gateway Industrial Center. The seven building project is located on 69 acres at the intersection of the Southfield and I-96 freeways in Detroit and was purchased for more than $13 million, all cash. Hager Pacific and its partner in Detroit, Sterling Group, saw immediate value in the property with its roster of national tenants, despite an initial property vacancy of nearly 50 percent. Current tenants include Technicolor Videocassettes, Cast North American Trucking, a division of Canadian Railroad and Detroit Newspapers, a joint venture of the Detroit Free Press and The Detroit News and VLS, a vendor supplying services to automotive manufacturers worldwide.

Currently investing $300 to $400 million toward industrial real estate in major metropolitan markets nationwide, Hager Pacific completed the underwriting process in just 21 days. The company owns properties throughout Southern California, with their portfolio approaching $1 billion in assets. Sterling Group, a well-known and respected Detroit property owner, will provide local property management and has also purchased a position in the transaction.

“We are very pleased to be able to enter a new market with a clear demonstration of our ability to act quickly and perform,” commented Robert Neal, executive vice president of Hager Pacific Properties. “We believe that Detroit has been overlooked by much of the investment community because of the recent issues with the automotive industry and are confident that this area will experience additional growth as the domestic auto business rebounds.” He added, “Since acquiring the property and securing VLS as a tenant, we have already posted a 25 percent increase in net operating income.”

Gateway Industrial Center matches Hager Pacific’s acquisition criteria, which focuses on acquiring under-utilized properties in competitive markets. The company plans on renovating the property, completing the property lease-up and placing permanent financing on the property once stabilized. William Bubniak and Paul DeBono of Detroit-based NAI Farbman represented both the Buyer and the Seller.

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David Hager Los Angeles Sells 175,000 Square Foot Cooler

October 13, 2005

Newport Beach and Carson, CA – October 13, 2005 – Hager Pacific Properties, one of the largest privately owned real estate investment firms in Southern California, announced today the sale of 1065 East Walnut, a Class-A, 177,465-squarefoot cooler/freezer industrial facility, located in Carson, CA. The property was sold to HB & Sons of Mission Hills, CA for more than $20 million.

Hager Pacific Properties invested approximately $1 million during a 12 month renovation program to bring the property back to a Class-A status. In close proximity to the 91 and 710 freeways, the industrial facility includes 96,494 square feet of freezer/cooler space, a 28,315-square-foot FDA-compliant food processing plant, 30,000 square feet of office space and 22,656 square feet of high bay warehouse.

The most critical aspect of the rehabilitation of the property was improving the refrigeration system to ensure reliable cooling. The refrigeration control system was completely replaced providing for remote monitoring and control of the physical plant. This also allowed for energy management resulting in savings in excess of 40 percent
on utility billings or approximately $200,000 in annual electricity savings. “This property was an ideal candidate for redevelopment in an area that is experiencing substantial growth,” commented Robert J. Neal, executive vice president of Hager Pacific Properties. “Not only did we bring reliability of refrigeration to our tenants, we also were able to bring substantial savings to their bottom lines through better energy management”.

Other upgrades to the property included component repairs and replacements throughout the refrigeration system, a new roof, renewal of the building’s exterior surfaces, landscaping, rehabilitation of the parking areas, and remodeling of the main lobby.

Located in Carson, 1065 East Walnut provides critical freezer and cooler capacity within proximity to the thriving ports of Long Beach and Los Angeles. Due to the constrained supply of this type of facility, the outstanding demographics of the Southern California market, and the premiere location of this property, Hager Pacific saw a rare opportunity during the original acquisition of the building. Michael Ross and Fred Cordova of Colliers Seely represented both the seller and the buyer in the transaction.

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David Hager Los Angeles Acquires Stater Bros. Campus

August 24, 2005

Newport Beach, CA – August 24, 2005 – Hager Pacific Properties, one of the largest privately owned real estate investment firms in Southern California, announced today the acquisition of the Stater Bros. corporate headquarters and campus, located in Colton, CA, for approximately $30 million all cash. The complex totals more than 800,000 square feet of improvements and is located at 21700 Barton Road, 280 De Berry Street, and 375 De Berry Street, in close proximity to the 215, 60, and 91 freeways, with visibility from the 215 freeway.

The entire property encompasses 50 acres and contains six buildings, including 245,000 square feet of freezer/cooler space. The Stater Bros. campus also features 500,000 square feet of high bay warehouse distribution space and 55,000 square feet of office space.

The property is leased to Stater Bros. through 2008, when Stater Bros. is planning to move to its new headquarters currently under construction at the former Norton Air Force Base. At that time, Hager Pacific Properties plans to redevelop the campus, providing a variety of building options for sale or for lease, as well as offering several vacant parcels of land for sale and/or build to suit. These options should prove attractive to companies looking for a prime location with freeway access and visibility.

“This location is ideally situated for future redevelopment in the rapidly growing Inland Empire East Market,” commented Robert Neal, executive vice president of Hager Pacific Properties. “The market is mature enough that older, renovated buildings will be welcomed as a low-cost alternative to newly constructed properties.”

He added, “The type of building product found on the Stater Bros. campus is extremely costly to build – particularly the freezer and cooler facilities – which make the property even more attractive to companies looking to capitalize on the tremendous growth this area has experienced in recent years.”

The corporate campus is located in the growing Inland Empire east submarket that includes the cities of Rialto, Colton, San Bernardino, Moreno Valley, Perris, and Riverside, and has recently emerged as an important component to the region’s job growth.

The area has continued to grow around the City of Colton, located between the cities of San Bernardino and Riverside, reflecting a wider variety of housing and business opportunities. Colton is also one of the few municipalities to have its own public utilities company, providing electric, water, and wastewater service to property owners within the city. Chuck Belden and Barry Gail of Cushman & Wakefield, and Janine Padia of JP Realty Services represented the buyer and seller.

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David Hager Los Angeles Buys Building and Land in Orange, CA

July 2, 2004

Los Angeles – based Hager Pacific Properties announced today that it has purchased a 76,500 square foot industrial facility with additional land located on an oversized 7-acre parcel from Parker-Hannifin Corporation for approximately $6.5 million. The property is located at 341 W. Collins Avenue in the City of Orange, California (adjacent to Anaheim). Allen Buchanan of Lee & Associates represented the Buyer and Ben Seybold and Zach Niles of CB Richard Ellis represented the Seller.

The property is 100% leased to Metal Technology Solutions, Inc. (MTS). MTS entered into a 10 year lease with Hager Pacific Properties upon the close of escrow. Total Lease consideration for the 10-year term is approximately $5.8 million. MTS has been a leader in the design and manufacturing of precision-orientated metal components and assemblies for over 80 years.

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Hager Pacific Buys Property in City of Ontario

June 10, 2004

Hager Pacific Properties (www.hagerpacific.com) has purchased a 272,448 square foot
industrial facility on an 11.70 acre parcel from USAA Real Estate Equities Reit, a Texas
real estate investment trust, for approximately $12 million. Chuck Gardner of Daum
Commercial represented the Buyer and Arthur Holland and Hans Mumper of USAA
Realty Company represented the Seller.

Located at 1291 S. Vintage Avenue in Ontario, California, the property is 100% leased to
A&R Transport Packing and Distribution Services, Inc., an Illinois corporation.

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Hager Pacific Buys Property in City of Orange

May 14, 2003

Hager Pacific Properties has purchased a 50,000 square foot
industrial facility on a 3 acre parcel from David Wilson, the owner of Toyota of Orange,
for approximately $3 million. Allan Buchanan of Lee and Associates represented the
Buyer and Casey Griffin of Trammell Crow represented the Seller.
Located at 533 W. Collins Avenue in Orange, California, the property is 100% leased to
M2 Automotive and Andy Gump Temporary Construction Services.

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Hager Pacific Acquires Baldwin Hills Crenshaw Plaza

March 31, 2003

Hager Pacific Properties, through two of its related entities, completed the acquisition of the 850,000 sq. ft., 42.8 acres, BALDWIN HILLS CRENSHAW PLAZA MALL, located at the intersection of Crenshaw and Martin Luther King Boulevards in Los Angeles, California, from PAN PACIFIC RETAIL PROPERTIES, INC. for approximately $68,000,000.

As part of the transaction, a related entity of Hager Pacific Properties sold to Pan Pacific the 231,000 sq. ft. Del Norte Plaza Shopping Center in Escondido, California for $33,000,000. Mr. Reza Etedali with Reza Investment Group, a retail division of Sperry Van Ness in Newport Beach, represented all parties in both transactions (www.gowithreza.com).

The Baldwin Hills Crenshaw Plaza Mall is one of the largest enclosed regional shopping malls in Los Angeles. It is home to the first ever three story Wal-Mart store in the country. The Wal-Mart store opened in January 2003 to record sales of approximately 40% above expectations, which put this urban location among the top Wal-Mart stores nationwide. This location is a non-traditional store for Wal-Mart because instead of building its own store, Wal-Mart retrofitted an existing location (a former Broadway department store which had been vacant for nearly four years) because of the attractiveness of the central location of the Mall. Since the opening of Wal-Mart the majority of the tenants in the Mall have been reporting significant increases in sales volume.

The Baldwin Hills Crenshaw Plaza Mall is also home to the 15 screen Magic Johnson Theater, which opened in 1995, Robinsons-May, Sears and Albertson’s stores. In addition, there are over 100 specialty stores including such nationwide chains as TJ Maxx, Walden Books, Hollywood Video, Radio Shack, Footlocker, Kay Bee Toys, The Wherehouse, Payless Shoes, Lane Bryant, Lerner Stores, Forever 21, Bath & Body Works, See’s Candy, Footaction USA and a Disney store. The mall also has a large food court to serve a wide variety of tastes with such large restaurant chains as McDonald’s, Taco Bell, Subway, Panda Express, Sizzler and Fatburger. In addition, Home Town Buffet is scheduled to open a restaurant at the mall later this year.

The Baldwin Hills Crenshaw Plaza Mall also serves as community center for the Baldwin Hills area. It is home to the annual Pan African Film and Arts Festival (which draws over 100,000 people each year) and the Martin Luther King, Jr. Parade as well as other community events. In addition, there is a Museum of African American Art located on the third level of the Robinsons-May store and the African Marketplace Boutique on the second mall level. As an added convenience to the community the mall has a post office, gas company payment center, Army Recruiting Center, LAPD substation and a MTA service center.

When completed in 1988, the Baldwin Hills Crenshaw Plaza Mall was the first project undertaken by the Los Angeles Community Redevelopment Agency (LACRA). In 1995 the LACRA participated in adding the first Magic Johnson Theaters in the nation to the mall. As part of the acquisition, Hager Pacific Properties assumed the existing $30,000,000 Industrial Revenue Bonds financing originally funded via the LACRA. Due to the success of the redevelopment of the mall, the LACRA is now working on three additional redevelopment projects within the Crenshaw area including the $123 Million Marlton Square Project located immediately west of the Mall.

HAGER PACIFIC PROPERTIES with offices in Los Angeles, Encino and Newport Beach, is headed by veteran real estate entrepreneurs, David Hager, Adam Milstein and Robert Neal. Among their related entities, they own and manage approximately 8 million square feet of industrial and commercial property and about 3,000 apartment units throughout Southern California. They invest heavily in Southern California because they believe in the region’s future and take their acquisition of Baldwin Hills Crenshaw Plaza Mall as a serious commitment to the community.

Hager, Milstein and Neal recently completed the purchase of several large industrial buildings, including the 488,817 sq. ft. previous Heilig Meyer warehouse and distribution facility in Hesperia, California. During the last several years, they have been on a state wide acquisition campaign at the rate of approx. one million sq. ft. annually and fully expect to continue buying at that pace.

Hager Pacific Properties has awarded the management of the Baldwin Hills Crenshaw Plaza Mall to The Festival Companies of Los Angeles. The Festival Companies, headed by veteran real estate developers, Mark and Rosalind Schurgin, have built a solid reputation for innovation and quality in the retail and commercial real estate business and have handled such local centers as the Thousand Oaks Promenade, Westchester Village, Buena Park Mall and the El Monte Town Center.

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Hager Pacific North Orange County Acquisition Spree

August 23, 2002

Brea, California—August 23, 2002—Hager Pacific Properties has purchased another large
industrial facility in North Orange County. With their recent acquisition of the CRC Rim
facility in Brea, Hager has purchased more than 750,000 square feet of industrial property
in North Orange County alone over the last 12 months. The property, which closed
escrow on June 1, is a 356,000 square foot manufacturing/warehouse building located at
1225 W. Imperial Highway in the City of Brea, approximately 1mile west of the Orange
(57) Freeway.

“With this purchase, we continue on target to reach our annual goal of 1 million square
feet of industrial property acquisition in the Los Angeles and Orange County markets”
noted Robert Neal, Executive V.P. of Hager Pacific.

Gary Stache and Bob Goodmanson of CB Richard Ellis represented both the Buyer and
the Seller, CRC Rim, Inc., in this $10.3 million sales transaction. Upon the purchase by
Hager, CRC Rim, Inc. entered into a 10-year leaseback of the property with lease
consideration totaling $12.7 million.

Hager Pacific Properties, a real estate investment firm, has offices in Los Angeles, Encino
and Newport Beach, California. It owns and manages over 6 million square feet of
commercial and industrial property plus 2,700 apartment units in Southern California.
Robert Neal in the firms’ Newport Beach office and his partner in the Encino office,
Adam Milstein, are actively seeking properties priced between $3 million and $40 million.

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