Dave Wald, founder and president of Wald Realty Advisors, says the new project will be called Heritage Crossing Industrial Park Phase I and will include seven buildings to be developed by Proficiency. The property is at the northeast corner of Telegraph Road and Santa Fe Springs Boulevard, in an area of significant oil and gas production operations.

Wald says his firm worked with BreitBurn Land Co. over the past 24 months to remediate surface hydrocarbon contamination of the development site. Once the clean-up phase was complete, the companies obtained entitlements for the property to allow for large-scale industrial development. This is the second such project that Wald and BreitBurn have completed in the past three years.

Industrial real estate experts and economic development officials have been saying for a number of years that Los Angeles County lacks land for development of industrial buildings, one reason that much of the industrial development in recent years has occurred in outlying areas like the Inland Empire. Wald pointed out that the Santa Fe Springs site represents one of the few available infill sites in the area, which was once known solely for oil wells, refineries and related operations but now includes industrial parks as well.

Wald Realty Advisors, established in 1990, provides real estate advisory services including investment analysis, entitlements, due diligence, valuation, acquisition, disposition, leasing, development, active asset and construction management, litigation support and receivership.

BreitBurn Land Co. LLC is a wholly owned subsidiary of BreitBurn Energy Co. LLC and owns approximately 127 acres of undeveloped land in the Los Angeles area.