Chicago's Kensington Buys Stater Facility

Barbara Emmons of the Glendale office of CBRE tells GlobeSt.com that Kensington acquired the property, which is at 1898 Marigold in Redlands Commerce Center, from Robert Pattillo Properties of Atlanta. Emmons was part of a CBRE team that brokered the deal that also included Darla Longo, David Consani and Jim Koenig, all from CBRE's Ontario office. Pattillo Properties was the developer of the building, which is part of the 260 acre master planned Redlands Commerce Center that is under development near the I-10 Freeway between Mountain View and California streets. The building is 100% leased to the Stater Bros. privately held grocery company.

Seller Robert Pattillo Properties is a privately held real estate development and investment firm specializing in speculative buildings for regional and national distribution centers. Buyer Kensington, in addition to acting as an investment advisor to institutional and corporate owners, is the co-owner of multifamily specialist Kensington/Marquette Partners LLC, MMF Senior Housing Investors LLC, and iCap Realty Investors LLC, its mortgage placement and structured finance division. The $11.6-million sale follows the $36-million sale in November of a 983,986-sf warehouse at Redlands Commerce Center to USAA Real Estate Co. of San Antonio, TX by Sares-Regis Group. Emmons and Longo also represented the seller in that transaction, along with CBRE's Gary Stache and Pat Scruggs of the firm's Newport Beach office. The facility occupies a 46-acre site and was a build-to-suit for Salton Inc. of Lake Forest, IL. Salton, a national consumer appliance retail and online distributor, signed a 10-year lease and took occupancy of the facility in July.