Canyon Country · Newhall · Saugus · Valencia · Stevenson Ranch · Castaic · Agua Dulce
Santa Clarita Valley Business Journal Santa Clarita’s Only Business Publication
www.scvbj.com
$4.50 · Volume 8 · Number 2
june 2016
Special Report Stories Inside this Edition New Frontier: It’s a new frontier via the nation’s biggest cash, and still largely underground, industry. Regulation: Q&A with Lori Ajax, appointed as California’s first chief of the state’s Bureau of Medical Marijuana. Banking: Banks are stuck in the middle whereby marijuana is illegal in the eyes of the federal government but legal in many states. How local banks and the state’s tax board deal with the conflict. Grow Houses: The upside and the downside in L.A. County when commercial marijuana growers want to lease industrial warehouse space to serve as grow houses. Revenue: A brief look at how large the industry is estimated to be from a revenue standpoint. DEA: The Drug Enforcement Administration is looking at whether to reclassify marijuana. Hemp: Not all marijuana crops are “bad” – hemp is a product that had been outlawed by the state years ago, but it’s now legal and being used for cosmetics to clothing. Ballot: Brief outline of the Adult Use of Marijuana Act. If there are sufficient qualified registered voters who signed the initiative, recreational use of marijuana may become legal in November’s election.
SPECIAL REPORT:
Marijuana Industry Page 5
■ iStock image
Ground Breaks on Valley’s Master- Two Grocery-Anchored Retail Planned Industrial Project Centers Sell Within a Month
■ From left to right: Jean Rho, Nate Munson, Craig Smith, Matt Haydis, all of AEW Capital Management, Scott Sheridan, and Bob Ebbert, of Sheridan Ebbert Real Estate Development break ground at the forthcoming Gateway 5 industrial center in Valencia on Tuesday. Photo by Katharine Lotze.
■ Vons anchors the Bouquet Center in Saugus. It was the second retail center sold within a month. Courtesy photo
By SCVBJ Staff
By Jana Adkins
Ground broke on Santa Clarita Valley’s newest industrial and office development project, long referred to as Gateway V, by Los Angeles-based AEW Capital Management and Sheridan Ebbert Development of
Sylmar on a 13-acre site in Valencia in May. The new ownership group, MCA Gateway V LLC, purchased the four lots from Gateway V LLC in April of this year. The development is part of the largest master-planned industrial project and center See GROUND, page 6
SCVBJ Editor
B
oth the Bouquet Center in Saugus, anchored by Vons grocery, and the Stevenson Ranch Plaza anchored by Ralphs were sold by the Hanley Investment Group within the space of one month. While terms of the deal on the Bouquet Center were not disclosed, ROIC - Retail Opportunity Investments Corp. – purchased the center in a 1031 exchange. The investment group pursues stabilized groceryanchored shopping centers and also handles their own rentals. Bold, dark blue lease signs went up at the shopping center almost as soon as escrow closed.
The Stevenson Ranch Plaza sold for $72.5 million. Ed Hanley and Kevin Fryman of Hanley Investment Group Real Estate Advisors represented both the buyer and the seller, a Los Angeles-based private investor, in the Stevenson Ranch transaction. It is 97 percent occupied and was purchased by a self-managed Real Estate Investment Trust, InvenTrust Properties Corp. The Bouquet Center is 95 percent occupied and was completely renovated in 2007 at a cost of $7 million. It was built in 1985. The Stevenson Ranch Plaza, sitting on 19 acres, was built in 1997. “Both centers were well-performing, grocery-anchored centers in the Los Angeles See GROCERY, page 9
Prstd Std U.S. POSTAGE PAID Santa Clarita, CA Permit No. 34