The property was acquired by Nearon Enterprises and its Southern California partner, Mark Ossola. The partnership will develop an eight building, light industrial park, with construction planned for the third quarter of this year.
The Fund, managed by Shamrock Capital Advisors, provides gap financing in the form of mezzanine debt and preferred equity to development projects located in low-to-moderate income neighborhoods of Los Angeles.
This site, near the intersection of Havenhurst and Saticoy, is immediately adjacent to both the Van Nuys Airport and the Marquardt property targeted for redevelopment. When completed, Nearon and Shamrock's Genesis LA Real Estate Fund will have turned blighted, vacant properties into income and job producing facilities.
The finished industrial park's buildings will vary in size from 30,000 to 60,000 sf, and will be leased for light manufacturing or other industrial uses. The total project cost is estimated at $23 million.
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