EBS and Penwood Real Estate Investment Management, LLC, through its fifth value-added investment vehicle Penwood Select Industrial Partners V, L.P., partnered on their 10th joint venture in December 2019 to entitle and develop four “Class A” buildings between 52,000 and 121,000 SF on the corner of S. Grove Avenue and E. Francis St. The project required two Phases due to a lease on the existing “Class B” manufacturing building at 1945 S. Grove Avenue.
Phase 1 comprised of three buildings. Building 2 (52,494 SF) and Building 3 (59,229 SF) were sold to a user at completion in June 2022. EBS leased Building 1 (120,651 SF) to San Bernardino County at completion in June 2022 and subsequently sold the asset to an investor in November 2022. In Phase 2, Building 4 (117,380 SF) sold at completion on June 1, 2023 to an institutional investor GLP Capital Partners.
Sincere thanks to our project team including Phil Lombardo and Andrew Starnes of Cushman & Wakefield, Fullmer Construction, HPA Architects, and Thienes Engineering, Inc. for their contributions to another successful project.