For Downtown Los Angeles – Industrial properties. Lease, Sale and Combined space taken.
All posts by singlemalt
23 Acre Industrial Site Sold
The Los Angeles Unified School District has agreed to pay $50 million to settle an eminent domain dispute with Meruelo Maddux Properties over 23 acres of land in Cypress Park which is located north of Downtown Los Angeles. The site is commonly referred to as Taylor Yard. Meruelo Maddux originally purchased the site for $31.8 million, snatching it from the claws of the LAUSD.
Here is another example of the misdirected LAUSD board removing more industrial zoned land from the city. They should take residential properties for schools not industrial as industrial properties create the sorely needed jobs for L.A. denizens, especially the lower classes that live in Cypress Park.
Major Bakery Closing Locations – Reducing Food Processing Footprint
Interstate Bakeries Corp., the maker of the iconic Wonder Bread and other baked goods, said Tuesday it will no longer make or sell bread in Southern Califonia, closing its bakeries in San Diego, Los Angeles, Pomona and Glendale.
The San Diego bakery employs about 80 workers and makes buns and rolls under the Millwood brand. Interstate also said it will close 17 distribution centers and 19 outlet stores, including five locations in San Diego County. In total, some 1,300 workers will be affected throughout Southern California. The company plans to deliver bread products until Oct. 20. Other brands affected include Home Pride Bread, Baker’s Inn and Roman Meal.
IBC, which also makes Ding Dongs and Twinkies, said it plans to continue selling its line of Hostess and Dolly Madison snack cakes in the area.
The closing of the company’s bread operations in Southern California comes as IBC continues to struggle to improve its business, which has been hurt by declining sales and higher costs. The Kansas City company filed for bankruptcy in 2004. For the fiscal year ended June 2, IBC reported a net loss of $128.5 million on sales of $2.92 billion.
Craig Jung, chief executive of IBC, said the decision was difficult but necessary as the Southern California bread business continued to be a drag on the company. Among the competitive pressures, he said, were the growth of low-cost, non-union rivals as well as changing consumers demands. Compounding the problem, Jung added, was the high cost of doing business in California including what he called the “excessive” workers’ compensation insurance costs and a confrontational relationship with one of the company’s main unions.
Vernon Parcel Tax Increase
The Vernon City Council passed a resolution to increase the Special Parcel Tax rate from $.20 to $.22 per square foot of land. Expect annual increases of two cents. It applied to properties containing non-refrigerated warehouse uses, truck and freight terminal uses and other distribution uses.
Recession Amid Economic Growth?
Are we in a recession? Maybe, maybe not. The U.S. economy is expanding and is likely to show a 2% annual growth rate this Thursday. Picture taken from today’s WSJ article.