PRG’s predecessor company, Pacifica Capital Group, acquired, transacted and/or developed approximately 2 million square feet of commercial real estate in Southern California. During the late 1990’s, Pacifica began acquiring and developing a portfolio of industrial and office properties in Southern California. Pacifica sold its industrial portfolio to First Industrial Realty Trust (NYSE: FR), which marked its entry into the Southern California market. In the fourth quarter of 2005, Pacifica sold the remainder of its office and industrial portfolio in Southern California.
Paso Robles, CA
This master-planned business park is located in one of the most desirable areas in the Central Coast region of California. The property encompasses 22 acres and benefits from its proximity directly across the street from the wine production campus of Justin Winery and the North American headquarters of IQMS (owned by Dassault Systems).
PRG acquired the land in 2021. The business park offers a variety of sizes of buildings and will cater to various industries, including wine, industrial services, and high-tech manufacturing.
Rancho Dominguez, CA
Laurel Park Commerce is a first class business park located in the heart of the South Bay submarket of Los Angeles. It caters to a diverse base of tenants ranging from biotech, manufacturing, and industrial services.
PRG acquired the distressed property in 2011 via a short-sale transaction with the seller and lender at an approximate 50% discount to the outstanding loan balance. The execution of our property improvement and lease-up plan was completed ahead of schedule.
PRG sold the business park in 2019 at a price that reflected the highest price per square foot at the time for a comparable business park in the South Bay submarket of Los Angeles.