Archive for the ‘Business’ Category

Somersville Pet Supply to celebrate 1st anniversary Saturday, Sept. 21

Tuesday, September 17th, 2019

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San Francisco company buys Antioch industrial buildings as part of large property portfolio purchase

Tuesday, September 17th, 2019

The industrial buildings on Wilbur Avenue and Wilbur Lane in Antioch purchased by the Stockbridge Capital Group.

“For retailers to meet the increasing consumer demand for faster shipping times”

San Francisco-based Stockbridge Capital Group has purchased a 6,350,000-square-foot, Class A industrial property portfolio from Westcore Properties for an undisclosed sum. It includes the 665,775-square-foot, two-building Antioch Distribution Center, located at 2200-2300 Wilbur Avenue and 2110-2300 Wilbur Lane, with both buildings being fully leased.

The acquisition is part of a trend toward institutional ownership of properties that are pivotal for retailers to meet the increasing consumer demand for faster shipping times.

“It is no secret that e-commerce continues to enhance the attractiveness of high-quality and well-located warehouse and distribution properties,’’ said Nicole Stagnaro, Head of Opportunistic & Platform Transactions at Stockbridge. “We’re excited about this portfolio because the properties are located in markets with above-average population growth, a propensity toward e-commerce buying and selling, lower overall vacancy rates and higher overall rent growth.’’

Stockbridge Chief Financial Officer Kristin Renaudin also noted a novel feature of the deal: nearly all of the senior executives on the buyer’s side – representing investors, lenders, lawyers and property managers – are women. “It’s certainly the first time we’ve seen this,’’ Renaudin said. “You don’t often see multiple senior women involved in industrial deals, so this was particularly unusual, and a hopeful sign for women executives.’’

“We were pleased with the completion of this portfolio transaction to Stockbridge, which we strategically assembled over the past several years in primarily off-market transactions, at a notable gain for our shareholders,” said Westcore Properties’ chairman Marc Brutten.

With 26 assets across nine markets in five states, the portfolio is nearly 100% leased, despite many of the properties being vacant at the time of Westcore’s purchase. Westcore acquired all of the properties in the portfolio since September of 2016 and renovated nearly all of them. The buildings’ tenants are primarily big-box and last-mile users.

“This sale demonstrates our business strategy,” said Don Ankeny, president and CEO of Westcore Properties. “We’re careful to select value-add properties where we can make a difference and return a premier asset to a thriving industrial market.”

To see the entire list of properties included in the purchase, click here.

On September 11, 2017, Westcore Properties acquired the Antioch Distribution Center, for $32.4 million. Westcore purchased the manufacturing/distribution project from the Covington Group, based in Dallas, Texas. Covington Group was represented by Steve Hermann, Scott Bertrand and Brooks Pedder of Cushman & Wakefield in the transaction. Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in Western United States commercial and industrial properties. Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added, and opportunistic strategies. Stockbridge and its affiliates have approximately $14.6 billion of assets under management (as of June 30, 2019) spanning all major real estate property types, and certain specialty property types, throughout the United States.

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What’s going in over on Lone Tree Way by Highway 4 (bypass)? It’s a new, small shopping center

Friday, September 13th, 2019

The Shops at Lone Tree Village site map. From Tekin & Associates.

By Allen Payton

People have been asking what’s going in where the new construction is occurring on Lone Tree Way and Jeffery Way right next to Highway 4 (the bypass). So, here’s the answer: it’s a small shopping center known as The Shops at Lone Tree Village. It’s in Brentwood, because everything east of Heidorn Ranch Road and South of Lone Tree Way is. (The street and everything on the north side up to Empire Road is in Antioch). Plans for the center include a Chase bank branch, a 24-Hour Fitness, a 7-11 and a Taco Bell, so far.

It’s being developed by Tekin & Associates, based in Frisco, Texas and is scheduled to be completed in April 2020.

They also own the 5.89-acre property at the corner of Somersville Road and Buchanan Road in Antioch, which is currently zoned residential commercial but the City wants to rezone to commercial, and is available for lease. If interested contact Mark Tekin at (925) 409-8950.

Site map of commercial development location at the corner of Somersville Road at Buchanan Road in Antioch. From Tekin & Associates.

 

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Financial Planning for Senior Living and Long-Term Care at TreVista Antioch Tuesday, Sept. 24

Friday, September 13th, 2019

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Antioch JC Penney store at Slatten Ranch appoints new general manager

Thursday, September 12th, 2019

Kayla Jennings new GM for Antioch JC Penney store. Photo by JCP.

PLANO, Texas – JCPenney has named Kayla Jennings general manager of its Orchard at Slatten Ranch store, which went into effect September 1. Jennings has been with JCPenney for more than three years and brings a wealth of retail knowledge to her position at the highest level of store leadership.

“I am thrilled to continue serving JCPenney, leading an extraordinary team of dedicated associates who are passionate about delivering great products and exceptional service to our customers,” said Jennings. “I look forward to continue serving the Antioch community and ensuring every customer’s shopping experience at JCPenney is worth their time, money and effort.”

Jennings is originally from Martinez, California, and began her career working at a Sephora inside JCPenney. She is married with three children and enjoys spending her free time with her family.

JCPenney first opened its doors at Orchard at Slatten Ranch in 2008 and has been committed to serving the needs of local customers ever since. JCPenney began in 1902 as the Golden Rule store in Kemmerer, Wyoming, and has employed some of the retail industry’s most innovative and passionate store leaders throughout its 117-year history.

About JCPenney:

  1. C. Penney Company, Inc. (NYSE: JCP), one of the nation’s largest apparel and home retailers, combines an expansive footprint of over 850 stores across the United States and Puerto Rico with a powerful e-commerce site, jcp.com, to deliver style and value for all hard-working American families. At every touchpoint, customers will discover stylish merchandise at incredible value from an extensive portfolio of private, exclusive and national brands. Reinforcing this shopping experience is the customer service and warrior spirit of approximately 95,000 associates across the globe, all driving toward the Company’s mission to help customers find what they love for less time, money and effort. For additional information, please visit jcp.com.
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Antioch Council approves fourth cannabis business in city, first to include growing, manufacturing

Tuesday, September 10th, 2019

The marijuana grow operation at Rio Vista Farms owned by the same owners of Contra Costa Farms LLC. Photo from Rio Vista Farms Facebook page.

Approve operating agreement process for cannabis businesses already approved

By Allen Payton

During their meeting on Tuesday night, Sept. 10, 2019, the Antioch City Council voted 4-1 to approve the land use and zoning for the Contra Costa Farms, LLC Cannabis Business for a 9-acre cultivation, manufacturing, dispensary and delivery compound on Wilbur Avenue in the northeast part of the city. It’s the fourth marijuana business in Antioch, and the first in the eastern Cannabis Business Overlay District. Councilwoman Lori Ogorchock was the only one to vote against the business. (See related article)

“It’s a pure land use entitlement, this evening,” said Community Development Director Forrest Ebbs.

The applicant had 10 minutes for their presentation, since the agenda item was a public hearing.

Our goal is to build a significant company, here in Antioch,” said Martin Wesley, one of the owners of the business. His brother and father are the other owners, according to staff at their Rio Vista Farms location. Contra Costa Farms LLC presentation ACC 09-19

A significant amount of good paying jobs…and tax dollars for the city,” he said.

They also want it to be a positive experience for the community.

Wesley said their Rio Vista Farms operation is generating $12 million a year in sales “in a matter of 15 months”.

“Security is first. Our priority is to have 24-hour armed security,” he stated and said there would be three armed guards, 24 hours a day, although the agreement with the city only requires one armed guard, 24 hours a day and two armed guards during business hours.

“Our pricing strategy is against the black market,” he added.

Dr. Jeffrey Klingler was the first member of the public to speak against the proposed business and was also given 10 minutes as the primary opponent.

“I’m here, again because you’re here, again. No doubt it will be approved again. Look at all that money. I have a civic responsibility to try to balance the equation…of how good cannabis is.”

“There is a cost side to this, not just a benefit,” he said. “These products are not just benign.”

He referred to the Centers for Disease Control reports.

“Smoking weed is still smoking,” Klingler stated. “You smoke marijuana for the psychoactive result. Recreational marijuana, the purpose of which is to get high.”

“Marijuana products today, have a much higher THC content. These are powerful chemicals. They belong in the hands of medical professionals,” he continued.

“It’s the gates, cameras, guards and guns” that make the neighborhood around the cannabis dispensary safer.

“This country has spent untold billions of dollars on smoking cessation programs, a legal product,” Klingler pointed out. “We’re still working at. I suspect, the same thing will happen with marijuana products.”

People in the audience then started yelling.

Mayor Sean Wright had to let them know he had 10 minutes to speak, to quiet them down.

“People will scratch their head and say, ‘what were they thinking?’” he concluded.

Pointing at the applicant, the next speaker said, “He said there would be three armed guards, 24 hours a day. That’s not true. Rewind the tape. That’s not what the agreement says. They’re going to charge $65 for two hits. I can go around the corner and get it for $20. So, you guys are not going to make any money.

How many people have died recently from vape pens? Five people have died,” he shared.

“I’m actually speaking for it. My name is Andy Perry,” said the next speaker. “It is a cannabis dispensary. There are only certain cannizones, only certain number of businesses that can go in.”

“I don’t smoke,” she continued. “I am totally into health and nutrition and the veterans’ side of it.”

“I do have arthritis and CBD is awesome. The community is driven there who have a lot of pain. You have to be 21. You get ID’d there. You don’t get ID’d at every corner 7-11. You can buy alcohol anywhere at any corner store. A kid can pay someone to buy it for them. Think about the health benefits and people who don’t smoke,” she concluded.

The council members then took up the item.

Mayor Pro Tem Joy Motts then asked the applicant regarding the projected 269 jobs.

“Will it be prevailing wage jobs?”

“Initially the employees are paid $15 per hour then after 90 days are paid $20 per hour and are included in the company health plan that I’m on,” he responded.

“It is true their application was deemed complete before the amendment to the ordinance,” City Attorney Smith said. “But all three previous approvals were required to get a development agreement (prior to granting a certificate of occupancy). I recommend city council amend that part of this agreement, here. Otherwise that would allow them to be up and running and then negotiate with the city.”

Thorpe then attempted to make his and the council’s approval appear passive and outside of their control.

“I met with the folks from Rio Vista. It’s the only dispensary I ever visited, so I have no questions,” Thorpe said. “In developing the cannabis policy, we had some extensive meetings to allow the public to give input. Our actions are about land use.”

“It has nothing to do with our feelings about cannabis overall. Councilwoman Ogorchock made some good points last time, there are too many. Whether you agree with what the voters of California approved or not, it’s about zoning. We have to be fair to all applicants.”

However, it was Thorpe and the council majority who approved the city’s Cannabis Business Overlay Districts in 2018 and the statewide initiative, Prop. 64, left it up to city councils or supervisors to decide what they will allow inside their cities or counties.

The council then approved a process for adopting operating agreements instead of development agreements with the four cannabis businesses already approved by the council, including the one approved Tuesday night.

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Rivertown Peddler’s Faire Saturday, Sept. 21

Tuesday, September 10th, 2019

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Antioch Council to consider fourth marijuana business, including growing and manufacturing; hiring “Unhoused” Resident Coordinator

Friday, September 6th, 2019

Contra Costa Farms proposed site map.

Coordinator will earn $50 to $60 per hour up to $120,000 per year

By Allen Payton

At their meeting on Tuesday, Sept. 10th, the Antioch City Council will consider approving a fourth marijuana business in the city. The Contra Costa Farms LLC plans include “cultivation, manufacturing, distribution, and a dispensary with delivery” at 3400 Wilbur Avenue, according to the city staff report. Contra Costa Farms ACC 09-19

In total, the business proposes to build four, two-story buildings for a total of 211,800 square feet of space. The largest part of the business will be the indoor growing operation. They plan to use up to 13 vehicles for delivery and will also sell vape pens, rolling papers, pipes and grinders.

In their presentation, which can be viewed, in the staff report, Contra Costa Farms claims they will make “Real Contributions to City of Antioch First Responders: 0.5% of Gross Sales pledged to the City of Antioch’s First Responders which will grow to ~$1,000,000 per year” and “0.5% of Gross Sales pledged to Antioch Public Schools which will grow to ~$1,000,000 per year.”

Unhoused Resident Coordinator

In addition, the council will consider creating and filling the position of a part-time Unhoused Resident Coordinator, using the council’s new term for homeless people in Antioch, at $50 to $60 per hour with a cost not to exceed $120,000 per year. Unhoused Resident Coordinator ACC091019

To view the entire council meeting agenda, click here.

During reconstruction of the council chambers, the council meetings are currently held at the Antioch Community Center in Prewett Park, 4703 Lone Tree Way, beginning at 7:00 p.m. or it can be viewed livestream on the City’s website at https://www.antiochca.gov/.

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