By Press Release
Bank of America Invests $750,000 to Cheech Marin Center for Chicano Art
The company’s largest grant ever awarded in the region will shape The Cheech
For more information, visit www.thecheechcenter.org
Riverside, Calif. (December 17, 2019) – The Cheech Marin Center for Chicano Art, Culture & Industry of the Riverside Art Museum has received a $750,000 philanthropic investment from Bank of America. This comes as museum fundraising for the campaign is nearing its winter deadline. The grant is the bank’s single largest award to an organization in the Inland Empire.
Nicknamed “The Cheech”, the museum will be one of the first dedicated to Chicano art, featuring approximately 700 paintings, drawings, sculptures and other works Mr. Marin has collected over 30 years. The collection is considered the largest private collection focused on Chicano art. It will be housed in a refurbished 61,420-square foot building next door to the historic Mission Inn that opened as the Riverside Public Library in 1964. Bank of America’s contribution brings the total amount raised to date to nearly $14 million.
Bank of America SVP, Market President, Inland Empire, Al Arguello presents Cheech Marin with the monumental $750,000 gift to The Cheech.
“I am very grateful to Bank of America for its commitment and for seeing the promise of The Cheech,” says comedian, actor and collector Cheech Marin. “This significant leadership gift from a major corporation known worldwide signals how much this Center is needed not only regionally, but nationally and internationally.”
“The Cheech is estimated to generate over $20 million annually for the region, which is another demonstration of the power of the arts in helping our local economy thrive, while educating and enriching our community,” said Al Arguello, Bank of America, Senior Vice President, Market President, Inland Empire. “This philanthropic capital investment is aimed to spur capital campaigns to attract the remaining funds needed to make Riverside the next world class arts destination.”
In addition to the Bank of America grant, The Cheech continues to draw the interest from individual donors across Southern California. Since June 2018, nearly 500 individuals and 43 organizations have invested in the project and/or various Cheech fundraiser events.
Cheech expresses his gratitude to Bank of America and all of the funders that helped The Cheech reach its fundraising goal.
Bank of America is a leading corporate supporter of the arts. Among its many programs is the Art in our Communities® program, through which local museums and nonprofit galleries can borrow complete exhibitions at no cost from the bank, including several Latino shows such as the recent “Luces y Sombras,” helping them increase traffic and revenue. Bank of America has also supported the restoration and conservation of dozens of art works by Latino artists through the Bank of America Art Conservation Project.
The city of Riverside will go out to bid for renovation contractors this winter, with project renovations slated to begin Fall 2020 and an estimated opening date in Fall 2021.
“We look forward to The Cheech becoming a major addition to our arts and culture corridor in downtown Riverside,” Riverside Mayor Rusty Bailey said. “This world-class institution will give people yet another reason to come to the downtown of Inland Southern California while boosting the economic fortunes of our existing businesses.”
About the Riverside Art Museum
The Riverside Art Museum (RAM) integrates art into the lives of people in a way that engages, inspires, and builds community by providing high quality exhibits and art education programs that instill a lifelong love of the arts. RAM relies on the generosity of members and donors to support its exhibitions, education programs, and special events. A 60-plus-year-old, nonprofit cultural arts institution housed in a National Historic 1929 building designed by Hearst Castle and AIA Gold Medal-winning architect Julia Morgan, the museum welcomes over 50,000 visitors a year. The museum is open Tuesday-Saturday, 10 a.m. to 4 p.m. and Sunday, noon to 4 p.m. For information on exhibits, events, classes, memberships, or sponsorship opportunities, visit www.RiversideArtMuseum.org. For information about the proposed Cheech Marin Center for Chicano Art, Culture & Industry of the Riverside Art Museum, visit www.riversideartmuseum.org/cheech. To learn more about The Cheech and the collection, visit https://thecheechcenter.org.
About Cheech Marin
Cheech Marin is recognized today as a preeminent Chicano art advocate. In the mid-1980s, he began developing what is now arguably the finest private collection of Chicano art. In addition to artwork loans to numerous institutions, this notable collection has been featured in over a dozen exhibitions produced and shown at more than 50 museums in the U.S. and Europe to date, including the Smithsonian, LACMA, and the de Young Museum in San Francisco. Comprised of mostly paintings, followed by drawings, prints, and mixed-media artworks, then sculptures and photography, the collection will serve as the core of The Cheech Marin Center for Chicano Art, Culture & Industry of Riverside Art Museum. A long-term goal of The Cheech is to supplement and expand the collection with Chicano artists, media, and subject matter not currently included through acquisitions and donations from artists and their estates, art collectors and dealers, and institutions.
About Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).
San Francisco based Stockbridge acquires 100% leased assets in premier IE West location
Cushman & Wakefield’s EDSF also sources acquisition financing for transaction
Cushman & Wakefield announced the firm has arranged the sale of a core industrial portfolio totaling 540,478 square feet in Southern California’s premier Inland Empire West (IEW) submarket. The portfolio consists of two freestanding Class A buildings located a few miles apart at 3351 E Philadelphia St and 4450 E Lowell St in the city of Ontario. The buildings are 100% leased to prominent tenants in the distribution and retail industries.
San Francisco based Stockbridge acquired the two-property portfolio from Principal Asset ManagementSM a global financial and investment management firm. The portfolio sold for $142.25 million.
Jeff Chiate, Jeffrey Cole, Rick Ellison, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group—West represented the seller in the transaction. The firm’s Phil Lombardo, Chuck Belden and Andrew Starnes also provided leasing advisory.
Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Joseph Lieske, Max Schafer, and Becca Tse collaborated in sourcing acquisition financing for the transaction.
“Stockbridge has acquired an institutional-quality industrial portfolio with a phenomenal infill location combined with strong tenancy and premium distribution features and functionality. Both properties have maintained a historical occupancy of 100% for nearly a decade speaking to the tenant demand for industrial buildings of this quality and location,” said Jeff Chiate, Executive Vice Chair. “Additionally, with current rents below market rate, the buyer has a compelling mark-to market opportunity along with existing durable cash flow, providing a variety of value-add strategies.”
The properties offer convenient access to Southern California’s robust freeway network and other vital nodes of transit such as Ontario International Airport, the Los Angeles & Long Beach Ports, and LAX International Airport (60 miles). Access to a deep labor pool and robust consumer population also makes the region a superior industrial location.
According to Cushman & Wakefield’s latest industrial market report, the Inland Empire West submarket had a vacancy rate of 5.4% in Q1 2024, representing the tightest submarket in the broader Inland Empire market. Additionally, IEW achieved nearly 1 million square feet of positive net absorption (occupancy growth) in the first quarter of 2024.
Stater Bros. Charities, the philanthropic arm of Stater Bros. Markets, partnered with Reyes Coca-Cola Bottling again this year for their Give Back program during National Military Appreciation Month. The program ran for the entire month of May, during which Reyes Coca-Cola Bottling committed to donating $0.25 per eligible product purchased to the Bob Hope USO. Reyes Coca-Cola Bottling donated $15,000, and Stater Bros. Charities matched their donation for a total contribution of $30,000.
A check presentation occurred during a K-EARTH 101 radiothon benefiting the Bob Hope USO. The radiothon took place at the Bob Hope USO at LAX (Los Angeles International Airport) on June 29, 2023, where Stater Bros. Charities and Reyes Coca-Cola Bottling presented Bob Hope USO with a $30,000 check.
Bob Hope USO’s mission is to strengthen America’s military service members by keeping them connected to family, home and country, throughout their service to the nation. The Give Back program is a unique opportunity to show gratitude and support to the brave men and women who risk their lives for our freedoms and to care for their families while they are away from home on deployment.
“Stater Bros. Markets has a long history of supporting veterans, service members, and their families,” said Danielle Oehlman, Director, Stater Bros. Charities. “We are so pleased to partner with our friends at Reyes Coca-Cola Bottling and the USO to give back to those who have given so much for us.”
Lorin Stewart, President, USO West Region, said, “We are deeply grateful to Stater Bros. Charities and Reyes Coca-Cola Bottling for being sustaining partners of the USO. The Give Back program embodies the essence of the USO mission by enabling the community at large to come together to support and give thanks to our armed forces and their brave military families in an impactful way.”
Funds will support the Bob Hope USO and USO San Diego Center operations, including programs and services that strengthen the social, mental, physical, and emotional well-being of local military service members, their families, and their communities.
By Press Release
BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA
Cushman & Wakefield represents landlord in lease in SoCal’s Inland Empire
Cushman & Wakefield announced that BDK Logistics Intelligence, Inc. has signed a lease for an entire 114,190-square-foot industrial facility at 1161 Olympic Drive in Corona, California. Situated in Southern California’s renowned Inland Empire, the building is owned by Monterey Rancho Mirage, LLC, which was represented by Brett Lockwood and Rick Ellison of Cushman & Wakefield in the transaction.
“We are pleased to welcome BDK to the property as a quality industrial tenant that is expanding its presence in the market, which it also currently occupies multiple warehouse facilities,” said Director Brett Lockwood. “Our client was instrumental in helping this deal transact as there were many variables that needed to be navigated which led to this lease coming together quickly and successfully.”
1161 Olympic Drive is a quality freestanding building situated on ±4.8 acres and features 20 dock high loading doors. The property is conveniently located off Interstate 15 near the confluence of SR 91 and is proximate to the extensive freeway network traversing the entire Greater Los Angeles region and into other major markets in and out of state.
According to Cushman & Wakefield’s latest Q2-2023 quarterly report, the Inland Empire industrial market posted an overall vacancy of 3.4% and has recorded more than 2.7 million square feet of positive net absorption through the first half of 2023.
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