By Press Release
Founders First CDC introduces its new Job Creators Quest Grant to support underrepresented entrepreneurs in the Inland Empire area
Q&A with Shaylon Scott, Executive Director of Founders First CDC
Q: Talk about Founders First CDC non-profit and why it’s so important?
A: Founders First CDC is a non-profit based in the San Diego area, but we’ve been expanding nationwide. We empower diverse founders who want to grow their company through our stellar business growth accelerator programs that combine executive education, coaching, access to partner resources, pitch events and potential funding. By building recurring revenues, tech-enablement, and essential solution focus, Founders First serves as a catalyst for positive change to entrepreneurs of color, female and veteran founders to become leading employers in their communities.
Q: Who does your nonprofit serve?
A: We’re a platform that focuses on working with diverse founders of small businesses that are looking to grow. So we’re not focusing on people starting new businesses, but we want to see established businesses grow and expand to where they can provide premium wage jobs to employees. We focus on the critical growth stages after a company has launched, helping founders scale and build sustainable companies that can reach $1M, $5M or $10M+ in revenue.
Q: You are giving away 10 grants. Tell us more about that.
A: A total of $30,000 will be awarded across ten local businesses in Southern California. The companies must have revenues between $100,000 and $3 Million, between 2 and 20 employees and the founder must be Black, Indigenous, a Person of Color, LGBTQIA+, Military Veteran, Woman or located in a low to moderate income area. We want those businesses to have sustained their operations despite the pandemic and have the ability to create 1 to 2 net new employees and premium wage jobs within the next 12 months. They also should be willing to learn because we’re pairing this with our accelerator program. So education and funds. You can’t beat that.
Q: Why is this so important?
A: Many founders end up working more in their business than on their business. We want to help give them resources to grow, becoming premium wage job creators within their community. Investing in diverse founders is an impactful way to drive job and wealth creation in underserved communities. The Job Creators Quest Grant is more than a dollar amount, it’s a celebration of their success.
Q: Have any community partners helped make this happen?
A: Funding for this program was facilitated by a $1 million grant from the Rockefeller Foundation, in conjunction with Founders First Capital Partners’ recent $9 million Series A financing. Additional support is being provided by Union Bank, Pacific Western Bank, Inland Empire Regional Chamber of Commerce, Small Business Majority and Inland Empire Black Chamber of Commerce.
Q: How can they apply?
A: Go to foundersfirstcdc.org and you’ll be able to find out everything about the grants and our accelerator programs.
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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