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Rancho Water Board to Consider Adopting Smaller Budget Amid COVID-19

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Temecula, CA 05/13/2020 – Rancho California Water District’s (Rancho Water/District) Board of Directors will meet Thursday, May 14, to consider approving a revised 2020-2021 budget. The proposed budget, for the fiscal year beginning on July 1, reduces revenues by $1.2 million from what the District originally projected, before the COVID-19 pandemic.

“The global pandemic is causing major economic impacts including here in the Temecula Valley where many people rely on tourism, agriculture and entertainment for their livelihood,” said General Manager Jeff Armstrong. In light of the crisis and its impact on Rancho Water customers, the District’s Board decided in March to delay any potential rate increases to January 2021 and to suspend water shutoffs and late payment penalty fees. This action would result in a $1.2 million dollar deficit to the budget, with potentially more budget impacts in the future.

To make up for that loss, the District is looking to cut $439,000 in spending mostly comprised of materials costs, support costs, and deferring operational projects. The District also heavily lobbied the Metropolitan Water District (MWD) to reduce the amount of their proposed rate increases on imported water. These efforts proved successful with MWD approving lower than previously proposed rate increases that further reduced operating expenses by $273,000 in the next fiscal year. Over half of Rancho Water’s budget goes to buying imported water from MWD. Lastly, the District proposes to use $488,000 in emergency cash reserves.

“The economic impacts from COVID-19 are unknown and difficult to project,” says Assistant General Manager and CFO Rick Aragon. “Since we don’t know the timing or extent of recovery, we are focused on monitoring our budget and responding in a thoughtful and practical manner.”

Rancho Water’s years of sound financial planning has positioned them to address these financial challenges with the least possible impacts to customers. “We’re continually looking for innovative ways to strengthen Rancho Water’s financial position and to operate as efficiently as possible,” said Armstrong. “Rancho Water’s Board and staff are committed to continuing that goal as we all deal with the effects of the COVID-19 crisis.”

Each year, Rancho Water Board of Directors approves a budget that lays out how the District plans to maintain and improve the water system on behalf of its customers. The Budget provides a framework for combining District goals, operating plans, and infrastructure projects into one comprehensive document. Once approved by the Board, the District continues to closely monitor projects, expenditures, and revenues throughout the year to ensure the integrity and quality of its operation.

The public is invited to virtually attend the District’s Board of Director’s meeting on Thursday, May 14, at 8:30 a.m. The meeting is streamed live on Rancho Water’s YouTube page. For more information, visit ranchowater.com.

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Stockbridge Acquires 540,478 SF Inland Empire Industrial Portfolio for $142MM

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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.

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Stater Bros. Charities and Reyes Coca-Cola Bottling Give Back to Military Families

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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.

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BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA

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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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