Press Room

February 11, 2022 By Faughn Economy • Energy 0 Comments

CSUB in line for $83 million for energy innovation center in governor’s proposed budget

BAKERSFIELD, Calif. (KGET) – Gov. Gavin Newsom announced his new proposed 2022-23 budget Monday morning, and it contains a nice plum for Bakersfield – a plum that could be worth a third of a billion dollars.

What’s the purpose of this seeming windfall? Addressing climate change and the vulnerable Kern County economy. The Kern County oil industry has faced unprecedented challenges over the past two-plus years as Sacramento has worked toward ambitious climate change goals.The number and severity of recently imposed restrictions on petroleum extraction by the state make it clear where this is all headed. That of course prompts the question – where does that leave the Kern County economy, which relies so heavily on the oil industry? We got an important part of the answer Monday when Newsom – in revealing his proposed 2022-23 state budget – announced his intention to give $83 million to CSU Bakersfield to research new directions in energy development as the state reduces its use of fossil fuels. “$537 million will be going to the CSU [system] with the support of the legislature,” Newsom said. “[Of that] $304 million [is] ongoing, and then new dollars [would be coming] as part of the budget…. On- time money, including a Bakersfield innovation center. Bakersfield, in Kern County, [is] at the center of this transition to low carbon, green growth. (It’s a) remarkable CSU [campus]. …. $83 million investment there.”

CSUB President Lynnette Zelezny said the innovation center will help chart the energy future of the state – and the nation. “We are here in the epicenter of energy for the state, for the nation,” she said. “This the right place for that work to happen. So what we’ve proposed was actually a building that will be at the center of research and development for energy innovation. I really do appreciate his trust in moving this forward. He has also given us money for additional faculty that will come to be part of this research center.”

Fourty-four new faculty, to be exact, taking up residency in the California Energy Research center – 74,000 square feet on three levels, with 17 laboratory spaces, including a fabrication lab. No groundbreaking date has been set. The funding is not assured. The governor said higher education will play a crucial part of the state’s plan to address climate change. “We’re very mindful,” Newsom said, “that if we’re going to sprint in this transition we’ve got to support a thoughtful framework.”

The governor’s proposed budget would also add $250 million to help workers train for and find new jobs outside the oil extraction industries. Zelezny says she expects that several institutions of higher learning will participate in that aspect of the plan. All together, that’s a third of a billion dollars that’s being directed toward helping Kern County move away from something that’s been part of its economy and its culture for more than 125 years.

https://www.kget.com/news/local-news/csub-in-line-for-83-million-for-energy-innovation-center-in-governors-proposed-budget/

February 11, 2022 By Faughn Distribution • Workforce 0 Comments

Amazon to open ‘last mile’ warehouse in Fresno, bringing 550 jobs. Here’s what it will do

Online retail giant Amazon is expanding its sizable footprint in Fresno with plans to open a “last mile” warehouse in the eastern part of the city south of Fresno Yosemite International Airport. According to development plans and permit applications filed last year with the city, Seefried Industrial Properties is building a 183,000-square-foot warehouse that will serve as a delivery station – one final stop for packages before they are delivered to customers. The facility is reportedly expected to open in the second half of this year and will operate around the clock with as many as 550 employees.

The site covers about 43 acres at the southwest corner of Olive and Clovis avenues, near the former Sunnyside Drive-In movie theater. The old drive-in property is bounded on the south and west by the Amazon property, according to Fresno zoning maps. HIghway 180 runs along the south side of the Amazon site. Fresno City Councilmember Tyler Maxwell, whose Council District 4 included the site until newly redrawn districts took effect this year, confirmed to The Bee on Wednesday that the project was indeed being built for Amazon. From the time that the first development applications were filed almost a year ago, Maxwell said the nature of the project was kept “pretty hush hush” by both the developer and the city manager’s office.

“Trying to find out more information had been difficult,“ Maxwell said. “My staff had to dig to find out who was behind the fictitious business name, and of course it was Amazon.” In both development applications and in various building permit documents, the project has been described as a “warehouse and distribution facility” or “delivery station” amounting to about 161,000 square feet of warehouse space and about 22,000 square feet of offices and support space. “Delivery stations power the last mile of the tenant’s order fulfillment process and help speed up delivery for customers,” Seefried Industrial representatives stated in a permit application last year.

The developer noted that the site will have parking for more than 1,600 cars and vans, in addition to 12 trailer parking spaces. The building itself will include 17 loading-dock doors. Amazon opened a massive, 855,000-square-foot fulfillment center at the southern edge of Fresno in mid-2018, eventually ramping up its hiring to about 2,500 workers by last year. Since opening, construction has commenced on a nearby second large fulfillment center for Amazon, at 470,000 square feet, after the city of Fresno reached a settlement with residents who objected to the growing number of distribution centers in their south Fresno neighborhood. The company is also stepping up its partnerships with a cadre of “last mile” delivery partners – companies that contract with Amazon for delivery of packages to customers’ doors. The last-mile warehouses serve as an intermediate stop for packages between larger fulfillment centers and customers, providing a final sorting stop where drivers collect packages for delivery.

https://www.fresnobee.com/news/local/article258213443.html

February 11, 2022 By Faughn E-Commerce 0 Comments

MADERA COUNTY ECONOMIC FORECAST: ONLINE FULFILLMENT HAS ARRIVED

Madera County is preparing to join the e-commerce distribution revolution in the New Year. Industrial space has always been in short supply in Madera County, with much of the demand coming from value-added agricultural operations — food processing, container manufacturing, etc. But with two e-commerce operations in the works, Madera is preparing to join the ranks of Fresno and Visalia as fulfillment hubs in the Golden State.

That is welcome news for a county that is rapidly diversifying its traditional farm economy while also growing in ways not seen in other Central Valley locales. On both the commercial and residential sides, Madera County is primed for growth in 2022 despite challenges that include Covid-19, drought, clogged supply chains and more. “We are getting more activity and more views than ever in history,” said Bobby Kahn, executive director of the Madera County Economic Development Commission.

The first major e-commerce project in Madera County should be under construction by the middle of next year, Kahn said. Called “Project Sunset,” the distribution center would be located in a Chowchilla industrial park with access to Highway 99. Officials are still mum about which company will operate Project Sunset, which after two phases will consist of a 750,000-square-foot warehouse and 250 new jobs, Kahn said.

While Project Sunset is wrapping up its environmental review under the California Environmental Quality Act, a much more ambitious project in Madera County is just beginning the process. The proposed 3-million-square-foot Project Riverwood Fulfillment Center would be located on 122 acres near Avenue 7 and Highway 99, according to environmental review documents filed with the state. The facility would be five stories tall and house a 24-hour-a-day operation that would create up to 1,874 jobs.

The project is being developed by Seefried Industrial Properties, a well-known development partner for e-commerce clients that include Amazon. The tenant for Project Riverwood has not been revealed. The Madera County Planning Commission could begin hearings on the EIR as early as June 2022, according to published reports.

Kahn believes these projects represent an economic shift for the county that is being seen all across the US. According to new estimates from the US Census Bureau, Q3 retail e-commerce sales were $214.6 billion, up 6.6% from Q3 2020. By next year, analysts expect online retail sales to represent more than 15% of total retail sales. That figure was 5.3% a short ten years ago.

For Madera County, the addition of e-commerce fulfillment represents a change in the economic mix that was so dependent on agriculture — especially in the industrial space. “We are starting to see a pivot point with logistics companies, distribution centers, last-mile centers,” Kahn said.

The demand for industrial land remains strong in Madera County — a trend that was present well before Covid-19. In the last five years, industrial vacancies have hit below 1% in Madera County. Kahn estimates it is around 2% currently. “The industrial market in Madera County is as active and robust as I’ve ever seen it,” Kahn said.

Some investors smell an opportunity, especially when it comes to light industrial space. One such project is from WHSE Partners, which will break ground Nov. 30 on a 144,000 square-foot, light-industrial project a couple miles east of Highway 99 in Madera city limits.

The project is expected to be delivered by summer 2022 and will include 74 units of multi-tenant space with each unit just under 2,000 square feet. Kahn said possible tenants could include small-scale entrepreneurs and contractors that require a couple thousand square feet and a small yard. Multiple tenants mean healthier cash flow, which makes for a relatively safe investment, Kahn added.

The team behind WHSE Partners (it’s pronounced “warehouse”) includes Chief Operating Officer Erin Volpp and Founder and CEO Rob Boese. Boese also founded Fresno-based Boese Commercial in 2013. “WHSE Partners is excited to build and soon deliver a critical industrial component of Madera. The pro-business environment and central location of Madera make the city a dynamic partners in this project,” Boese said in a statement.

Another anticipated user of industrial as well as retail space is the budding cannabis market, which should makes its debut in the City of Madera next year. The Madera City Council is on the cusp of approving its cannabis-permitting ordinance, which would award up to six standard retail cannabis licenses and two social equity licenses, according to published reports.

In addition to retail, cultivation and warehousing for cannabis has site selectors kicking the tires on vacant spaces that have been on the market for some time, Kahn said. “It will add a whole other element to the economy,” Kahn said. Also in the vein of recreation, Madera County’s hotly anticipated casino by the North Fork Rancheria of Mono Indians is anticipated to break ground in Q1 of 2022, Kahn said.

The controversial project has been 18 years in the making, and has been litigated as far as the California Supreme Court. With an apparent green light, the long awaited groundbreaking near Highway 99 north of Madera can proceed, but in a modified way. Kahn said the project would likely be built in phases, with the first phase the construction of the casino to build cash flow, with a hotel and resort coming in a subsequent phase. All together it is expected to create 1,000 jobs. “It will have a definite impact on the local economy,” Kahn said.

Residential growth has also kept pace with industrial growth, with two major new cities — Tesoro Viejo and Riverstone — expected to add thousands of new households and surrounding, self-contained communities. Retail growth is also ongoing, with the revitalization of older shopping centers and vacant space — such as an old Mervyn’s location making way for the fast-growing Vallarta Supermarkets. Considering the hundreds of millions of dollars of investment taking root in Madera County, growth should be the name of the game for years to come.

https://thebusinessjournal.com/madera-county-economic-forecast-online-fulfillment-has-arrived/

February 11, 2022 By Faughn Energy • Renewable Energy 0 Comments

CIM Group’s Aquamarine, 250-megawatt Solar Photovoltaic Project at Westlands Solar Park, Set to Be Fully Operational by Fall 2021

LOS ANGELES–CIM Group announced today that its Aquamarine, 250-megawatt solar photovoltaic project, part of the first phase of its Westlands Solar Park (WSP), will be fully operational by fall 2021 and is on track to meet its contracted delivery of 50-megawatts of capacity to Valley Clean Energy Alliance. Valley Clean Energy Alliance, which executed a contract with WSP in early 2020, is a locally-governed electricity provider for the California cities of Davis, Woodland, Winters and unincorporated portions of Yolo County.

“We believe Westlands Solar Park is ideally positioned to be a leader in California’s program to reduce the state’s carbon footprint and meet its Renewable Portfolio Standards targets. With Aquamarine advancing to full operation before year-end, we are realizing our vision for Westlands Solar Park to become a major clean energy provider as well as meeting a significant commitment in our company’s ongoing sustainability program,” said Avi Shemesh, Co-Founder and Principal, CIM Group. “With Aquamarine, and the future phases of Westlands Solar Park, we also are bringing clean energy jobs to the region and generating revenue for the local government and area businesses.”

CIM Group recently marked a significant milestone for the Aquamarine project, closing on debt and tax equity financing. Deutsche Bank was the lead arranger of the debt financing. “Deutsche Bank is excited to support CIM Group in its construction and operation of this first phase of the Westlands Solar Park. This is an important step towards our institutions’ shared goal to invest in sustainable and socially responsible projects. We look forward to continue working alongside CIM as they develop WSP and other projects beneficial to the energy transition,” says Jeremy Eisman, Head of Infrastructure & Energy Financing for Deutsche Bank in the Americas.

WSP has the opportunity to contribute to economic development in Central Valley communities by diversifying the region beyond agriculture and creating over 400 clean energy jobs, for both construction and operations, under a union labor agreement governing the entire project. WSP is also poised to generate direct and indirect revenue such as local taxes, purchasing and ancillary spending. “Recently, we completed a new power purchase agreement with Silicon Valley Power which serves the City of Santa Clara. With the imminent completion of Aquamarine, we are in active discussions with numerous entities to supply the clean energy that is critical to meeting the short- and long-term goals for renewable energy – vital to improving communities,” noted Shemesh.

Aquamarine recently entered into a power purchase agreement (PPA) with the City of Santa Clara, CA (Silicon Valley Power) to sell renewable energy credits (REC) associated with 75 megawatts of capacity, joining other off-takers at WSP including Anaheim Public Utility, and is currently negotiating additional PPAs with other potential counterparties. Silicon Valley Power is the not-for-profit electric municipal utility of the City of Santa Clara.

WSP is one of the largest permitted solar parks in the world, with the capacity to grow to more than 2,700-megawatts (2.7 gigawatts) of renewable energy at full buildout and with the potential to provide clean energy to more than 1,200,000 homes. The master-planned energy park encompasses more than 20,000 acres in California’s San Joaquin Valley in western Fresno and Kings Counties and is designed to open in phases to meet the needs of public and private utilities and other energy consumers. WSP has a completed and certified programmatic environmental impact report for the entire project and WSP is one of the few renewable energy zones identified as a Competitive Renewable Energy Zone (CREZ) thru the Renewable Energy Transmission Initiative (RETI) process.

CIM Group actively looks for opportunities to apply sustainable principles across its real asset portfolios, and at WSP, CIM is repurposing selenium-contaminated and drainage impaired farmland for the development of clean energy. In addition, WSP seeks to improve air quality in the San Joaquin Valley as the solar park doesn’t generate fine particular pollution which is a major contributor to the area’s historic poor air quality. WSP has garnered strong support from environmental communities including the Sierra Club, NRDC, Defenders of Wildlife, and the Center for Biological Diversity. The goal of CIM’s clean energy projects is to provide solutions to multiple policy objectives for the state of California’s renewable energy mandate including greenhouse gas reduction and carbon free energy.

Since its inception in 1994, CIM has focused on investing in real estate and infrastructure projects located in or serving densely-populated communities throughout the Americas. WSP, located in a designated Opportunity Zone as defined under the 2017 Tax Cuts and Jobs Act, is an example of CIM’s commitment to investing in sustainable assets across communities as well as investing in Opportunity Zones. CIM is a UNPRI signatory and its infrastructure projects have been recognized for sustainability by the California Organized Investment Network (COIN), a division of the California Department of Insurance.

https://www.cimgroup.com/press-releases/cim-groups-aquamarine-250-megawatt-solar-photovoltaic-project-westlands-solar-park

January 3, 2022 By Amanda Chandler Renewable Energy 0 Comments

Idle biomass plant near Delano would reopen under carbon burial proposal

Kern’s ambitious list of carbon burial proposals has lengthened with the addition of an early-stage, relatively inexpensive plan for reusing an idle biomass plant near Delano to combust local ag waste then burying the byproduct gas while generating small amounts of electricity or hydrogen. A company based in Rancho Cordova that uses rocket technology to increase burn efficiency has initiated preliminary talks with Kern County government as it pursues a similar biomass plant-reuse project in Mendota under a new partnership with Microsoft and oil industry giants Chevron and Schlumberger.

The projects are not without skeptics who question claims the process is carbon negative and doubt the technology itself. Environmental groups have been critical of carbon capture and sequestration generally; they’re no more receptive to burning biomass and burying its byproduct carbon dioxide. If Clean Energy Systems’ project in Mendota lives up to its billing as a safe, financially viable, zero-emission solution for handling the Central Valley’s massive production of ag waste, the company’s proposal in northern Kern could join at least three other projects in the county that, though unrelated to biomass, all aim to address climate change by injecting CO2 deep underground.

CES has purchased the former 50-megawatt, 1,200-ton-per-day Covanta Delano LLP biomass plant that was shut down in 2015. That was after a large share of the state’s biomass power plants shut down several years ago in the face of competition from against other renewable energy producers. The loss of facilities that had taken in ag waste resulted in a glut of feedstock, leading many farmers to burn their woody waste openly. Regulations on such pollution have since tightened while mulching of shredded orchards and vineyards has become more common. Even so, some growers are finding customers for their biomass.

After CES initiated a conversation with officials in Kern, the county did a preliminary assessment that led it to inform the company in early 2020 it would have to perform a full environmental review and pay certain fees. Things have stopped there. “We are not actively processing any permit for any Clean Energy Systems project anywhere in unincorporated Kern County,” the county’s top energy-permitting official, Lorelei Oviatt, said by email. Environmental advocates who would prefer the project remain on hold have raised a number of concerns not unique to the CES proposal near Delano.

https://www.bakersfield.com/news/idle-biomass-plant-near-delano-would-reopen-under-carbon-burial-proposal/article_40b1cedc-54b1-11ec-bb81-9b8ecd1354ae.html

January 3, 2022 By Amanda Chandler Economy 0 Comments

KINGS COUNTY ECONOMIC FORECAST: A NEW ERA OF GROWTH

For Kings County, 2021 brought a significant economic rebound from the tumultuous 2020. According to Kings County Economic Overview report for 2021 produced by JobsEQ, over the year ending in the second quarter, employment increased 6.4% in the region. Average annual wages per worker in the county was $52,775 as of Q2, a 9.3% increase in the region over the preceding four quarters. Over the year, employment in Kings County expanded by 419 jobs. Mining, quarrying, and oil and gas extraction is projected to be the fastest growing sector in the region with a 2.7% year-over-year rate of growth. With the shock brought to the medical industry in the wake of the Covid-19 outbreak, it is no surprise that sector is expected to see the most growth in terms of sole job numbers.

It is forecast that over the next year, the number of jobs for health care and social assistance will grow by more than 209; more than 50 jobs for agriculture, forestry, fishing and hunting; and more than 37 jobs for accommodation and food services. Lance Lippincott, director of economic and workforce development for the Kings County Economic Development Corporation, said that commercial retail took the biggest hit from the pandemic, but that that larger industries such as ag are expected to continue with strong performance. Central Valley Meat Co. will expand its processing plant in Hanford by nearly 130 acres next year, expanding is processing capability from abut 1,500 cattle a day to about 4,500 a day. In phase 2 of the expansion, a new 103,000 square-foot processing facility will be added along with a 187,000 square-foot freezer. Lippincott said that one of the biggest economic boosts for the region in 2021 was new cannabis businesses, including the Deli by Caliva Dispensary in Hanford.

The industry is expected to keep growing with more dispensaries coming online in 2022. Though its had a long local history of “will they or wont they?,” smart car manufacture Faraday Future held a job fair early in November to gear up for production at its Hanford facility in 2022. The electric vehicle startup tech company is expected to bring more than 1,300 jobs to the city. On the manufacturing side, agricultural and specialty formulator and distributor Helena Agri-Enterprises will be building a facility in Lemoore’s industrial park. The state-of-the-art facility will cover over 130,000 square feet and have some retail space at the front. In the real estate neighborhood, Lippincott said the EDC is seeing larger projects requesting site selections that cover nearly 400 to 500 acres. “We are starting to see that movement up from Los Angeles and from the Bay Area to more inexpensive land in the Central Valley,” Lippincott said. Lippincott said that several residential housing projects have been approved in the county for up to 1,000 homes.

A shrinking inventory of available spaces for both commercial and industrial sectors is a positive sign for business, Lippincott said. Though Kings County does have a cost of living that is almost 7% higher than the nation’s average, it is still cheaper than many other regions in California. “This area is incredibly affordable on the U.S. average, and in the upcoming year, that’s going to channel a lot of growth to us and the Central Valley as a whole,” Lippincott said.

At the Kings County Chamber of Commerce, President and CEO Benjamin Kahikina said some of the biggest projects for 2022 are in development and housing growth, especially in regard to affordable housing sustainability. With the residential growth projected for the upcoming year, Kahikina said he expects new businesses to follow. Kings County is trying to annex land for a project that would extend the boundaries of Kettleman City.

Kahikina said that the chamber is in contact with people who are interested in developing businesses, but aren’t familiar with the process. Chamber officials are trying to convince more businesses to open up a brick-and-mortar store to revitalize downtowns such as Lemoore’s. There will be an effort to connect with newer and younger entrepreneurs that may be operating out of their home. “We are excited to bring everything we have learned from the pandemic in 2020, and going into 2021, and to bring that in to 2022 and offer new resources and start connecting with younger audiences as well.”

https://thebusinessjournal.com/kings-county-economic-forecast-a-new-era-of-growth/

January 3, 2022 By Amanda Chandler Manufacturing 0 Comments

New Patterson sustainable high-tech building company begins hiring; 250 jobs coming

A sustainable building company finishing its “MegaFactory” in Patterson has started hiring. Palo Alto-based S²A Modular announced plans for its new manufacturing plant in Patterson earlier this year. Construction got started over the summer and now the company has begun its initial hiring phase, which consists of about 40…

https://www.newsbreak.com/news/2451721862058/new-patterson-sustainable-high-tech-building-company-begins-hiring-250-jobs-coming

January 3, 2022 By Amanda Chandler Energy • Renewable Energy 0 Comments

Compressed-air energy proposal in east Kern comes up for state review

State review is officially underway on a major energy-storage project near Rosamond that would use compressed air, thermal engineering and hydrostatic force to even out delivery of renewable power and make the state’s electrical grid more resilient. At a cost estimated at $975 million, the 500-megawatt, 4,000-megawatt-hour proposal would take electrons from renewable energy sources nearby to power air compression and underwater injection. When energy is needed later, air would be released upward to run a turbine generator. Heat would be removed early then returned later in the process.

Gem is slated to open in early 2026 after a four-year construction period, and thereafter generate property tax revenues and $500 million in regional economic benefits over its 50-year lifespan. The project has a little longer discharge capacity than a similar energy-storage proposal in San Luis Obispo that Hydrostor recently brought before the energy commission.

https://www.bakersfield.com/news/compressed-air-energy-proposal-in-east-kern-comes-up-for-state-review/article_576b63ae-547f-11ec-88cd-7f4089f7bd01.html

January 3, 2022 By Amanda Chandler Economy 0 Comments

FRESNO COUNTY ECONOMIC FORECAST: IS A WET BLANKET ON THE HORIZON?

Experts largely see Fresno County reaping the benefits of what the deadly virus changed culturally. Remote work, a dire need for housing and the demand for warehouse space have sent millions of dollars to area. But rising entitlement costs and dwindling development space have tempered the potential for growth. Industrial real estate has been the largest benefactor of stay-at-home orders with warehouses hiring thousands of people in Fresno and Visalia. But in both cities, available shovel-ready land has largely been exhausted. “Fresno County has been the center for people from all over the state and all over the country looking at expanding or for a new place to move,” said Lee Ann Eager, CEO of the Fresno County Economic Development Corporation.

Industrial brokers often tell Eager Fresno has become a hot market. But with vacancy rates at .02%, there isn’t much available. New construction sites have nearly been exhausted. Earlier this year the EDC spoke with a company that wanted to bring a 1 million square-foot warehouse to the area and 2,500 jobs. Eager had to say no because she estimated the process would take three years whereas they wanted to be up and running in 18 months.

A land-use study by Fresno County officials for 3,000 acres in Southeast Fresno will hopefully go before the board in January 2022 for approval to begin an environmental impact review so the county can begin installing infrastructure on the land, speeding up development times for businesses looking to locate here. Among five sections of land, Eager estimates there are about 20 landowners each the County would have to negotiate with to secure land. Unlike high-speed rail, Eager said the County will not use eminent domain.

Additionally, they have been begun talking with the San Joaquin Valley Air Pollution Control District to explore pollution impacts to the area. Industrial development has been a hot button issue after community members worked for years to get regional specific plans approved with the City of Fresno. An Amazon sorting facility set to open in the beginning of the year at North Pointe Business Park was only approved after it reached an agreement with community organizations to upgrade streets and outfit homes to better withstand sound and pollution impacts from trucks.

Community members in Southwest Fresno have often expressed their desire for more retail businesses rather than industrial development at community meetings and Planning Commission meetings. Eager said retailers have their own metrics about population densities as well as area median incomes before locating. Nonetheless, initial plans for the 3,000 acres would put retail zoning around the perimeter to create a buffer zone for communities such as Malaga. It’s not just been industrial development that has been hot in Fresno. Eager has been working with partners in Los Angeles and the Bay Area, courting service-type businesses to expand to Fresno County. Unlike industrial land, there is office space available. The most recent industry report from Newmark Pearson Commercial in Q4 2020 has office vacancies at 10.4% with a 12-month forecast for that number to rise.

New construction for office space is beset by lenders waiting to see what the future of the service industry has in store. The same can be said for most retail, said Alan Rurik and Tom Walker, partners with Capitalize, a commercial lending broker in Fresno. Companies such as Adobe, Amazon and Apple have all made announcements that workers would continue to work from home. This has spurred lenders to scrutinize when providing loans for new construction, said Rurik. “It’s not an immediate ‘no’ if you bring in a retail center, but it’s kind of getting back to blocking and tackling, It’s like — what’s the tenant mix, what’s the location?” Walker said. “If you can’t check the boxes, you don’t have the minimum requirements then you’re probably going to have a really difficult time getting a loan in today’s environment.”

https://thebusinessjournal.com/fresno-county-economic-forecast-is-a-wet-blanket-on-the-horizon/

January 3, 2022 By Amanda Chandler Manufacturing 0 Comments

FRESNO MANUFACTURING FACILITY PURCHASED FOR $6.9M

The facility housing a Fresno manufacturing company has joined the portfolio of a local development firm. Fresno-based Cook Land Co. (CLC) has announced the purchase of the LAKOS Filtration Systems manufacturing facility for $6.9 million. Located at 1365 N. Clovis Ave. in Fresno, the 93,000 square foot facility was built in 1972 by local entrepreneur Claude Laval.

This purchase is one in a series of recent acquisitions for the real estate development and management company, which has been in businesses in the Central Valley for nearly 70 years. The facility will remain headquarters for LAKOS with Cook Land Co. owning and managing the property. “We identified the LAKOS property as a great strategic addition in our commercial real estate portfolio, furthering our commitment to invest locally right here in the Central Valley,” said Todd Cook, partner at Cook Land Co. LAKOS has leased 78,000 square feet back from Cook Land Co., and an additional 15,000 square feet has been leased to Performance Contracting Inc., a Fresno construction company in business for more than 60 years.

https://thebusinessjournal.com/fresno-manufacturing-facility-purchased-for-6-9m/

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