Records indicate there is a $22,500,000 mortgage with Guaranty Bank FSB on the properties. Overland Lenwood LTD made a killing on the sale of the property.
According to records available on the San Bernardino County Property Information Management System the 26 properties had a previous total assessed value of $2,841, 914 in 2006 when they were owned by Overland Lenwood LTD but after they were sold to Barstow Industrial Park LLC the properties were assessed at a total value of $15,060,000 -- a 530% increase in assessed value after the property changed hands. Although the City of Barstow's web site indicates land in the Barstow Industrial Park is zoned M-1 Light Industrial, San Bernardino County's Property Information Management System indicates much of the property is "agricultural" which tends to carry a lower valuation.
- Barstow Industrial Park LLC is a Delaware corporation with an address at 515 SOUTH FIGUEROA ST, STE 1600, Los Angeles, CA 90071. The entity's California agent is noted as Murad M. Siam. The entity registered in California on 10.16.06.
- Overland Lenwood LTD is a California Limited Partnership with a one-time address at 147 EAST OLIVE AVE. , MONROVIA, CA 91016. The entitiy's agent was noted as Andrew Hsu located at 18725 E. GALE AVE, STE 233, INDUSTRY, CA 91748. The entity registered in 1994 and has since been cancelled. Numerous other "Overland" or Hi-Desert related property owners are located at the Monrovia address.
On 2.17.05 the City of Barstow issued a press release regarding the Barstow Industrial Park and Walmart which included the following:
No progress on a Walmart project are obvious in the Barstow Industrial Park despite pubic assertions by Barstow's Mayor Lawrence Dale; however, Barstow Industrial Park LLC appears to have paid more than premium prices for the land it acquired in 2006. An investment of $22.5 million on property that was previously assessed at $2.5 would have to come with some have some guarantees for the new owners. Somebody was a big winner in this transaction. And somebody(ies) intend to make even more if they were willing to overpay for the property to the tune of $22.5 million.
"From its corporate offices in Bentonville, Ark., Wal-Mart announced today that it plans to build and operate a food distribution center in the area known as the Barstow Industrial Park. Construction on the 880,000-sq.-ft. facility, encompassing 160 acres in the industrial park just north of where Valmont-Newmark is located, is planned to begin in late 2006 with service to stores beginning in 2008. The company announced that some 500 full-time jobs, providing competitive wages, initially will be created. That number could grow to 700 within the first three years."
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Originally posted 12.04.07.
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