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Newhall Lumber property sold

Posted: July 19, 2014 9:47 p.m.
Updated: July 19, 2014 9:47 p.m.

Interior view of the former Newhall Lumber building. Until it is leased or sold, the building is available for filming. Courtesy photo

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Local investors just closed escrow on the purchase of the familiar Railroad Avenue building in Santa Clarita that housed Newhall Lumber for 32 years.

The final purchase price was not disclosed.

Long a staple in one of the city’s founding neighborhoods, Newhall Lumber yard was closed after the owner’s death Sept. 3, 2013.

William “Bill” Kellerman opened the business with his father in 1981 according to state incorporation records. He later went on to run the business himself — sealing deals with a handshake — up until his death from cancer at age 69.

Newhall Lumber’s building and property was put up for sale via a private auction based on a living trust set up under his parents which called for the liquidation of the property upon his death.

The group of investors, Scv Property Holdings LLC, however, had to work extra diligently to buy the property, according to Jeff Brandolino.

Attending the Oct. 21, 2013 private auction, the group of investors won the winning bid. But the owners failed to approve to bid amount within 15 minutes after the close of auction, he said.

“They turned us away,” he said. “But we were really determined to acquire this property and pursued it by sending letters, emails and making follow up calls.”

After months of dogged efforts, a deal was finally reached. The final price, though undisclosed, came out a “tad bit higher than the winning bid,” Brandolino said.

According to property records, the 6,565 square foot building was originally built in 1931. The land and building was last assessed for close to $200,000.

The purchase of Newhall Lumber also included a pie-shaped vacant lot on the other side of the property on 11th Street, making for about 23,000 square feet of combined property, according to Brandolino.

The acquisition of the old lumber yard is but just one of the properties Brandolino and the group of investors has acquired in the Newhall area, he said. A licensed Realtor himself, he also leads a team under the Brandolino Group in Valencia.

“We’re a big believer in downtown Newhall and think eventually it will be like Old Town Pasadena,” Brandolino said. “We own other assets in the area and really understand the area.”

The group of investors, all local save for Brandolino’s father in Chicago, also own a bicycle and donut shop, a laundromat and a building occupied by an automotive business in the Newhall’s core historic district, he said.

Having just closed escrow July 7, the investors aren’t sure yet what plans they’ll develop for the property or what price they might set to lease or sell the property.

Commercially zoned, the property is already approved for a number of possible commercial uses – including live-work units according to city records.

“We’ve been brainstorming as to what the property might be suitable for,” Brandolino said. “In the long term we’ll eventually develop it, but our investment company is also willing to do a build to suit for the right tenant.”

In the meantime, while the new property owners take a look at their options, the vacant building and property has also been listed with the city and LA Film Locations as being available for movie or TV film location.

“This is an outstanding location and the building has old charm and character with endless potential,” he said.

jana@signalscv.com

661-287-5599

Comments

projalice11: Posted: July 22, 2014 2:57 p.m.

"Sealing deals with a handshake"

My Grandfather who was a very prominent business man in Vancouver B.C. never signed
a contract or agreement.

His handshake was his commitment to abide by the contract or agreement and he expected the same of the other participant in the business transaction..


lars1: Posted: July 22, 2014 10:55 p.m.

Here come ,ore condos for the artsy people.
All paid for by the taxpayers.


Lotus8: Posted: July 29, 2014 7:32 p.m.

Alice - that handshake nonsense is now, unfortunately, a relic of days gone by. Only a fool would rely on that these days given the litigious nature of folks.



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