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9/21/15
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Vision Wheel acquired a new 101.5k sf warehouse/distribution facility in Corona and also sold its former, 55.4k sf facility in Rancho Cucamonga in a “reverse exchange” transaction with a total value of $17.1 mil.
Vision Wheel, a leading provider of custom wheels for cars, trucks and SUVs, paid $10.9 mil ($107/sf) for the new Corona structure, located at 1470 E. Sixth Ave, south of the 91 Fwy and east of I-15. The facility, completed this year, will better serve the expanding needs of the popular wheel manufacturer.
Built in 2005, the former Vision Wheel HQ building in Rancho Cucamonga, which is about half the size of the firm’s new facility, is part of a four-building industrial park located at 8610 Rochester Ave, south of Foothill Blvd and west of I-15. It was purchased by AK Investment LLC for $6.2 mil ($112/sf).
Colliers International Vice President Brad Yates, Senior Associate Stefan Pastor and Senior Vice President Richard Schwartz represented Vision Wheel in the transaction.
Accoridng to Yates, while straight exchange sales are relatively common and provide investors with tax advantages, a reverse exchange is a much different type of transaction involving the disposition of two properties at the same time and in precise order. Unlike a more common 1031 exchange sale, where the goal is to benefit from deferred taxes, in a reverse exchange sale the replacement property, represented in this case by Vision’s new facility, must be purchased outright prior to the sale of the buyer’s former property.
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