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4/09/08
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A 127.8k sf, fully leased industrial facility in the city of Corona was purchased by a private investor for $15 mil, or just over $117/sf. The building is occupied by CertainTeed Corporation, which manufactures and markets vinyl windows and doors for the residential market. It is located at 235 Radio Rd, east of the I-15 and just south of the 91 Fwy.
The asset was sold by Newport Beach-based Master Development Corporation (MDC). “Corona has proven to be a wonderful market for our firm," explained Bryan Bentrott, Executive Vice President of MDC. "Since 2002, we have built and sold 27 buildings from 7k sf to 45k sf."
"We were initially attracted to 235 Radio Road because it was nearby one of our prior developments and we could acquire an excellent building at a price below replacement cost," Bentrott added. "After MDC acquired the building, our firm was able to secure a lease renewal with the tenant so the new buyer is inheriting a stable income stream."
Jedd Zaun and Bill Garrett of Lee & Associates' Newport Beach office represented both MDC as the seller and the private investor buyer in the sale of 235 Radio Road.
This building was originally acquired by MDC in 2007 as an MDC/GE joint venture formed by MDC and GE Asset Management (GEAM), the manager for General Electric Company's primary U.S. pension plan. MDC and GE Asset Management formed the $185 million joint venture to acquire and develop industrial properties in Southern California.
Now that MDC has completed this sale, it is turning its focus to the development of West Corona Commerce Center, a 321k sf manufacturing/warehouse/corporate headquarters building in West Corona. This building will be complete by late 2008.
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