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10/21/16
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Principal Real Estate Investors has acquired March Business Center, a 1.38 msf industrial portfolio composed of two newly developed Class A distribution buildings in Moreno Valley, and subsequently leased the larger, 1.1 msf, building. The buildings were sold by a venture of Penwood Real Estate Capital Management LLC and Western Realco in a transaction valued at $93 mil ($67/sf).
The portfolio sale includes the recently developed 1.1 msf building, a freestanding LEED Silver industrial distribution facility on 47.63 net acres at 24101 Iris Avee. Within one week after the close of escrow, the entire building was fully leased on a long-term, phased-in basis to Floor and Décor, a leading specialty retailer in the hard surface flooring market headquartered in Atlanta.
The sale also included a newly constructed 277.2k sf, freestanding industrial distribution building on 11.74 net acres at 16415 Cosmos Ave that is currently available for lease. Both buildings provide easy access to Interstate 215 and neighbor many major industrial corporate users.
Chuck Belden, SIOR, Kyle Kehner, and Tim Pimentel with Cushman & Wakefield’s Inland Empire office represented the seller in the sale, as well as the new owner (buyer) in the subsequent lease transaction. Tres Reid and Jay Dick of CBRE repped the tenant in the lease. Cushman & Wakefield is currently marketing the building at 16415 Cosmos Avenue for lease.
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