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4/09/15
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Citrus Business Park, a 192.4k sf industrial property in Riverside, was purchased by an unnamed private investor for $18.1 mil, or about $94/sf. Citrus Business Park, located at 1111 and 1221 Citrus St, east of I-215 between the 60 Fwy and I-10, consists of two Class A buildings.
Built in 2009, the concrete tilt-up buildings feature 24' clearance height, sprinklers, and truck courts with fenced yards. It is rear loaded and each unit offers dock high and grade level loading, as well as office store fronts. The property is located within the Hunter Industrial Park in the Inland Empire market with access to the 215, 60, and 91 freeways.
The multi-tenant park is 93 percent leased to 13 tenants with unit sizes range from 9.5k sf to 10k sf. Tenants include John Deere Landscapes, Cintas, University of California Riverside, Elliot Auto Supply, Sigmatex, and Rust-Oleum.
CBRE Vice Chairmen Darla Longo and Barbara Emmons, Senior Vice President Mike Kendall, First Vice President Andrew Briner, and Vice President Rebecca Perlmutter Finkel represented the buyer and the sellers, Thackeray Partners and Overton Moore Properties.
“Tenants are drawn to this market given its excellent location, quality business park environment, and Class A inventory with the ability to service big box tenants in the Inland Empire,” says Emmons. “In addition, rental rates are currently below market, suggesting that there will be strong net operating income within the next five years.”
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