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7/01/15
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In a recent industrial sales deal from the Inland Empire, Barrette Outdoor Living acquired a 97.9k sf industrial facility and a 1.49-acre parcel of unimproved land in Riverside. The property, located at 1151 Palmyrita Ave, was sold by CapRock Partners LLC. Although the price was not given out, we’ve heard that it traded for around $10 mil.
The property, situated at the intersection of Iowa and Palmyrita Aves, just east of I-215 / 91 Fwy and north of the 60 Fwy, had been entitled for additional industrial development by CapRock. Previously leased to Carson-based Ancon Marine for 15 years, the property was purchased by CapRock in 2014, who made strategic improvements to position it for resale.
Steve Haston, Paul Earnhart and Finn Comer of Lee & Associates represented CapRock Partners in the transaction. Encon Commercial Real Estate Services repped Barrette Outdoor Living, a leading provider of wood and vinyl fencing manufacturing. Barrette, based in Quebec, Canada, is expanding its operations into the Western U.S with this purchase.
CapRock Partners retains ownership of another asset at the project, 800 Iowa Avenue, an industrial building spanning 309.5k sf which is currently leased to Rust-Oleum, a wholly owned subsidiary of RPM International (NYSE: RPM). Both buildings lie within the master planned Hunter Park submarket in Riverside and enjoy the benefit of two active rail spurs.
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