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7/13/15
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Vision Wheel has purchased the fourth and last Class A industrial building at its Magnolia Point redevelopment project in Corona. The 101.5k sf property, known as Building A, was sold by the developer, CT Realty, for $10.9 mil ($107/sf).
The sale of the building, located at 1470 E. Sixth St, east of I-15 and south of the 91 Fwy, marks the completion of CT Realty’s four-building Magnolia Point redevelopment project. CT Realty acquired the fully entitled 26-acre site at the intersection of Sixth St and Magnolia Ave in April 2013 from Trammell Crow Co and built four industrial warehouse/distribution buildings totaling 528k sf.
A 146k sf building at the project was sold in March to Developlus Inc. for $15.3 mil, followed by the largest building at 201.3k sf which was sold in May to Amrapur Overseas Inc. for $20.1 mil. The smallest building at 77.7k sf was sold last month to R.W. Brown for $8.7 mil, as reported on RENTV at the time.
Located on 4.97 acres, the building purchased by Vision Wheel features 30-foot clear height, 12 dock high doors and one grade-level ramp with ample parking and a fenced and secured concrete yard. The property offers a highly visible location with immediate access to Interstate 15 and the 91 Freeway, as well as a variety of nearby conveniences including banks, restaurants and hotels.
Vision Wheel is one of the nation’s leading providers of custom wheels for cars and trucks. The company will be relocating its Southern California operations from Rancho Cucamonga to its new facility in Corona.
The architect of record for the Magnolia Point project was RGA, Office of Architectural Design, in Irvine. General contracting services were provided by KPRS Construction Services Inc, based in Brea.
Jeff Ruscigno with the Riverside office of Lee & Associates Commercial Real Estate Services Inc and Ben Seybold with CBRE’s Orange office represented CT Realty in the sale of the building. Brad Yates with Colliers International in Ontario repped the buyer.
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