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December 11, 2019
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INLAND EMPIRE NEWS
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Precision Screen & Security Buys 245k sf Industrial Property in Corona

6/28/19

Precision Screen & Security, a manufacturer of steel fencing and gates for commercial and residential properties, spent $26.5 mil for a 245k sf ($108/sf) industrial property in Corona.

The property, located at 2455 Wardlow Rd, was occupied by Watson Laboratories prior to it being purchased in 2015 by America YouCare Pharma, the seller in this deal. The property is a Class A manufacturing facility, which was originally approved for pharmaceutical use.

The new owner plans to combine several operations and will retrofit the facility for the manufacturing of windows and doors. The seller is consolidating their operations into other facilities they own.

CBREs Sonya Schmidt represented the buyer, with local market assistance provided by Erik Wanland. CBREs Jeff Carr and Chip Wright repped the seller in the transaction.

With more than 90% of the Corona industrial market having properties below the 100k sf threshold, we were fortunate to secure a location of this size for the buyer, said Schmidt.

The Inland Empire industrial market showed no signs of deacceleration due to impressive demand levels and solid rental growth, according to CBREs Q1 report. Steady construction activity over the last five years resulted in significant growth in the industrial base, positively impacting the local economy. The strong occupancy gains over the last 42 months bode well for the rest of 2019 and is expected to boost the overall asking lease rate by 3.5%.





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