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7/20/21
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Moreno Corporate Center, a five-building, 139k sf industrial/flex business park in Moreno Valley, sold for $20.3 mil ($146/sf). The property, located at 14300, 14320 and 14340 Elsworth St and 22620 and 22640 Goldencrest Dr, was acquired by Bay Area-based LLC.
Built in 1989 and situated on just over nine acres, the asset was 96% occupied by 46 tenants at the close of escrow. The property features 77 ground-level doors, 396 parking spaces, and several remodeled suites. The asset is less than one-mile east of Interstate 215.
Alan Pekarcik and Chris Smith with Avison Young represented the seller, a SoCal-based private investor. The buyer was represented by Phil Linton of CBRE.
“This property is located in a strong industrial area that features a number of new big-box distribution centers,” said Smith. “Over recent years, there has been minimal construction of small-bay industrial product in this submarket, making Moreno Corporate Center attractive to both investors and small- to mid-sized tenants.”
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