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10/26/16
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A 36k sf, Class A industrial building in Riverside was purchased by an owner/user for around $4.25 mil ($118/sf). The freestanding industrial building is located at 1780 Dan Kipper Dr, west of I-215 and soth of Hwy 60.
CT Sycamore Center is located in the Sycamore Canyon Industrial area of Riverside, within one of Southern California’s newest distribution hubs. The more than 13-acre development consists of five state-of-the-art industrial buildings totaling 230.7k sf.
With one sold and another currently in escrow, there are now three buildings available ranging from 48.3k sf to 53.5k sf that offer features such as high-end office build-out, 30 feet minimum clear height, large secured concrete yards, drought resistant landscaping, and Riverside Public Utility (RPU).
Milo Lipson and Ryan Velasquez with Cushman & Wakefield’s Inland Empire office represented the seller, CTPR Sycamore Canyon LLC, in the transaction. The buyer was The Phoenix LLC.
“This project is located in what is known locally as the Inland Empire East (I-215 Freeway corridor), which has a competitive advantage over the Inland Empire West (15 Freeway corridor) as far as current pricing,” said Lipson, a Senior Director with Cushman & Wakefield. “There has been a major surge of activity in this submarket due to the huge increases in property values closer to the coastal regions.”
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