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6/15/17
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Liberty Glass Fabricators has acquired a newly constructed 71.1k sf, Class A industrial facility in Corona for $9.95 mil ($140/sf). The property was sold by a partnership of Acacia Real Estate Group and Adler Realty Investments, the original owner/developer of the project.
Located at 220 Benjamin Ct in the southern Inland Empire area, the building is situated on 3.68 acres and features a two-story, 5.7k sf office, ESFR sprinklers, heavy power, 30 foot clear height, dock- and grade-loading, and fenced yard. The property also provides convenient access to State Route 91 and Interstate 15.
Liberty Glass Fabricators was previously occupying a 29k sf in Corona. The company, whose services include custom mirrors, glass table tops, shower units, and more and also does sandblasting and etching design in-house, acquired the facility to support its recent growth, more than doubling its production size in the city
Cushman & Wakefield’s Brett Lockwood represented the buyer in the acquisition. According to Lockwood, Liberty Glass also required highly upgraded power from its new facility to accommodate all of its new equipment, and the seller agreed to deliver the building with 8,000 amps of power.
The acquisition marks another take down of a notable Class A industrial facility, as demand for well located, high quality industrial space continues to sizzle across the region. According to Cushman & Wakefield’s First Quarter 2017 Industrial Report, the City of Corona as well as the South Inland Empire vacancy rates mirrored each other at 3.1%, while the entire Inland Empire was a healthy 4.0%. Additionally, owner/user sales continue to contribute a good amount of activity in the market, as the collective Inland Empire reported nearly 730k sf of activity via user acquisitions in the first quarter of this year.
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