|
|
3/11/15
|
Developlus, a Corona-based manufacturer of hair products, has acquired a 146k sf, Class A industrial building in Corona for $15.3 mil ($105/sf). The facility, located at 1575 Magnolia Ave, is the first of four buildings to be sold at CT Realty’s Magnolia Point redevelopment project.
CT Realty acquired the fully entitled redevelopment site, located on 26 acres at the intersection of Sixth St and Magnolia Ave, in April 2013 and then constructed the four-building, 528k sf industrial warehouse/distribution project. The other three buildings are located at 1470 E. Sixth St, 1560 E. Sixth St and 1475 Magnolia Ave and are currently being marketed for sale to single-tenant owner/occupants and investors. With immediate access to I-15 and the 91 Fwy, the property offers a highly visible location and proximity to numerous restaurants, banks and hotels.
The building just acquired by Developlus is situated on 8.2 acres and features 8.7k sf of office space along with 32-foot clear height, 18 dock-high doors and two grade-level loading ramps, an ESFR sprinkler system, ample parking, and a fenced and secured concrete yard. Developlus was previously located at another site in Corona.
CT’s Magnolia Point is located in one of the most robust industrial submarkets in the country with outstanding access to Southern California’s major transportation corridors, airports, rail system and the twin ports of Los Angeles. The buildings offer flexible floor plans that can meet the needs of one large tenant or several tenants with new, Class A amenities, great freeway access and a range of nearby services.
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, Calif.
Jeff Ruscigno with the Riverside office of Lee & Associates and Ben Seybold with CBRE’s Orange office represented CT Realty in the sale of the building. Walter Frome, III, repped Developlus in the transaction.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
