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4/18/17
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A 131.3k sf, single-tenant industrial building in Riverside was recently acquired by a 1031 exchange investor in a deal valued at $17.85 mil, or $136/sf. The building traded at a 4.8% cap rate.
The property, located at 7145 Arlington, sits on approximately 15 acres with excess land enabling the new owner to construct an additional 145k sf building on site or alternatively expand the current building. The property has access to multiple railroad lines that carry over a large percentage of the freight handled by the Ports of Long Beach and Los Angeles. The building is currently 100 percent leased to Boise Cascade Co, a wood product manufacturer and distributer across the United States and Canada.
CBRE’s Gary Stache, Anthony DeLorenzo, Doug Mack and Erik Wanland represented the seller, The Abbey Company. According to Wanland, the property is a one-of-a-kind site that will always command higher rents due to the rail service, strategically ideal location and excess land.
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