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1/26/21
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A 55k sf, former Food 4 Less grocery store in Corona traded for $4.788 mil ($87/sf). The building, located at 109 North McKinley St, was purchased by Expert Hardware Flooring, who will use it as a retail showroom and wholesale distribution center for their commercial flooring clients.
Built in 1989, the building features an open space floor plan, two loading docks and bay doors, pylon signage along McKinley Ave, expansive parking, and visibility to over 40,000 vehicles per day at the signalized intersection of Magnolia Ave and McKinley Ave. The property is also less than a ˝ mile from the heavily-traveled 91 Freeway and is in a heavy commercial area with a low 1.9% industrial vacancy rate within three miles of the property.
Greg Bedell and Paul Su with Progressive Real Estate Partners represented the seller, a private investor group based in West Los Angeles. The buyer, who financed the deal with an SBA loan, was repped by Barret Woods with Lee & Associates.
“Due to its location and retail market dynamics, we quickly recognized that the highest and best use of this property was a hybrid that included a retail showroom and light industrial,” noted Bedell. “We specifically targeted that niche with a personalized marketing campaign aimed at brokers representing clients for which the space would be a good fit Ultimately, this opportunity was a perfect option for Expert Hardware Flooring to relocate and maintain their Inland Empire presence.”
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