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1/21/22
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A partnership between Link Logistics and Western Realco acquired a 16.5-acre industrial redevelopment site in Corona with plans to redevelop the site. The land, located at 1375 Magnolia Ave, was sold by McWane Inc, one of the world’s largest manufacturers of iron waterworks and plumbing products.
While the buyer has not revealed its official plans, the site was marketed as a redevelopment opportunity with the potential to build two brand new, Class A industrial buildings totaling more than 300k sf of warehouse space. The property currently consists of multiple older industrial structures originally built in the mid-1900s that would be demolished.
Jeff Chiate, Mike Adey and Brad Brandenburg of Cushman & Wakefield represented the seller in the transaction. Local market advisory was provided by C&W’s Rick Ellison, SIOR, and Brett Lockwood, who will also be responsible for the leasing of the new project.
“The site presented a tremendous redevelopment opportunity of a large piece of land in an infill location with considerable barriers to entry, together with a strategic location directly at the Interstate-15 and SR-91 Highway interchange, providing exceptional accessibility and visibility,” said Chiate. “Additional advantages include its convenient logistical location 50 miles from the LA/Long Beach Port Complex and 10 miles from Ontario International Airport.”
“One of the top logistical locations in Southern California, this property is ideal for e-commerce distribution with more than 10 million residents within a 60-mile radius,” added Ellison. “The rise of e-commerce is altering demand for industrial real estate. Same day and next day delivery expectations are increasing demand for warehouses closer to customers. Corona is uniquely positioned to benefit from this trend.”
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