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5/02/23
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Corona Lakeside Logistics Center, a 727.7k sf industrial asset in the Inland Empire city of Corona, has traded hands in a transaction valued at $325 mil ($447/sf). The recently completed, five-building industrial complex, located at 1501 Sherborn St in Riverside County, was acquired by a large foreign-based institution.
Offering immediate access to the 71, 91, and 15 freeways, the Class A industrial logistics campus is situated in Riverside County’s rapidly-growing industrial hub of Corona. With five divisible buildings ranging from 70.6k sf to 205.2k sf in size, the project is one of the largest-scale speculative developments in the Inland Empire.
The project was developed by Kearny Real Estate Company, who first broke ground on the expansive development in early 2021 and recently achieved substantial completion. The property sits on an attractive fixed-rate ground lease, which was structured between Kearny and fee-ownership in 2019.
Colliers industrial experts Michael Kendall, Richard Schwartz, Gian Bruno, Joey Reaume, and Kenny Patricia partnered to facilitate the deal on behalf of both parties. The purchase of Corona Lakeside Logistics Center marks the buyer’s second Riverside County investment in the last six months, previously acquiring a Perris property for $90 mil, brokered by Kendall and his team.
The sale represents the largest ground-lease ownership transfer in the history of the Inland Empire and one of the largest ever in Southern California.
“Kearny built a best-in-class industrial development at the Inland Empire bullseye that is the I-15/CA-91 interchange,” said Kendall, Vice Chair at Colliers. “The buyer, one of the most active investors in Southern California industrial real estate over the last 18 months, recognized the intrinsic value of this development and is thrilled to be adding it to their growing portfolio of Class A properties.”
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