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5/20/24
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A 49.6k sf industrial building in Corona was purchased for $15.99 mil ($322/sf). Located at 1141 California Ave, the structure was originally built in 1988.
In 2023, the asset was purchased by PPVS Properties LLC, who renovated the property and reposition the site for possible industrial lease or sale. The free-standing industrial building sits on a more than 2.5-acre site with ample space for employees, customers, and commercial truck parking.
The warehouse building consists of cross-dock loading with four grade-level doors and six dock-high doors. The property has a fenced-in yard area, an interior warehouse clearance of 24 feet, and a 2.2k sf office space. The warehouse, office, yard, and loading areas were all fully renovated to a turnkey, move-in position.
Charles Johnson, Joseph Harmon, SIOR; and Noah Samarin with DAUM Commercial Real Estate Services represented the seller in the deal. Clyde Stauff, SIOR, Jace Gan, and Jackson Marlow of Colliers repped the buyer, who will use the property to expand their existing flooring business.
With close access to the I-15 Fwy, Ontario International Airport, and the Port of Long Beach, Riverside County is the 10th largest county in the U.S. with a gross domestic product of $115.4 billion as of 2021. These strategic advantages have bolstered the region’s industrial real estate market amid the recent uncertainty in the national economy.
According to DAUM's Q1 2024 Market Report, Southern California’s Eastern Inland Empire is currently experiencing direct vacancy rates of 5.2% and an overall vacancy of 7.6% driven primarily by an increase in available sublet space. New deliveries of industrial space accounted for 1.6 msf with another 5.5 msf under construction. Asking rents fell in Q1 to $1.21 per square foot. High interest rates have tempered overall sales with volume in Q1 down 27.9% compared to Q4 2023 with a median per square foot price of $235.89.
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