Commercial Real Estate Transaction Alert
Avison Young, the world’s fastest-growing commercial real estate services firm,announced today that it has brokered the $3.98 million sale of a 22,547-square-foot (sf) industrial building located at 1160 California in Corona, CA.
Avison Young Senior Vice President Cody Lerner and Principal Stan Nowak, who are both located in the Inland Empire office in Ontario, represented the private seller as well as the buyer, Redlands, CA-based Sierra Way Industrial Partners LLC, who was in a 1031 exchange.
“We were able to create a winning situation for both the seller and the buyer,” said Lerner. “The new ownership was looking to trade into a value-add, strategically located industrial asset and plans to lease the building at market rate once the current tenant vacates.”
Built in 1990 and situated on 1.12 acres, the property provides easy access to the 91 and 15 freeways. It features just over 2,400 sf of office space, 24’ clear height, large secured yard, and two ground-level and grade-level doors.
Lerner along with Alex Heim and Nesha Ritchie from Lee & Associates have been retained by owner as leasing advisors.
Corona is one of the top industrial markets within the Inland Empire. Overall, the Inland Empire region is regarded as one of the most robust markets in the United States in several categories including population growth, job creation, construction and industrial space absorption. Covering over 27,000 square miles and with the continually growing population now at more than 4.3 million people, the region is a prime Southern California industrial center. It provides less expensive land prices as compared to neighboring coastal counties, ample supply of vacant land, and a coveted logistical transportation network.