CRE TRANSACTION ALERT
Avison Young has announced the acquisition of Moreno Corporate Center, a five-building, 139,015 square-foot (sf) industrial park located in Moreno Valley, CA. The property was approximately 95 percent occupied by more than 45 tenants at the close of escrow.
Avison Young Principal Alan Pekarcik and Senior Associate Chris Smith who are based out of the firm’s Orange County office represented the buyer, a Southern California-based private investor who was completing the upleg of a 1031 exchange. The seller, a Bay Area-based investment company, was represented by CBRE.
“This industrial center is in an ideal Inland Empire East location and provides the new ownership a stabilized, well-maintained property that witnessed steady leasing activity during escrow,” said Smith. “Its desirable location provides a workforce in excess of 3.1 million people within a 25-mile radius as well as more affordable housing compared to the neighboring counties of Orange, Los Angeles and San Diego.”
Built in 1989, the property is situated on 9.05 acres at 14300, 14320 and 14340 Elsworth Street and 22620 and 22640 Goldencrest Drive. It features 17’ clear height and a 2.85 parking ratio. Moreno Corporate Center is less than one-mile from the 215 freeway and is across from the main entrance of March Reserve Air Force Base. Additionally, it is near a number of recently built big-box distribution centers and retail amenities.