COMMERCIAL REAL ESTATE TRANSACTION
Wednesday, July 8, 2020 – Avison Young has announced the $2.26 million sale of a 5.87-acre land parcel located at the corner of Harvill Avenue and Placentia Street in Perris, CA (Riverside County).
Stan Nowak, SIOR, a Principal who is based in Avison Young’s Inland Empire office in Ontario, CA, represented the seller, a private owner, as well as the buyer, Newport Beach-based Orbis Real Estate Partners.
The site is visible from the 215 freeway and is just one block from the planned on/off ramp at Placentia Street. Orbis Real Estate Partners is planning to develop an approximately 275,000-square-foot industrial distribution building at the site once the entitlement process has completed.
“This land parcel is in a prime location in the heart of a major Riverside County industrial hub that is central to Orange, San Diego and San Bernardino Counties,” said Nowak. “Demand for new, strategically located industrial facilities in the Inland Empire continues to be strong as the area offers more affordable land compared to nearby coastal areas as well as modern buildings that are equipped to support the most efficient warehousing and distribution functions for users.”
Nowak noted that the parcel is within Foreign Trade and Opportunity Zones and that it is proximate to high profile corporate neighbors with industrial facilities that include Ross Dress for Less, Wayfair, Hanes, Ritchie Bros., and Lowe’s, among others.