LOS ANGELES—Industrial owner-occupier Padma Laxmi has purchased a 201,345-square-foot industrial facility for $20 million from developer CT Realty, which operated under CT Corona Partners I, in an off-market transaction, GlobeSt.com reports exclusively. The buyer plans to occupy the majority of the building, and lease out the remaining portion. The property recently completed construction in 2014.
“It was a new development project that was finally completed, and the building had all the necessary features that the buyer needed, including high image, clear height, dock-high loading and an upgraded sprinkler system,” Ted Sawyer, a broker in Lee & Associates-Newport Beach office, tells GlobeSt.com. Sawyer represented the buyer in the transaction along with his colleague Jim deRegt, while Jeff Ruscigno of Lee & Associates-Riverside and Ben Seybold of CBRE represented the seller.
Located at 1560 E. 6th Street in Corona, the property is LEED-certified and features a clear ceiling height of 32 feet, dock-high doors and loading and 21 drive-in grade level doors. It is well located with close proximity to the 91 and 15 freeways. According to Sawyer, the Corona market is especially robust for new development properties, like this one. “The market trends continuing to move in an upward direction for all commercial properties, especially for new product,” he says.
This industrial property is part of a four-building 528,000-square-foot campus that CT Realty developed on a 26-acre site at the intersection of Magnolia and Sixth Street. Earlier this year, CT Realty also sold one of the four buildings, located at 1575 Magnolia Ave. in Corona, to another owner-operator, Developlus Inc. The 146,000-square-foot property traded hands for $15 million.