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Rentv.com Article: Investor Picks Up Riverside Industrial Facility

01/04/2016
A 64k sf industrial building in Riverside sold for $5.8 mil, or $91/sf. The property, located at 601 Columbia Ave, east of I-215 and north of the 60 Fwy, is fully leased to four tenants. The dock-high, Class A facility was constructed in 2005.

Mario Calvillo of Lee & Associates Riverside represented the institutional buyer and the seller, Caspian Properties & Darrell Butler. 

Activity in the Riverside submarket continues to be strong, even with an extreme lack of quality product available, according to Lee & Associates. The vacancy rate in the Riverside submarket was 2.97% as of third quarter 2015, with average rental rates and sales prices exhibiting upwards trends through the first three quarters of the year, a trend which will continue throughout the remainder of 2015 and into 2016. The supply of buildings offered for sale in the Riverside submarket is extremely limited, and quality Class A investment opportunities are a rare find. Cap rate compression, due to rising lease rates is predicted for the future. 

http://www.rentv.com/content/southerncalifornia/inlandempire/news/20687
12/22/2015 - 05:00

Source

Lee & Associates

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