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Rentv.com Article: Third Building in Corona Industrial Redevelopment Project Sells

06/29/2015
The third building in a Corona industrial redevelopment project has been sold, as R.W. Brown paid $8.7 mil for a 77.7k sf ($112/sf) structure within CT Realty’s four-building Magnolia Point project. The structure, known as Building D, is situated on 4.35 acres at 1475 Magnolia Ave, east of I-15 and south of the 91 Fwy.

The building features 30-foot clear height, eight dock-high doors and one grade-level ramp with ample parking and a fenced and secured concrete yard. Magnolia Point offers a highly visible location with immediate access to Interstate 15 and the 91 Freeway. Numerous banks, restaurants and hotels are also located nearby.

In previous activity at Magnolia Point, a 146k sf building was sold in March to Developlus Inc for $15.3 mil ($105/sf). The project’s largest building at 201.3k sf was sold more recently to Amrapur Overseas Inc for $20.1 mil ($100/sf).

CT Realty acquired the fully entitled 26-acre redevelopment site at the intersection of Sixth St and Magnolia Ave in April 2013 and built four industrial warehouse/distribution buildings totaling 528k sf. The project’s remaining building is located at 1470 E. Sixth St and is currently being marketed for sale to single-tenant owner/occupants and investors.

The architect of record for the Magnolia Point project is RGA, Office of Architectural Design, out of Irvine. General contracting services were provided by KPRS Construction Services Inc, based in Brea.

Jeff Ruscigno with the Riverside office of Lee & Associates Commercial Real Estate Services Inc and Ben Seybold with CBRE’s Orange office represented CT Realty in the sale of the building. Steve Coulter with Lee & Associates’ City of Industry office repped the buyer.

http://www.rentv.com/content/southerncalifornia/inlandempire/news/20001
06/29/2015 - 09:00

Source

Lee & Associates

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