Monday, December 3, 2012

Voit Deal Brings Expanding Trucking Company to East Inland Empire



1075 Mount Vernon Ave., Riverside, CA
 INLAND EMPIRE, CA – Voit Real Estate Services’ Inland Empire office has successfully directed the sale of a 39,900 square-foot industrial property located in a 430,000 square-foot industrial park in Riverside on behalf of the seller’s advisor, Cornerstone Real Estate Advisers.

 This transaction represents one of the highest per-square-foot sale prices achieved in 2012 in the East Inland Empire market, according to Walt Chenoweth, an Executive Vice President in Voit’s Inland Empire office.

Walt Chenoweth
Chenoweth worked with Frank Geraci, Juan Gutierrez, and Patrick Wood of Voit to represent Cornerstone Real Estate Advisers as the seller in the $3.25 million transaction.

The property was purchased by Mile Transport Inc, an Ohio-based trucking company which was seeking a new West Coast distribution facility to help grow its existing business in the area, according to Chenoweth.

“The Inland Empire market has become increasingly competitive as the supply of quality Class A buildings in this size range is selling rapidly.  With little construction coming on line, we will continue to see an increase in values in the coming quarters,” Chenoweth explained. “This is a true indication that market recovery is underway.”

Juan Gutierrez
Chenoweth noted that the limited supply of inventory is allowing sellers to be more selective of buyers in order to obtain the best price for their properties, which is a trend he anticipates will continue into 2013.

  The buyer, Dmitry Burkovskiy the owner of Mile Transport, was represented by John Seoane of Lee & Associates.

The property is located at 1075 Mount Vernon Ave in Riverside, Calif.

  Contact:

Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940

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