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| 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.
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| 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.”
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| 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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