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| Ontario, CA Warehouse Sold for $5.6 Million |
INLAND EMPIRE, CA – DAUM Commercial Real Estate Services
brokered two industrial acquisitions in the Inland Empire, encompassing a
combined 112,671 square feet for a total consideration of over $13.1 million.
Chris Migliori,
Executive Vice President in DAUM Commercial’s Newport Beach office, represented
the buyers in both transactions.
“Despite a record level of new
industrial construction in the Inland Empire, vacancy rates in the region are
expected to remain in the 4 percent range. Demand continues to exceed supply,”
explains Migliori. “Smaller industrial buildings in the 40,000 to 60,000
square-foot range have vacancies below 2.5 percent. Increasing land values and
construction costs are driving up rents and sale prices.”
Migliori notes that small-size
warehouses can be double the cost-per-square-foot to build, resulting in
tremendous competition for existing product.
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| Corona, CA Building Sold for $7.5 Million |
The two recent acquisitions
include:
Transaction #1: Corona
building acquired for $7.5 million
DAUM brokered the $7.5 million
acquisition of a 68,394 square-foot building in Corona, California on behalf of
the buyer, Excel Business Park, LLC, a Corona-based real estate developer. The
seller was Newport Trading, LLC.
The property, which was recently
vacated by a furniture distribution company, is currently 100% vacant.
“The buyer plans to
complete interior and exterior upgrades within the next week,” says Migliori.
Migliori will oversee leasing for
the property, and notes that the building is well-suited for warehousing and
distribution, and could also be easily adapted to light manufacturing.
The property features six dock-high
loading doors, 2,000 amps of power, and a fully installed high pile racking
system, as well as convenient access to the I-15 and State Route 91.
The building is located on a
157,252 square-foot lot at 1228 Sherborn Street in Corona, California.
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| Chris Migliori |
Transactions #2: Vitamin
Manufacturer Purchases 44, 277 SF Warehouse in Ontario
DAUM Commercial also facilitated
the $5.6 million acquisition of a 44,277 square-foot warehouse in Ontario,
California, on behalf of the buyer, a manufacturer of vitamins and supplements.
The buyer will occupy the entire property.
“Vitamin and supplement
manufacturing is a highly competitive industry, so it was critical that the
buyer invest in state-of-the-art space for its research/development and
manufacturing operations,” explains Migliori. “Our team identified this
newly-constructed, Class A industrial facility, which met the needs of our
Client.”
The building sits on 1.83 acres and
features 30’ warehouse clearance, four dock-high loading doors, one
ground-level door, and 4,485 square feet of office space.
The seller, Mission XC, LLC, is a
strong regional developer and was represented by Henry Hong and Michael Lee of
Lee & Associates.
The property is located at 1320
West Mission Boulevard in Ontario, California.
DAUM has ten offices throughout
Southern California and Arizona. More information is available at www.daumcommercial.com.
For a complete copy of the company’s news release,
please contact:
Lauren Burgos / Elisabeth
Manville
Brower, Miller & Cole
(949) 955-7940
