CT Realty Completes Redevelopment Flip in Corona
IE industrial continues to be hot, and CT Realty director of asset and property management Mark Zehner tells us there are few new development opportunities in a market like Corona for new Class-A buildings, while at the same time the market's experiencing low vacancy. CT just sold a third and fourth industrial building at its Magnolia Point redevelopment project in Corona. The third was the 77k SF building at 1475 Magnolia Ave, which sold to R.W. Brown for well over $8M. The fourth (and final) building of the property, at 1470 E Sixth St, was sold to Vision Wheel for nearly $11M.
CT acquired the fully entitled 26-acre redevelopment site at Sixth Street and Magnolia Avenue in 2013 and built four industrial warehouse/distribution buildings totaling 528k SF on the site. A 146k SF building on the site was sold in March to Developlus Inc for more than $15M, while the company’s largest building, at 201k SF, sold more recently to Amrapur Overseas for $20M.
