Riverside Industrial Heats Up
CT Realty director of asset and property management Mark Zehner tells us the demand for Riverside County industrial is especially felt from manufacturing firms looking to set up shop. The Aliso Viejo-based company recently sold the first building at Magnolia Point, its new business park in Corona. The 146k SF building at 1575 Magnolia Ave traded for more than $15M to Developlus Inc, a locally based maker of hair-care products. Transit access, Mark asserts—a nexus of highways, rail, airports and the twin ports of LA—makes Corona part of "one of the most robust industrial submarkets in the country."
In 2013 CT Realty acquired the redevelopment site, on 26 acres at the intersection of Sixth Street and Magnolia Avenue, and built four industrial warehouse/distribution buildings totaling 528k SF. The other three buildings are being marketed to single-tenant owner/occupants and investors. Lee & Associates' Jeff Ruscigno and CBRE's Ben Seybold repped CT Realty in the sale of the building; Walter Frome III repped Developlus.
