Corona industrial property sells

By on February 10, 2018
Industrial Market Stays Hot

A manufacturing-distribution facility in Corona has been sold.

Alere Property Group LLC, a real estate investment firm in Newport Beach, bought the building for $12.1 million, CBRE has announced.

The seller was 66 River Partnership LP, a development firm also in Newport Beach.

CBRE represented both parties in the transaction, which was announced Thursday.

The 81,000-square-foot building is at 200 River Road. It sits on 4.3 acres and is near the 91 Freeway-Interstate 15 interchange.

“This region is in such high demand, particularly new construction,” said Tom McAllister, first vice president with CBRE, in a statement. “Not surprisingly, the deal drew multiple offers.”

McAllister was one of three brokers who negotiated the sale.

The Inland Empire industrial market, which ended 2017 with a 3.7 percent vacancy rate, is “unmatched in sheer activity and absorption” compared with other U.S. industrial markets, according to CBRE.