Corona industrial property sells
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.