Local group buys industrial building

By on November 30, 2018
Inland Empire Industrial Market

A 50,200-square-foot industrial building in Perris has been sold.

The structure, at 150 W. Walnut St., changed hands for $5.7 million, according to a statement released by Avison Young, the global commercial real estate firm.

Avison Young represented the seller, an owner-occupant identified as WWW 150 Perris LLC.

The buyer, Bailey California Properties LLC in Riverside, was represented by Windermere Tower Properties LLC, also based in Riverside.

Bailey California plans to use the building as headquarters for its subsidiary, Stronghold Engineering Inc., after the building is renovated.

The building sits on 5.2 acres and includes 18,200 square feet of office space, a reception area and warehouse space.

Based in Toronto, Avison Young has 85 offices and employs more than 2,700 people worldwide, according to the statement.