IE Business Daily Business news for the Inland Empire.
Cushman & Wakefield has completed the sale of a three-acre site in Riverside that will be home to a self-storage business.
The property, on Palm Avenue near downtown, has been approved for 77,000 square feet of Class A storage space, according to a statement.
The buyer was Frontera Real Estate, a San Diego developer that specializes in self storage development. Kingsfield Development in Riverside was the seller.
Cushman & Wakefield represented Kingsfield in the negotiations. Cost of the property, and timeline for construction of the self-storage project, were not disclosed.
“The self storage market continues to see strong demand from all capital sources,” said Greg Wells, managing director of Cushman & Wakefield’s self-storage group, in the statement. “This transaction is an example of the continued appetite for well-located development opportunities in high-end, high barrier to entry markets.”
