IE Business Daily Business news for the Inland Empire.
A five-building logistics complex in Corona has been sold for $325 million, reportedly the largest sum ever paid for an Inland Empire warehouse distribution facility.
The 730,000-square-foot Corona Lakeside Logistics Center was sold by Santa Monica-based Kearny Real Estate Co., the project’s developer, to a foreign investor whose name was not released, according to Colliers, which helped negotiate the transaction.
The deal took seven years to negotiate. Kearny took about two years to complete the project, which is at Sherborn Street and Magnolia Avenue near one of the Inland region’s major freeway access points.
“Kearny built a best-in-class industrial development at the Inland Empire bullseye, which is the Interstate 15 and the 91 Freeway interchange,” said Michael Kendall, vice chair at Colliers and a member of the negotiating team. “The buyer, one of the most active investors in Southern California industrial real estate over the last 18 months, recognized the intrinsic value of this development.”
The sale is the largest transfer of ground-lease ownership in the history of the Inland Empire and one of the largest ever in Southern California, according to Colliers.
