IE Business Daily Business news for the Inland Empire.
Avison Young has negotiated the sale of an industrial project in Hesperia.
Lemon Street Industrial Center, a six-building project at 17229 Lemon St., sold for just under $9 million, according to a statement.
The seller was Arcadia-based Positive Investments Inc., the buyer Gofermor LLC on Los Angeles.
The transaction was a 1031 exchange, meaning the seller doesn’t pay capital gains taxes at the time of purchase. Instead, a similar property is bought with the profits from the sale of that property.
Built in 1986, Lemon Industrial sits on 11 acres and is fully occupied with 17 tenants. It’s located about four miles east of Interstate 15.
Avison Young is based in Toronto. The employee-owned commercial real estate company has more than 120 offices in 20 countries, according to the statement.
