IE Business Daily Business news for the Inland Empire.
An industrial building in Riverside has been sold.
The structure, at 7145 Arlington Ave., sold recently for an estimated $17.8 million, according to a statement.
CBRE Group Inc. represented the seller, The Abbey Company, a privately held real estate investment and management firm in Garden Grove. The buyer, whose name was not released, was represented by an outside broker.
The building, which sits on 15 acres, is fully occupied by Boise Cascade Co., a manufacturer and distributor of wood products that are sold in the United States and Canada.
The new owner plans to expand the building or build a second structure next door that would cover approximately 145,000 square feet, according to the statement.
“This is a one-of-a-kind site that will always command higher rents due to [its] rail service [access], strategically ideal location and excess land,” said Erik Wanland, First Vice President with CBRE Ontario and one of the brokers who negotiated the sale.
