IE Business Daily Business news for the Inland Empire.
A two-building industrial park in Riverside has been sold.
Citrus Business Park sold for a little more than $18 million, or $94 a square foot, CBRE Group Inc. said in a statement released Wednesday.
The park, at 1111 and 1221 Citrus St. in Hunter Industrial Park, opened six years ago. It has 13 tenants and is about 93 percent leased, according to the statement.
Overton Moore Properties, a commercial real estate developer in Gardena, and Thackeray Partners, a Dallas-based real estate investment firm, were the sellers.
The buyer was a private investment group whose name was not disclosed.
No major changes to the park are planned, said Barbara Emmons, senior vice president with CBRE.
“The property is in pretty good shape,” said Emmons, a member of the brokerage team that represented the buyer in the sale negotiations. “It’s just a matter of pushing up the occupancy.”
Citrus Business Park’s two structures combined cover 192,434 square feet. Work spaces range from 9,460 to 19,030 square feet and are used for warehouse-distribution or light manufacturing, Emmons said.
The park’s tenants include John Deere Landscapes, UC Riverside, Elliot Auto Supply and Rust-Oleum.
Overton Moore-Thackeray paid a fair price for the park based on the value of similar industrial properties in that part of the Inland Empire, Emmons said.
“There is a still a strong demand for industrial property in the Inland Empire,” she said.
