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Moreno Valley industrial park changes hands

A five-building industrial park in Moreno Valley has been sold.

Moreno Corporate Center, which covers nearly 140,000 square feet at Elsworth Street and Goldencrest Drive, sold for an undisclosed sum, Toronto-based Avison Young announced Monday.

Brokers from Avison Young’s Orange County office represented the buyer, a Southern California investor whose name was not released. The buyer, a San Francisco-area investment group that also wished to remain anonymous, was represented by CBRE.

Built in 1989, the project has about 45 tenants and is near fully occupied. It’s less than one mile from Interstate 215 and directly across from the Main Entrance of March Air Reserve Base.

“This industrial center is in an ideal Inland Empire East location and provides the new ownership a stabilized, well-maintained property that witnessed steady leasing activity during escrow,” said Chris Smith, a senior associate with Avison Young Orange County and a member of the negotiating team, in a statement.

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