Wednesday , April 17 2024
building sold

Moreno Valley industrial park fetches $20.3 million

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

Vertical Ventures Capital LLC in Walnut Creek bought Moreno Corporate Center for $20.3 million, according to a statement released Monday.

The seller, a private investor in Southern California whose name was not released, was represented by CBRE. Vertical Ventures, which buys and upgrades commercial properties, was represented by Toronto-based Avison Young, which announced the sale.

The 32-year-old project covers nearly nine acres. It was 96 percent occupied and had 46 tenants when the sale was completed.

Moreno Corporate Center is less than one mile east of Interstate 215, in the 14300 block of Elsworth Street and the 22600 block of Goldencrest Drive.

Moreno Valley’s industrial market has experienced declining vacancy and increased rents during the the past few years, according to the statement.

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