IE Business Daily Business news for the Inland Empire.
An 18,000 square-foot industrial building in Riverside has been sold for $3.7 million.
The structure, located at 887 Marlborough Ave., was sold by New Power Inc. in Riverside to a private investor, according to Avison Young Ontario.
New Power Inc., which Avison Young represented, is a solar power company. It plans to lease back the property for its solar panel business.
The buyer, who was represented by Berkshire Hathaway, wished to remain anonymous.
“The industrial property sector continues to see a shortage of inventory which is creating historically high prices,” said Cody Lerner, principal with Avison Young and a member of the negotiating team, in a statement. “We were pleased to have accomplished our client’s goals by facilitating a sale-leaseback of the building.”
Constructed in 2002, the industrial building underwent a major upgrade four years ago. It has 50 percent office space, solar panels, and one drive-in door.
