Avison Young announces acquisition of a 5-building industrial business park in the Inland Empire14 Sep 2020
Irvine, CA – Avison Young has announced the acquisition of Moreno Corporate Center, a five-building, 139,015 square-foot (sf) industrial park located in Moreno Valley, CA. The property was approximately 95 percent occupied by more than 45 tenants at the close of escrow.
Avison Young Principal Alan Pekarcik and Senior Associate Chris Smith who are based out of the firm’s Orange County office represented the buyer, a Southern California-based private investor who was completing the upleg of a 1031 exchange. The seller, a Bay Area-based investment company, was represented by CBRE.
“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 Smith. “Its desirable location provides a workforce in excess of 3.1 million people within a 25-mile radius as well as more affordable housing compared to the neighboring counties of Orange, Los Angeles and San Diego.”
Built in 1989, the property is situated on 9.05 acres at 14300, 14320 and 14340 Elsworth Street and 22620 and 22640 Goldencrest Drive. It features 17’ clear height and a 2.85 parking ratio. Moreno Corporate Center is less than one-mile from the 215 freeway and is across from the main entrance of March Reserve Air Force Base. Additionally, it is near a number of recently built big-box distribution centers and retail amenities.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224