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Avison Young brokers $4.276 million acquisition of 18,594 sf single-tenant industrial property in Riverside, CA

Avison Young brokers $4.276 million acquisition of 18,594 sf single-tenant industrial property in Riverside, CA 27 Jul 2021

Irvine, CA Avison Young announced today it has brokered the $4.276 million acquisition of a single-tenant,18,594 square-foot (sf) industrial showroom building located at 21650 Van Buren Boulevard in Riverside, CA.

Avison Young Principal Alan Pekarcik and Senior Associate Chris Smith who are based in the firm’s Orange County office, represented the 1031 exchange buyer, a Southern California-based investment company. The seller, a private investor, was represented by Noah Samarin and Christina Gurdzhyan of DAUM Commercial Real Estate Services.

Built in 2021 and situated on 1.18 acres, the asset is part of the MS Prime Six Business Park, which is a five-building industrial project totaling approximately 91,987 sf. Additionally, the building includes one grade-level door, three dock-high doors, 24’ clear height, a secured yard, and sprinklers.

“This transaction represented the ideal upleg for our 1031 exchange buyer given the new construction and desirable location in the highly desirable Inland Empire industrial market,” said Smith. “These types of assets will continue to command premiums and appeal to a wide base of investors.”

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.

 

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For more information:

  • Alan Pekarcik ([email protected]), Principal | Capital Markets Group, Irvine, CA: +1 949.757.1595 
  • Chris Smith ([email protected]), Senior Associate | Capital Markets Group, Irvine, CA: +1 949.430.0683