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Avison Young brokers $2.6 million sale of 14,920 sf industrial asset in Riverside, CA

Avison Young brokers $2.6 million sale of 14,920 sf industrial
asset in Riverside, CA 29 Jul 2021

Irvine, CA Avison Young announced today it has brokered the $2.6 million sale of a 14,920 square-foot industrial manufacturing condo asset located at 12351-12355 Doherty Street 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 private investor. The seller, a private investment company was represented by Toby Tewell and Jonathan Pauls of Lee & Associates – Riverside.

Built in 1981, the property consists of three units and is within the Buchanan Industrial Park. Each unit includes minimal office space, kitchenette, two restrooms and large ground-level loading doors. The asset is located near the City of Corona and provides 91 freeway frontage.

“The Inland Empire industrial region continues to remain one of the hottest markets in the country,” said Smith. “1031 exchange buyers have continued to target these types of assets given their desirable attributes and location.”

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