Avison Young completes $7.9 million owner-user acquisition of an industrial building in Hemet, CA29 Jul 2021
Los Angeles, CA – Avison Young announced today it has completed the $7.9 million acquisition of a 140,000 square-foot (sf) industrial building located at 5733 W Whittier Avenue in Hemet, CA.
Avison Young’s Patrick Barnes and Paul Clark who are located in the downtown Los Angeles office represented the buyer, Pacific Bend Inc., who partnered with Big Dog Properties on the acquisition. The buyer will utilize the building for its Redlands, CA-based manufacturing business. The seller, TE Connectivity, formerly occupied the asset.
Built in 1983 and situated on 9.99 acres of land, the 140,000-sf building features a 20,000-sf two-story office space. The property provided the buyer with a facility that was large enough for its current employee base with room to grow.
“The industrial sector in the Inland Empire continues to remain extremely tight with tenant and investor demand at all-time highs for functional space,” said Clark. “This property was an ideal situation for the owner-user buyer.”
Barnes added, “Avison Young’s insight and deal experience allowed for our client to be aggressive in a competitive bid situation, provide confident in the buyer’s commitment to the transaction, while providing sufficient time for the due diligence process.”
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 nine consecutive years.
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For more information:
- Patrick Barnes, Avison Young +1 213 618 3826
- Paul Clark, Avison Young +1 213 618 3827