CBRE Group, Inc. brokered the sale of a 131,263-square-foot, single-tenant industrial building in Riverside, CA to an unidentified buyer in a 1031-exchange for roughly $17.9 million. The building traded at a capitalization rate of 4.8%.
The property, located at 7145 Arlington Ave., sits on approximately 15 acres. Excess land at the site will enable the new owner to construct an additional 145,000-square-foot building or expand the current facility.
CBRE’s Gary Stache, Anthony DeLorenzo, Doug Mack and Erik Wanland represented the seller, Garden Grove, CA-based The Abbey Company.
“We continue to see 1031-investors that are willing to pay premium prices for properties,” said Wanland. “This is a one-of-a-kind site that will always command higher rents due to the rail service, strategically ideal location and excess land.”
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