July 9, 2020
Newport Beach-based Orbis Real Estate Partners acquired a 5.87-acre land parcel in Perris, CA for $2.26 million. The company is planning to develop a roughly 275,000-square-foot industrial distribution building on the site at Harvill Avenue and Placentia Street once the entitlement process has been completed.
Avison Young’s Stan Nowak, SIOR, represented the seller, an unnamed private owner, as well as the buyer, in the deal.
“This land parcel is in a prime location in the heart of a major Riverside County industrial hub that is central to Orange, San Diego and San Bernardino Counties,” said Nowak, who notes the parcel is within Foreign Trade and Opportunity Zones and is near high profile corporate neighbors with industrial facilities that include Ross Dress for Less, Wayfair, Hanes, Ritchie Bros., and Lowe’s, among others.
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