Corona Industrial Complex Trades in Inland Empire’s Largest Ground-Lease Transfer
Colliers closed the sale of Corona Lakeside Logistics Center, a 730,000-square-foot industrial portfolio in Corona, within Riverside County. The five-building industrial logistics center sold for nearly $325,000,000 in what is believed to be the largest ground-lease ownership transfer in the history of the Inland Empire and one of the largest ever in Southern California.
The buyer, a large foreign-based institution, acquired the five-building campus from developer Kearny Real Estate Company. Colliers’ Michael Kendall, Richard Schwartz, Gian Bruno, Joey Reaume and Kenny Patricia facilitated the deal for both parties.
“Kearny built a best-in-class industrial development at the Inland Empire bullseye that is the I-15/CA-91 interchange,” said Kendall. “The buyer, one of the most active investors in Southern California industrial real estate over the past 18 months, recognized the intrinsic value of this development and is thrilled to be adding it to their growing portfolio of Class A properties.”
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