Interest in Inland Empire’s Industrial Assets Continues with Recent Sale

A sale and a new project are adding to activity in the Inland Empire’s Class A industrial market. A 13-acre property in Corona, Calif., has been sold for $35 million in an off-market acquisition. Newport Beach, Calif.-based North Palisade Partners are the buyers. NAI Capital Commercial aided the buyers. 

The purchase at 22740 Temescal Canyon Rd. features an existing, 66,984-square-foot industrial building occupied by Laticrete International. The sale also includes nine additional acres of land which is set for the development of a new, 205,000-square-foot Class A industrial facility. 

The infill development in Corona will target companies seeking modern, high clear distribution facilities in the Inland Empire, according to a news release. The seller is an undisclosed family who held the land and structures for 30 years.

The location details are also notable. The Corona submarket is well situated proximate to SoCal’s population base and has access to the region’s logistics corridors, given its location immediately off the 15 freeway.  Additionally, the property is approximately 55 miles from the Ports of Los Angeles and Long Beach and about 20 miles to Ontario International Airport.

NAI Capital Commercial, Inc.’s Eddie Michino, Vice President, Nicholas Chang, Executive Vice President, CCIM, SIOR, Richard Lee, Executive Vice President, SIOR, along with Justin Kuehn, Vice President, and Sione Fua, Vice President, represented North Palisade Partners in the deal.